You can transfer part or all of your Defined Benefit to our award-winning TTR Income account if you're still working and have reached your preservation age.3 A TTR Income account can be used to reduce your work hours without reducing your income or as part of a tax strategy in the lead up to retirement. You need to withdraw a minimum percentage of your retirement account balance each year, ranging from 4 to 14% depending on your age. If you are unlikely ever to work again due to a total and permanent disablement, TPD cover can pay a benefit to assist with your expenses. 3. Defined benefit fund: This type of pension pays a guaranteed income stream for life. There are six main types of super pension: If you start a super pension income stream, you need to transfer funds from your accumulation account to your retirement account to fund your pension. The increased Superannuation Guarantee ensures more funds will be available for each person in their retirement. You can also benefit from tax-free investment returns and no tax on payments or withdrawals after you turn 60. Estimate your final benefit. Our Income account won Money magazine's Best Balanced Pension Product for 2020. The Federal Government has placed modified the restrictions on when you can access your super. These figures are provided for illustrative purposes only. Due to required maintenance, QSuper Member Online will be unavailable from 9pm Friday, 30th October to 9am Saturday, 31st October 2020. 0 If you die, death cover can keep your loved ones financially secure by providing a benefit. 0000064734 00000 n An investment-linked annuity is a lifetime income stream where the retiree’s income varies to reflect changes in the value of a selected investment option. 0000054933 00000 n 0000065376 00000 n 114 54 0000008932 00000 n In some limited instances, employees commencing new employment are required or allowed to be members of the PSS, for example, if the employee has an existing PSS preserved benefit. 0000009979 00000 n minimum percentage of your retirement account balance each year, Consider these two risks before you start a super pension. Financial Services Guide (104KB, pdf) Designed to help you to understand the services you will receive from the QSuper Board and QInvest Limited. ceasing an employment arrangement after the age of 60, even if you get a job with a new employer. QSuper’s Defined Benefit members aged between 60-65 years old have an average QSuper total balance of $651,561 as at financial year 2017-18. Designed to provide Queensland Government workers with an amount that reflects their years of service and contribution rate. You’ll have access to more than 500 articles, how-to super guides, checklists, tips, calculators, reckoners and other tools, as well as a monthly newsletter. That doesn’t mean it’s a rule-free zone. Minimum pension payments for 2020/21 (including calculator), How to choose an investment option for your super pension. 2. 0000065906 00000 n <]/Prev 331031>> Everything you need to know about joining Equip as an employer. To find out more about your specific benefit, please call Helpline on 1800 682 626. You can download the PDS from our website at qsuper.qld.gov.au/pds or call us to request a copy. Assumes you’re working full time at full pay for the year. March 2, 2020 by Jim Hennington, David Orford and Peter Rowe Leave a Comment. What strategies can I consider to reduce tax on my super pension? Also, the figures reported by APRA may be lower because Australians can have super in more than one super fund and the APRA figures show an average from each fund, whereas Defined Benefit members are more likely to have more of their super with us due to the long-standing nature of working for the Queensland Government and additional amounts in Accumulation accounts. 1. APRA reports the average balance of a person aged between 60-64 years old as $159,757 as at financial year 2017-18 in the Annual Superannuation Bulletin issued 22 January 2019. Before acting on this information or making an investment decision, you should consider your personal circumstances and read the relevant Product Disclosure Statement which is available at eisuper.com.au/pds or by contacting us on 1300 369 901. 0000064487 00000 n If you are temporarily unable to work due to illness or injury, income protection cover can provide you with a regular income for up to two years to help meet your living expenses.2 Back then – if you had a super account at all – it was much more likely to be in a defined benefit super fund. For most people the preservation age is now 60, it was previously 55. 0000066003 00000 n Access Equip's various tools and resources including our MyFuture calculator. The alternative to withdrawing super as a pension is to take your super benefits as a lump sum. To find out more about your specific benefit, please call Helpline on 1800 682 626. APRA reports the average balance of a person aged between 60-64 years old as $159,757 as at financial year 2017-18 in the Annual Superannuation Bulletin issued 22 January 2019. Defined benefit members. Please note that most of our DB plans are closed to new entrants. QSuper Defined Benefit members are invited to learn more about how their account works and get answers to some frequently asked questions. This rate is only available if you’ve previously paid less than 5 per cent and are ‘catching up’. Reversionary pension : This is a pension that reverts to your partner when you die. With the economic impact of the coronavirus also putting pressure on share prices and dividend payments, the issue is more topical than ever. All information on SuperGuide is general in nature only and does not take into account your personal objectives, financial situation or needs. 1. If you want to turn your super into an income once you stop working, you can transfer your Defined Benefit to our award-winning Retirement Income account. Annuities are relatively simple and secure financial products that provide a guaranteed pay cheque in retirement in return for investing a lump sum for the rest of your life, or for a specified period. This content is of a general nature only and has been prepared without taking account of your objectives, financial situation or needs. When you retire, change employers, or leave the Defined Benefit account Whether you … startxref Everything you need to know about Equip's financial planning services. 0000014737 00000 n Police officers have different contribution rates. For employees of Loy Yang B - open defined benefit plan Different tax rules apply if your adjusted earnings are more than $300,000 a year. Everything you need to know about retirement, your super, drawing a pension, and ensuring your money last longer. Please note, QSuper’s Defined Benefit members tend to be working in long-serving positions and may have experienced more time in employment than the average Australian. 0000065260 00000 n 0000055702 00000 n QSuper Defined Benefit is required to provide a product disclosure statement to ensure that each customers understands how their superannuation works. Energy Super Income Stream Product Disclosure Statement: Download: 1.8 MB: Market Linked Pension Product Disclosure Statement: Download: 2.1 MB: Tax File Number Declaration - Income Stream only (Under 60) Download: 416.4 KB Enjoy the benefits of a QSuper Defined Benefit account, The average QSuper Defined Benefit account member retires with a balance around four times the Australian average.1. Everything you need to know about your investment options with Equip, including unit prices and returns. 0000001376 00000 n QSuper’s Defined Benefit members aged between 60-65 years old have an average QSuper total balance of $651,561 as at financial year 2017-18. These contributions make up the Superannuation Guarantee (SG) and provide the base for your superannnuation. 0000044425 00000 n 0000009584 00000 n 0000065564 00000 n APRA reports the average balance of a person aged between 60-64 years old as $159,757 as at financial year 2017-18 in the Annual Superannuation Bulletin issued 22 January 2019. Set out below are all SuperGuide articles that relate to Super pensions. Defined Benefit Account Guide (including Deferred Retirement Benefit) (333KB, pdf) The provisions in this guide apply only to members who joined the Defined Benefit account before 12 November 2008.

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