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We’re a profit to members fund, with a heritage of over 75 years managing members retirement outcomes. Our fees are set to cover our costs only, so we return more to you through investment returns and lower fees and charges.
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 two types of pension accounts.
You can open an account based pension if you have at least $15,000 to invest and:
- you’ve retired early due to disablement;
- you’ve reached preservation age and permanently retired; or
- you’re over 65, retired or not.
You can open a pre retirement pension if you're between preservation age and 65 and still working.
Things to consider
Account based pensions
Once your account based pension has been set up, you can't add any more money to it. Before opening an account based pension account consider:
- the $1.6 million limit you can transfer tax free to a pension
- bringing your super together before setting up a pension
- making any final payments into your Mine Super account.
Before combining your super you should consider any differences in insurance between your old and new funds, if the cover through your Mine Super account is appropriate for your situation, any unique insurance offerings under your old funds and if they have exit fees.
Pre retirement pensions
If you’re under 60 you’ll also need to fill out a Tax file number declaration form.
If you have any questions about whether Mine Super is right for you, don’t forget we’re here to help. You can read the Product Disclosure Statement, give us a call on 13 64 63 or email email@example.com
If your needs are more complex, we can put you in touch with a financial adviser from Mine Super Financial Advice.