Pension Products
Chistian Super Pension
In an Christian Super Pension, the money in your account is placed into your selected investment option to grow over time. Earnings accrue tax free and are added to the account. Administration fees are deducted.
You elect how much you wish to receive as a regular pension payment (within legislated minimum and maximum annual limits). That amount, net of tax, is deducted from your account and transferred into your nominated bank or credit union account each month.
Payments continue until your account runs out. How long your pension will last therefore depends on:
- The total amount in your account when you begin
- Investment earnings and fees
- The amount of pension you withdraw each year
- Any lump sum withdrawals you make
Christian Super Transition Pension
In certain circumstances the Government allows you to access your superannuation as a non-commutable income stream even if you have not yet retired permanently from the workforce. You need to be aged 55 or over to use a Christian Super Transition Pension.
This can be a useful type of pension depending on your circumstances such as :
- If you decide to work fewer hours as you approach retirement you can use your super to supplement your income.
- You may be able to reduce tax on your normal employment income, by using a combined strategy of salary sacrifice contributions and a Transition Pension. You should seek independant financial advice for your specific situation.
Your Christian Super Transition Pension will automatically revert to a Christian Super Pension once you have satisfied the preservation requirements. This generally applies when:
- You leave your employer after reaching age 60; or
- You reach the age of 65
At any time you can also transfer your pension account back into a normal superannuation account or to another transition pension.