Flexible beneﬁts for members 55+
If you’re in your ﬁfties, now’s the time to explore the beneﬁts of easing into retirement with a VISSF pension. Even if you’re still working, transferring some of your accumulated super across to a pension account could provide several advantages.
Steve transferred some of his super into an account-based pension and is receiving regular payments while he’s still working. These pension payments boost his income, allowing him to salary sacriﬁce more into superannuation. The diagram shows his arrangement. Even though he’s drawing on his pension account, because of the tax advantages of his salary sacriﬁce arrangement, Steve is accelerating his savings and is on track to end up with more in super as a result.
Sherry is enjoying the best of both worlds, thanks to her VISSF pension account. She has cut back her work hours so she can have two days off each week to pursue her own interests. Although she has reduced her salary, Sherry hasn’t had to compromise her income much, supplementing it with her super pension.
• There is no tax paid on investment earnings in a pension account
• By salary sacriﬁcing your income, you swap your marginal tax rate for a 15% contributions tax
• Favourable in respect of Centrelink beneﬁts, given a portion is usually excluded for income test purposes
• Flexible income with members able to choose how much they draw down, within Government limits
Don’t miss this opportunity. Find out more today by calling our Client Services Team.
For details and conditions please see the Account Based Pension Members PDS via vissf.com.au/forms-you-need page.