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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:

Account-based pension

• 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.

Pre-retirement pension

• 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).