Whether you're still working and want access to your super to supplement your income, or fully retired and want an income during retirement, we've got an account for you.
There are no entry fees when you join. As an industry fund, we're proud to operate purely for the benefit of our members. We pay no commissions.
What are my options?
We offer two types of pensions depending on your life stage:
If you’ve reached preservation age and are still working…
Boost your super as you approach retirement by reducing your income tax.
Cut back on your working hours without reducing your income.
If you’re planning to still work and are getting close to retirement, you may want to consider a Kinetic Smart Pension – Transition to Retirement option. This option provides access to your super to supplement your income while you boost your super contributions while you're still able to work. It can also provide some tax benefits through salary sacrificing part of your income while you’re still working.
Consider the benefits you could get:
Access to financial advice, contact us to find out more
Flexible income solutions – you can choose when and how much you receive (minimum and maximum amounts apply)
Tax benefits – including no tax payable on investment earnings
A Kinetic Smart Pension - Transition to Retirement (TTR) can be a great idea if you have reached your retirement age but are still working. It means you can receive regular pension (income) payments from your super.
You can normally start a Transition Pension from your preservation age onwards. If you were born in 1960 or later, your Member Education and Advice Consultant can work out your preservation age to let you know at what age you can start your Transition Pension. The minimum deposit to open our pension is $20,000.
A Kinetic Smart Pension - Transition to Retirement (TTR) is established by transferring some of your retirement savings from your super account to a new pension account. Since you're still working, you need to ensure that your super account remains open after the transfer, so new contributions from your employer will continue to be paid into your super account.
Then you can choose your payment (income) amounts from your pension account, and how often you receive a payment (at least annually).The payment amounts must fall within the Government annual minimum and maximum limits.
This pension income can then be used to supplement your normal income from the employer.
Until the age of 65, you must withdraw:
At least 4% of the account balance per year
No more than 10% of the account balance per year.
Note: The minimum payment percentages shown above are applicable to the 2013/2014 financial year.
For example: John Smith is 64 and commencing a pension with $150,000 deposit. The minimum payment John can receive will be 4% x $150,000 = $6,000 per year. The maximum amount John can take is $15,000 per year (10% x $150,000).
Once aged 65, your Transition to Retirement Smart pension will convert to an account-based pension
An Account-Based Kinetic Smart Pension also allows you to set how often and how much money you wish to receive as a pension. You must receive at least one payment per year and your total annual payments must be at least the minimum set by the Government.
The minimum amount is dependent on your age and is calculated as a percentage of your account balance (set at commencement and as at 1 July each year). The percentages shown below are applicable to the 2013/2014 financial year.
Age Under 65 4%
Age 65-74 5%
Age 75-79 6%
Age 80-84 7%
Age 85-89 9%
Age 90-94 11%
Age 95 or more 14%
For example: Jane is 64 and commencing a pension with $150,000.The minimum payment Jane must receive is 4% x $150,000 = $6,000 per year.