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Do you have a client who wants to join AustralianSuper and is transitioning to part or full retirement?
Talk to them about our income streams, where their super can be paid in regular instalments in the lead-up to, and throughout retirement.
Depending on their needs, age and life stage, they can choose between a Transition to Retirement (TTR) account or a Choice Income account.
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Does a TTR Income account convert to a Choice Income account?
Yes. If your client meets a condition of release, their TTR Income account may be converted to a Choice Income account. Your client doesn’t need to set up a new account. Their login details and account number will stay the same.
When this occurs, a Balance Booster amount may be credited to the account on the day the account changes over. This will happen automatically when the member turns 65 years.
Additionally, if the member had an AustralianSuper accumulation/super account before moving to a TTR Income account, their whole account history is taken into account when Balance Booster is calculated.
What is a Balance Booster?
Balance Booster is a tax saving. If your client meets the eligibility requirements, we pass this tax saving on to them.
When your client moves from a super/accumulation, or TTR Income account to a Choice Income account, their balance is transferred to a tax-free environment.
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- Australian Taxation Office, Rollover benefits and Death benefit rollover statement information for transactions from 1 July 2017, ATO website, accessed 11 October 2024.