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Account-based pension

What is an account based pension?

An account based pension, (also known as an income stream) is a regular retirement income provided by your super fund. It’s a payment available to retirees who have reached the age at which they can start accessing their super. This income stream can bring tax and other benefits, including investment returns.

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 a minimum 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 investment returns
  • Low fees
  • Flexible investment and transfer options
  • All profits going back to members

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