When you retire, you can choose to withdraw a lump sum or receive a regular income stream from your super – or a combination of the two.
A retirement income stream can be a simple and tax-effective way of receiving a regular income using your super savings. You can generally choose how much you receive and how often, depending on the type of retirement income stream.
Your income payments from super are tax-free if you’re aged 60 and over.
With account based pensions, you can choose how your money is invested and any investment earnings you receive (including capital gains) are generally tax-free.
If you’ve got an annuity or defined benefit pension, the payments are usually guaranteed for a fixed period of time or life.
For account based pensions:
1. If you have one of these pensions you should consult your provider about the specific rules relating to that pension.
Any advice and information on this website is general only, and has been prepared without taking into account your particular circumstances and needs. Before acting on any advice on this website you should assess or seek advice on whether it is appropriate for your needs, financial situation and investment objectives.
Any general tax information on this website is intended as a guide only and is based on our general understanding of taxation laws. It is not intended to be a substitute for specialised taxation advice or an assessment of your liabilities, obligations or claim entitlements that arise, or could arise, under taxation law, and we recommend you consult with a registered tax agent.
IOOF Holdings Ltd ABN 49 100 103 722.
MLC Limited uses the MLC brand under licence. MLC Limited is a part of the Nippon Life Insurance Group and not part of the IOOF Group of Companies.