We put members at the heart of everything we do
We’re a profit-to-members fund, with a heritage of managing members retirement outcomes since 1941.
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 Super pension account if you have at least $15,000 to invest and meet the following criteria:
- you've reached your preservation age and have retired; or
- you’re aged 65, whether retired or not; or
- you’re totally and permanently disabled.
- have reached your preservation age; and
- be either working or still seeking employment (ie. not permanently retired); and
- be under age 65 years; and
- 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 dependent 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 $1.7 million (indexed in $100,000 increments in line with inflation).
If you have any questions about whether Mine Super is right for you, don’t forget we’re here to help. You can review the Target Market Determination
for each of these products or give us a call on 13 64 63 to talk to us.