Fully retire with an income
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
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.