Income accounts
Our income account options
Explore our income account options and learn how they work at different stages of retirement.
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Transition to Retirement (TTR) Income account
BUSSQ's TTR Income account allows you to ease into retirement by reducing your working hours, without sacrificing your standard of living. You can use your super savings to open a TTR Income account and receive an income stream that will supplement your income from your employment. There are considerations when opening a TTR, including impacts to how long your super will last you.
With a TTR Income account:
- You can access your super while your still working to supplement your income.
- Investment returns are only taxed at 15%, unless your Total Superannuation Balance (TSB) is over $3 million1.
- Payments are tax free.
- You can choose to get payments between minimum and maximum amounts.
- You may be able to save more or work less before you retire. You can consider strategies like putting more money into super before tax and withdraw from this account tax free.
Who can open one?
You can open a TTR Income account if you’re age 60 to 64 and still working.
For more information:
Transition to Retirement with BUSSQ
Watch this video to learn about how you can reduce working hours while drawing down on your super through Transition to Retirement (TTR) accounts.
Get advice
Getting financial advice can help you understand your super and finances, plan for retirement and much more.
BUSSQ offers different types of advice and can help you get your head around your super.^
Retirement Income account
BUSSQ's Retirement Income account is a tax effective way to arrange a flexible, regular income during your retirement.
With a Retirement Income account:
- You can access your super to supplement your income from the government Age Pension.
- Investment returns are tax free, unless your Total Superannuation Balance (TSB) is over $3 million1.
- Payments and withdrawals are tax free.
- You can choose to get payments above a minimum amount.
- There are no maximum withdrawal limits on this account.
- You can also withdraw lump sums when you need to.
Who can open one?
You can open a Retirement Income account if you’re:
- Age 65.
- Age 60 to 64 and have retired or have ceased any employment since turning 60.
- An eligible recipient of a super death benefit.
- Assessed by the Trustee as being permanently incapacitated, or terminally ill.
For more information:
Retirement Income accounts with BUSSQ
Watch this video to learn about Retirement Income accounts with BUSSQ.
Benefits of an Income account
Whether you’re getting ready to retire or are there now, we have income account options to support you in your retirement journey.
Save on tax
Open an Income account with your super savings and get regular tax free payments. You can also save tax on your investment earnings.
Flexible income
With an Income account, you can choose how much and how often you get paid.
Retirement Reward
Eligible members get a bonus when they open a Retirement Income account with our Retirement Reward.
If you want to discuss your options, we’re here to help:
Learn about your super and retirement
Our seminars and events are a great way to learn more about your super and retirement.
Find out when we’re holding an event near you and secure your spot.
Learn more about retirement
Planning retirement
How do you want to live in retirement? Get your head around the important facts and start planning.
