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Choosing to convert your super to a pension may save you tax and keep your money working for you while you receive an income.
There are three types of pension accounts.
- An account-based pension.
- A pre-retirement pension.
- A death benefit income stream.
You can open a Mine Pension if you have at least $15,000 to invest and:
- you've reached your preservation age and have retired
- you’re aged 65, whether retired or not
- you’re totally and permanently disabled
- have reached your preservation age
- be either working or still seeking employment (ie. not permanently retired)
- be under age 65 years
- be a permanent Australian resident.
Death benefit income stream (DBIS)
- you’re paid a death benefit and are a dependant of the deceased. Dependants include a spouse, a child under 18 years of age, a financially dependant child under 25 years of age, a child who is disabled irrespective of their age, or a person who was in an interdependency relationship with the deceased.
Keep in mind that a DBIS will count towards the beneficiary’s ‘transfer balance cap’. This is the limit the government has put on the total amount of super that can be transferred into a pension. It’s currently $1.6 million (indexed in $100,000 increments in line with inflation).