An income account lets you use your super savings to provide a regular income. At the same time your money is still invested and working hard for you. It’s what your super has been building towards throughout your working life.
There are two types:
There are limits to how much you can transfer to your income account and there are other aspects that you should consider before activating your income account, including:
You can find more information on your eligibility and whether an income account is right for you in our Income account guide.
To open an income account you need to have:
To activate your Post-retirement income account you also need to either:
If you’re eligible, there are a few steps you’ll need to take to set up your income account:
You have the flexibility to choose how often you receive your income payments and from where. You can choose:
You can choose the amount of your regular payments, as long as they are within the minimum and (any) maximum amounts that apply to your account.
Our Income account guide provides more details.
Just like your super account, you can choose where your money is invested as well as where it’s drawn from.
For most people, the investment earnings from your super after retirement are the biggest source of savings that support your income in retirement. Being clever about how you set up the investment strategy for your income account can make a big difference to how long it lasts.
Should something happen to you, it’s important to let us know how you want your benefit to be paid. For more information, go to our Nominate beneficiaries page.
Simply complete and return the Income account activation form which you can find in our Income account guide to advise us of your chosen options, provide any other required supporting documentation, and we’ll take care of the rest.