Account-based pension
An account-based pension (also called an allocated pension) is a flexible way to draw an income from your super once you’ve met a condition of release, such as retiring or turning 65. Your balance stays invested so it can continue to grow, while you receive regular payments that are generally tax-free if you’re aged 60 or over. You can also access lump sum withdrawals if needed, giving you flexibility in how you manage your retirement income.
The Australian Food Pension
You can open an Australian Food Pension once you:
- Permanently stop working after age 60, or
- Reach age 60 and stop work with your employer, even if you plan to take another job, or
- Turn 65.
This means you can open a Pension account whether you are working or not.
Benefits of an account-based pension
With an account-based pension, you can:
- Receive a regular tax-free income if you’re aged 60 or over.
- Keep your money invested in the options you choose so it continues to grow.
- Decide how much you’re paid and how often, with the ability to change these arrangements anytime.
- Enjoy tax-free investment earnings up to the transfer balance cap.
Still working?
Consider a transition to retirement.
Open an Australian Food Pension
- Download the Pension Product Disclosure Statement to understand how the Pension works.
- Complete the application form when ready.
- If you have questions, our team can help – call 1800 808 614 or email service@ausfoodsuper.com.au.
Still working? Consider a transition to retirement
If you’re still working but want to ease into retirement, a Transition to Retirement (TTR) strategy may help. By accessing a portion of your super through an account-based pension while still working, you can:
- Reduce your working hours
- Supplement your income
- Potentially lower your tax liability
It’s a flexible, tax-effective way to gradually adjust to retirement while maintaining financial stability.
If you’re aged 60 or over and still working, a transition to retirement strategy lets you gradually move from full-time work to retirement. A TTR strategy may not suit everyone. Consider getting advice.
How it works
- Access a portion of your super through an account-based pension
- Reduce your working hours while supplementing your income
- Potentially lower your tax liability
- Maintain financial stability as you adjust to retirement
TTR pensions have a maximum annual withdrawal limit, and investment earnings are taxed like your Australian Food Super account.
Transition to Retirement fact sheet
Read all the facts in our
TTR fact sheet.
Open an Australian Food Pension
- Download the Pension Product Disclosure Statement to understand how the Pension works.
- Complete the application form when ready.
- If you have questions, our team can help – call 1800 808 614 or email service@ausfoodsuper.com.au.
Need help with retirement planning?
- Read Take control of your retirement in 8 simple steps for clear explanations and practical guidance.
- For complex situations, we can connect you with financial advice*. When decisions matter, remember you can always talk to a real person. Our team is ready to help you.