Account-based pension

"An account-based pension is about having your savings do two jobs at once. It provides a steady income stream so you can focus on enjoying your retirement, while the underlying balance stays invested to help it last as long as possible."
Adrian Gervasoni Executive Manager, Advice Services at Industry Fund Services (IFS)

How do income streams work?

When you’re ready to retire, you can open an income stream account with your super fund. It’s a bit like a bank account, a regular income and a super account, all rolled into one, because you get to choose:

How much you transfer from your super to your account (set minimums apply)
How much you receive via regular payments (set minimums apply)
The frequency of those payments
How you want the balance of your account to be invested (via your fund’s investment options).

There are some rules that go with income streams. Super funds set a minimum initial deposit to open an account, and the Government sets minimum annual drawdown amounts you must receive via regular payments. For many people however, the benefits far outweigh the obligations.

Industry SuperFunds have the following benefits:

A history of strong long-term investment returns
Low fees
Flexible investment and transfer options
All profits going back to members

Account-based pension

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Account-based pension

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