Taking out an account-based pension is a popular way for Australians to manage their retirement savings.
If you’ve reached preservation age and permanently retired, you can make your super go further by investing it in a pension and receiving a regular income.
Five good reasons to open a pension
- Tax breaks
The main benefit of taking out a pension is the tax breaks.
- Tax free investment earnings: This means you’re better off than investing your super elsewhere, like a bank account, where you’ll pay personal income tax on any investment earnings.
- Tax free income and withdrawals if you’re over age 60: If you’re between preservation age and age 59, a 15% tax offset reduces the tax on your payments.
- Peace of mind
Enjoy your retirement while your money is professionally managed.
- Regular income
Choose the amount of your pension payment, subject to a minimum limit, and how often you'd like to be paid, be it each fortnight, month, quarter, six months or year. You can also make lump sum withdrawals at any time.
- Great value
Pay only $180 pa for your pension, irrespective of your account balance, with no entry, exit fees, investment switch or withdrawal fees.
- Range of investment options
Choose to invest in up to eleven investment options or invest in the default Capital Guarded investment option. In either case, you’ll continue to benefit from our consistent, long-term performance.
Who can take out a pension?
If you have at least $15,000 to invest and:
- have retired early due to disablement, or
- have reached preservation age and have permanently retired, or
- are over age 65,
then you can take out a Mine Wealth + Wellbeing Pension.
To find out more see our pension fact sheet