Pre-Retirement Pension account
Our Pre-Retirement Pension is designed to help you ease as seamlessly as possible into retirement
How does a pre-retirement pension account work?
If you’re still working and have reached your preservation age, this account gives you the option to access your super as a Pre-Retirement Pension (also known as a transition to retirement account). Until you reach retirement age, there are some restrictions:
- Annual payments must be a minimum of 2% of your account balance and no more than 10%
- Lump sum payments are not allowed.
To choose an income level above the minimum, log into MyLife Online and edit your current withdrawal details on the ‘Withdrawals’ page. Alternatively, you can download, complete, and return the Request to vary your pension payment form, available on our forms page.
How you can benefit
Save more
You could reduce your current and future tax bills, and investment earnings are taxed at 15% compared with your marginal tax rate. You can also continue to grow your super while you’re still working.
Work less
Enjoy more flexibility as you head towards retirement. Reduce your work hours with the comfort of knowing you can supplement your take home pay by accessing your super.
How to join
To open a Pre-Retirement Pension please read the Product Disclosure Statement below, and complete and return the application form contained within it to MyLife MyPension, GPO Box 4303, Melbourne, VIC 3001.
If you have any questions please call us on 1300 655 002.
We're here to help
Need more help? We can help guide you if you have any questions about our Pre-Retirement Pension account.
*Please refer to the relevant Target Market Determination (TMD) for this product and consider the information in the PDS and the TMD.