While you’ve been working hard, your Meezan Super Simplifier Pension account has been too! Now that you’re ready to ease into retirement or retire fully, you can convert your Super Simplifier account into a Pension account. This means you can elect to draw a regular income from your Super savings, so you can work less (or not at all) and enjoy more.
There are two types of pensions available
- Account Based Pension – where you’re only subject to a statutory minimum amount that you must be paid each year; or
- Transitional to Retirement (TTR) Pension – where you must be paid between a statutory minimum and maximum amount.
With both types of pensions, you can choose the amount you receive between the minimum and maximum if any, and how often you receive these payments. Please discuss your options with our Financial Adviser.
Just like your Super account, your Pension account continues to be just as flexible, transparent, and invested in a Sharia Complaint manner.
An Account based Pension
An account-based pension is a retirement income stream which offers regular, flexible and tax-effective income from your superannuation.
You can get access to it when you reach ‘preservation age’ (between 55 and 60).
How an account-based pension works
Typically, you get to choose:
- how much you want to transfer to the ‘pension phase’ (subject to the balance transfer cap)
- the size and frequency of your payments (within the minimum or maximum allowed)
- start receiving ongoing income stream
Frequency of payments
You can arrange for monthly, quarterly, half-yearly or annual payments. Payments continue until the account balance runs out or you take what’s left as a lump sum.
A Transition to retirement Pension
Make the most of your super as you make transition to retirement
The transition to retirement measure allows people who have reached their preservation age to have access to their superannuation benefits without having to retire or leave their job
A transition to retirement (TTR) strategy lets you access some of your super
- while you’re still working and
- when you’ve reached preservation age– the age when you can access your super.
You can start a TTR strategy by opening a TTR Income account alongside your regular super account. This way you could save more before you retire or you could wind back on work, while topping up your take-home pay.
How a TTR strategy works
When you reach preservation age and you’re still working, you can start a transition to retirement (TTR) strategy to access some of your super.
To do this you need a super account and a TTR Income account.
Here’s how both accounts work together in a TTR strategy.
Your employer and you continue
adding money to your account.
Transfer some super to open a TTR income account. To keep your super account open leave it atleast $6,000 in it.
Draw up to 10% of your TTR income
balance to top up your take home pay.
one-off transfer of
at least $25,000
Draw regular payments
(up to 10%)
Benefits and features of a Retirement income account
- Zero tax on your income payments if you’re over age 60*
- Flexibility to set your payment amount and frequency*
- Stop your payments and close your income account at any time*
- Sharia Complaint investments managed by our investment experts
- Zero tax on investment earnings
- Make extra withdrawals at any time
Live the life you deserve
When your key focus is working hard to establish yourself financially, we can help you understand ways to potentially achieve even more.
Grow your super
Protect your assets and capital
Manage a redundancy
Invest an inheritance
Pay off your home sooner
Prepare for retirement
General advice and information only
Any advice and information on this website is general only, and has been prepared without taking into account your particular circumstances and needs. Before acting on any advice on this website you should assess or seek advice on whether it is appropriate for your needs, financial situation and investment objectives.
Any general tax information on this website is intended as a guide only and is based on our general understanding of taxation laws. It is not intended to be a substitute for specialised taxation advice or an assessment of your liabilities, obligations or claim entitlements that arise, or could arise, under taxation law, and we recommend you consult with a registered tax agent.
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