Account Based Pensions

Account Based Pensions are a flexible means of providing retirement income from your super. You can draw a regular income stream from your super balance to help fund your retirement living expenses and take lump sum withdrawals as required.

Pension payments are tax efficient;

• If you are under age 60, any taxable component within your pension will be taxed, however a 15% tax rebate may apply to the taxable income.
• If you are over age 60, your pension payments and any lump sum withdrawals are tax free.

Investment earnings within an Account Based Pension are also tax-free regardless of your age.

Please note that mandatory minimum income drawdown limits apply to the Account Based Pension.

An Account Based Pension may assist you to reach your retirement income goals as well as assist to maximise any Centrelink Age Pension you may be entitled to.

For more information on Account Based Pensions and Retirement Income Streams, please contact a FSSFP Financial Planner or attend a seminar in your local area.