1. Open a First Super Retirement Income account

Read Your Retirement Product Disclosure Statement to ensure this product suits your needs and complete the retirement application form.

2. Transfer some or all of your super balance into the new account.

You’ll need to transfer a minimum amount of $10,000 to open a First Super Retirement Income account. You can still keep some money in your current First Super superannuation account too.

3. Nominate how often you’d like to receive your income payments and how much.

You control your income in retirement. You can choose to receive payments fortnightly, monthly, quarterly, or even once or twice a year. You can also choose how much you receive.

Remember that the Government requires you to drawdown a minimum amount of your account balance each year, depending on your age.

4. Choose how your money will be invested from our range of investment options.

You can choose to invest in more than one option and change this whenever you need to. While you receive your income payments, we’ll be working hard in the background to grow your remaining retirement balance for you.

Find out more about our retirement investment options.

5. Nominate a beneficiary

You can choose who could receive your ongoing payments if you pass away, this is called a reversionary beneficiary. You can also nominate a binding beneficiary to receive your retirement savings as a lump sum.

Find out more about nominating a beneficiary.

6. Sit back and relax while you wait for your first retirement income payment.

Your payments will be made to your nominated bank account either fortnightly, monthly, quarterly, half-yearly or yearly – whatever you choose.