Transition to retirement Income stream
You can now get access to your super even while you’re still working. This facility, called Transition to Retirement, is available through the Cbus Super Income Stream to members who have reached their Preservation Age.
What’s my Preservation Age?
You can claim your retirement benefits after you’ve reached your minimum preservation age and have permanently retired, or when you’re 65 years old (regardless of whether you’ve retired).
| Date of Birth | |
|---|---|
|
Before 1 July 1960 |
55 |
|
1 July 1960 - 30 June 1961 |
56 |
|
1 July 1961 - 30 June 1962 |
57 |
|
1 July 1962 - 30 June 1963 |
58 |
|
1 July 1963 - 30 June 1964 |
59 |
|
After 30 June 1964 |
60 |
All contributions and all earnings made after 1 July 1999 are preserved on entry to a super fund.
Once you start a Cbus Super Income Stream, the investment earnings on your account are no longer subject to the 15 per cent tax rate, which would apply if your money was still invested in your ‘normal’ super account.
There are 2 main reasons why Cbus members choose the Transition to Retirement facility.
1. To reduce their working hours and top up their income from their super.
2. To continue working full time, whilst salary sacrificing into their super. For some people, this can be a tax-effective way to boost their super because it can often reduce their income tax.
The ability to successfully take advantage of Transition to Retirement will vary from person to person depending on your own circumstances. Working out if it will work financially for you can be complex, which is why we recommend that you get professional financial advice before making any decision.
For more information about the 'Transition to Retirement' facility available through the Cbus Super Income Stream, please call us on 1300 368 212