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A Transition to Retirement (TTR) and Retirement income account gives you total flexibility and control of your income in retirement. You set up regular payments for the amount you need, when you need them.
When deciding how much you want to be paid, there are a few things you need to take into consideration especially when fully retired.
If you have income from other sources, how regularly is this money paid and when. You can alter your First Super Retirement Income payments around the money from other sources. You have complete flexibility.
Your retirement balance, together with other assets and income sources you may have, will form part of Centrelink’s assets and income tests to determine your eligibility for the Age Pension.
How often will you be taking regular payments from your TTR or Retirement Income account?
You can choose to take your payments fortnightly, monthly, quarterly, once or twice a year – the choice is entirely yours.
The Government requires you to withdraw a minimum amount of money from your account each financial year.
The minimum amounts apply to both a TTR and the Retirement Income Account.
The amount you must take out depends on your age and your account balance.
Only income payments from your TTR or Retirement income account count towards the calculation of the minimum withdrawal amount.
Lump sum withdrawals from your Retirement Income account are not included.
Julia has a remaining retirement balance of $98,000.
At the start of the financial year, she calculates her minimum withdrawal amount for 2024/25.
Julia must withdraw at least 5% of her retirement account balance during the current financial year.
5% x $98,000 = $4,900
Julia will need to withdraw a minimum of $4,900 for the year.
Angus has a retirement balance of $460,000.
At the start of the financial year, he calculates his minimum withdrawal amount for 2024/25.
Angus will need to withdraw at least 4% of his retirement account balance during the financial year.
4% x $460,000 = $18,400
Angus will need to withdraw a minimum of $18,400 for the year.
If you have a TTR account, there is a limit on how much you can withdrawal. The maximum you can withdrawal is 10% of your account balance each financial year.
There is no maximum limit on Retirement Income accounts.
Kevin is reducing his working hours before retiring and has a First Super Transition to Retirement (TTR) Income Account.
He has a TTR account balance of $295,000.
He requires an annual TTR income of $25,000 but needs to check he will meet the minimum and maximum requirements for TTR.
Minimum withdrawal amount: 4% x $295,000 = $11,800
Maximum withdrawal limit: 10% x $295,000 = $29,500
Kevin determines he will meet the minimum withdrawal limit should he choose to take $25,000 in income payments for the financial year.
One of the many great features of a First Super TTR or Retirement Income Account is that you can change your income to suit, whenever you want.
Use the TTR and Retirement income account vary income payments form to make changes to your income payments.
Vary income payments form
Return the completed form to:
First Super PO Box 666 Carlton South, VIC 3053
Or email the form to us: mail@firstsuper.com.au
Once we receive your completed paperwork, it will take approximately 1 to 3 business days to process your request.
We will confirm in writing when the requested changes have been made.
Our Member Services Team really enjoy talking with members about super and retirement. So, if you have any questions about TTR or Retirement income payments, we’re ready to help. Call 1300 360 988 or send us an email.
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