Skip to Content

'Transition to
retirement' changes

Transition to retirement pension

Generally, you can only access your super after you’ve reached your preservation age and retired.

A transition to retirement (TTR) pension, also known as a pre-retirement pension, allows you to access your super as an income stream while you’re still working. It gives you additional cash flow on top of your salary if you choose to reduce your working hours but don’t want to compromise your current lifestyle.

You can take an income of between 4% and 10% of the value of your TTR pension each financial year.

To access your super this way, you need to have reached your preservation age, which is based on when you were born. See the table below which summarises preservation ages. Visit the ATO website for more information.




Date of birth

Preservation age

Before 1 July 1960


1 July 1960 – 30 June 1961


1 July 1961 – 30 June 1962


1 July 1962 – 30 June 1963


1 July 1963 – 30 June 1964


From 1 July 1964


Once you reach age 65 or meet a condition of release, your account moves into ‘retirement phase’.

Taxation of investment earnings

From 1 July 2017, the Federal Government introduced changes on transition to retirement (TTR) pension accounts.

Investment earnings tax on TTR pensions in the pre-retirement phase began attracting tax of up to 15%. Previously they weren’t taxed.

When your account moves to retirement phase, the investment earnings will be tax-exempt and your balance will count towards the limit on retirement products. Find out more about this limit.

What is a TTR pension, or pre-retirement pension?

A TTR pension, also known as a pre-retirement pension, allows you to access your super while you’re still working, once you’ve reached your preservation age.

What are the conditions of release?
The conditions of release which allow investment earnings to be tax-exempt and your TTR pension to move to retirement phase are:

  • Reaching age 65
  • Retiring
  • Terminal illness
  • Permanent incapacity

You should notify us if you meet a condition of release, so we can move your account to retirement phase. When you reach age 65, we’ll do this automatically for you. Once in retirement phase, the balance will count towards the limit on retirement products. Find out more about this limit.

For more information about these changes, contact your financial adviser, or call us on 132 652 between 8am and 6pm (AEST/AEDT), Monday to Friday.

If you’re considering transitioning into retirement we offer a pre-retirement pension through the following products:

Visit our Retirement page to find out more about how you can reach your retirement goals.

This communication is issued by NULIS Nominees (Australia) Limited (ABN 80 008 515 633 AFSL 236465) (NULIS). It is for general information and has not taken into account any particular person’s objectives, financial situation or needs. Before deciding to make a contribution to your superannuation, interested persons should consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. The information contained in this communication is current as at 1 July 2017. Any changes in the law or policy subsequent to this date have not been incorporated in this material.

NULIS is the Trustee of the MLC Super Fund (ABN 70 732 426 024) and the MLC Superannuation Fund (ABN 40 022 701 955). NULIS is part of the National Australia Bank (NAB) group of companies. An investment with NULIS is not a deposit or liability of, and is not guaranteed by NAB. Neither NULIS nor any other company in the NAB group of companies accepts any liability whatsoever for any decision that is made on the basis of or in reliance of the information contained in this material. NULIS is not a Registered Tax Agent and any tax information is of a general nature and should not be relied upon to determine your personal tax situation. It is recommended that you consult a professional tax adviser who is a Registered Tax Agent about your personal circumstances.