Transition to retirement with ease

Reached your preservation age and plan to continue working? A TTR Flexi Pension may be a great tax-effective option for you.

What are the benefits of a TTR Flexi Pension?

Tax Free

Your income payments are generally tax free if you’re 60 or over.

Flexible payments

Choose how much and how often you are paid (subject to minimum and maximum amounts).

Grow your super

Continue to grow your super because you’re still working.

How does the TTR Flexi Pension work?

The TTR Flexi Pension helps enable you to ease into retirement and is designed for those that have reached their preservation age and wish to continue working and receiving an income. There are a number of ways you can use your TTR Flexi Pension to help you transition to retirement.

Our retirement advice team can help you decide on how you use your TTR Flexi Pension to suit your needs.

Boosting your super through salary sacrifice

Meet Linda. Linda is 60 and has reached preservation age.

Linda plans to salary sacrifice part of her income to boost her super and pays 15% tax on her contributions (which is lower than her marginal tax rate).

Linda draws an income from the balance of her TTR Flexi Pension to ensure the money she receives as an income isn’t reduced.

This option works for Linda because it reduces the amount of tax she pays and leaves her with more money in her super account for when she fully retires.

Reducing work hours but keep the same income

Meet Jim. Jim is 60 and has reached preservation age.

Jim has decided he would like to wind back his working hours from 5 to 3 days a week.

To ensure he isn’t taking home less income due to his reduced working hours, Jim chooses to open a TTR Flexi Pension and creates an income stream from it to make up the difference.

Jim understands that this will ultimately reduce the size of his super balance for when he retires.

Increase your current income

Meet Ravi. Ravi is 62 and has decided he would like to increase his income from his current job by supplementing it with payments from his TTR Flexi Pension account.

Ravi decides to do this to help him pay off more of his mortgage before he fully retires.

Using his TTR Flexi Pension to supplement his current income means more money in Ravi’s pocket now, but it will reduce his super balance for when Ravi fully retires.

TTR Flexi Pension eligibility

To open a TTR Flexi Pension you must:

  • be a current UniSuper member,
  • have reached your preservation age,
  • have at least $25,000 to start your TTR Flexi Pension, and
  • leave at least $6,000 in your UniSuper accumulation account (different rules apply to DBD members).

Not a current UniSuper member? You can Join UniSuper in less than 10 minutes.

Apply for a TTR Flexi Pension

Download the Flexi Pension Product Disclosure Statement below and follow the steps provided to complete your application.

 

Learn more about approaching retirement

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Tax and your retirement income account

Most UniSuper income payments are tax-free for everyone aged 60 and over. However, there may be cases where tax applies.

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Steps to move into retirement

Our six-step guide and advice can help you assess your options, determine your budget and priorities, and support your transition into retirement.

Our advice team is here to help

Need help with your retirement journey? Our advice team are available to answer the questions you may have, over the phone or in-person at a member centre.*

*UniSuper Advice super consultants can give you information and tell you what is generally recommended for our members. This advice will be of a general nature only and will not take into account your personal circumstances.

The information is of a general nature and doesn't consider your personal circumstances. Before making decisions, you should consider the PDS and TMD on our website, and whether the information is appropriate for your circumstances otherwise seek financial advice.

  • Things you need to know

    1 If your account balance is less than $6,000 at the end of UniSuper's income year, certain fees and costs charged to you in relation to administration and investment are capped at 3% of the account balance. Any amount charged in excess of that cap will be refunded.

    2 A TTR Flexi Pension ceases to be paid under TTR rules once you have reached age 65 or notify us that you have satisfied a condition of release allowing unrestricted access to super prior to age 65. When a TTR Flexi Pension ceases to be paid under TTR rules, administration fees and costs and investment fees and costs will be charged as a standard Flexi Pension member as set out in the Flexi Pension PDS.

    3 The The costs component of investment fees and costs and the transaction costs are based on the costs for the year ended 30 June 2024, including several components which are estimates. Costs are subject to change and amounts for prior years are not necessarily reliable indicators of amounts for future years. The costs component of investment fees and costs and the transaction costs you'll be charged in subsequent financial years will vary and depends on the actual costs incurred by the Trustee in managing the investment option. Investment fees and costs includes an amount of 0.03% for performance fees. The calculation basis for this amount is set out in the Flexi Pension PDS.

    4 The investment fees and costs and transaction costs for other investment options are set out in the Flexi Pension PDS. They are calculated on the same basis, and paid at the same frequency and in the same manner as the Balanced investment option.

    5 An Operational Risk Reserve (ORR) is funded out of investment-related charges which are included in the investment fees and costs for each option.

    6 The definition of retirement in superannuation is specific and different definitions apply based on your age, so chat with us if you are unsure.

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