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Meezan

Islamic Pension

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

Preservation age

Income payments attract a 15% tax offset between preservation age and 59 and are tax-free* at age 60 or over

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.

1

Your employer and you continue
adding money to your account.

2

Transfer some super to open a TTR income account. To keep your super account open leave it atleast $6,000 in it.

3

Draw up to 10% of your TTR income
balance to top up your take home pay.

Super
Account

one-off transfer of
at least $25,000

TTR Income
Account

Draw regular payments
(up to 10%)

Your bank
account

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

Build wealth

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.

Tax disclaimer

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.

Or call us! We’re here to help: 1300 141 145

What Our Clients Say

“We would like to express our thanks for the work you have done for us over the past years. The expertise and attention to detail with which you have handled our financial affairs could not be faulted. Particularly reassuring to us is our feeling of certainty in the absolute integrity of your dealings with us. Your continual advice on financial planning issues has saved us significant amounts of money. May you prosper, along with your clients.”

Dr Mutasim Sadiq

“We were very impressed with the support and updates provided by Irshad during our loan process. This process can be frustrating at the best of times and Irshad always made sure we were informed on the application progress. Thanks again for all your help.”

Rashed Mohammed Abu
IT Business owner

“I can’ t see how I could have organised this finance myself, given the difficulties with communication with the sellers and the solicitor, so we really thank you for all the chasing up you did for us.”

Dr Tabassum Hamid

“Meezan finance provided us an outstanding service throughout the whole application process. The staffs were very responsive to our needs, answered our telephone calls and emails promptly, followed up with sellers, solicitors and arranged property settlement for us. We are happy that through Meezan Finance we have achieved the best Islamic loan for our family’s needs. We have no hesitation in recommending Meezan wealth to anyone.”

Usman Saleem
Senior Technical Manager (IBM)

“Passion, knowledge and a genuine interest in achieving the best for clients is what makes a truly professional Financial Adviser. Rokibul always had this and more. His dedication to clients, business excellence and education sets him apart and I would highly recommend him to anyone wanting to achieve better financial outcomes.”

Sameer Syed
IT Developer (Inenco Group)

“I am absolutely delighted with your service. It is really refreshing to work with a financial adviser who is truly interested in their client’s needs, circumstances and preferences. What really impressed me was the way you took the time to get a feeling for where I was at, your depth of knowledge, lateral thinking and your common-sense approach. Your professional, ethical and caring demeanour elicits my trust and respect and I gladly recommend your services whenever possible.”

Amer Islam
IT Consultant

Get in Touch

Our qualified team are ready to assist you with your questions.

Talk to Us

1300 141 145

Bankstown:

Suite-104, 8 French Avenue, Bankstown, NSW 2200






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