BUSSQ Retirement Reward - BUSSQ

BUSSQ Retirement Reward

From 1 July 2017, BUSSQ will pay a Retirement Reward amount to all members who commence a Retirement Pension.

How much will I receive?
The amount of your Retirement Reward is determined by the amount you commence your Income account with, and the investment mix of this money when it’s in your super account. You may also be entitled to an additional Loyalty Bonus if you have been a BUSSQ member for more than 5 years before opening your Income account.

Your Retirement Reward is 0.5% of the balance you commence your Income account with.

Thank you for your loyalty!
If you have been a BUSSQ member for more than 5 years when you open your Income account, we will boost your Retirement Reward by paying an extra 20% of the amount you are entitled to as a Loyalty Bonus. We appreciate you choosing BUSSQ and want to thank you! This will be paid to you as part of your Retirement Reward amount, and if you elect to be paid your Retirement Reward by EFT we will include it as part of the payment. 

Why do I get this bonus?

When BUSSQ transfer your money to a tax free Income account, the money that we put aside to pay certain taxes while your money was in your super account can be returned to you. That’s why we have created the BUSSQ Retirement Reward.


Does the Retirement Reward count as a contribution?
Your Retirement Reward counts towards your concessional contributions cap in the financial year that we pay it into your account. We give you the option of receiving your Retirement Reward in the next financial year if you have already met or exceeded your concessional cap.

Contributions tax is not payable on Retirement Reward amounts.
  

I already have a Transition to Retirement Pension. Do I get a Retirement Reward when I retire?
Yes – when you meet a condition of release, such as permanent retirement or turning 65, your Transition to Retirement Income account will be converted to a Retirement Income account. If you have met a condition of release other than turning age 65, you will need to notify us so we can update your account. When this happens we will contact you to arrange payment of your Retirement Reward.

Retirement Reward Terms and Conditions