TRANSITION TO RETIREMENT INCOME ACCOUNTS
What is a BUSSQ Transition to Retirement Income account (TTR)?
A TTR account can allow you to use the money in your Super account to supplement your take home pay, if you’re wanting to reduce the hours you work.
Opening a TTR Income account gives you the best of both worlds, allowing you to still have your money invested, whilst being paid a regular income.
The account can also be used to help minimise the tax you pay, by increasing salary sacrifice contributions, to make your overall income work harder for you.
Why open a Retirement income account?
- Receive a regular income paid directly into your bank account
- Tax free investment earnings and other tax benefits
- Tax free payments if you are aged 60 or over
- Lump sum withdrawals on top of your regular income payments
- Could make your money last longer when you don’t have a regular income stream.
You’re eligible to open a TTR Income account:
- When you reach your ‘preservation’ age (see table) and are under 65
- If you’re no longer working full time or
- If you have at least $25,000 in your super account.
A BUSSQ Retirement Reward is available to all members who open an Income account. Your Retirement Reward is a percentage of the balance used to open your Retirement Income account*.
Superannuation income accounts also have tax advantages and, depending on the type, you may even be able to withdraw lump sums.
*More information about how much you could receive can be found in the Income account PDS. The PDS also outlines the conditions that apply to the payment of the Retirement Reward
Want to know more?
Complete the below form to speak to a retirement specialist or receive more information. A BUSSQ Representative will be in touch in two business days.