Retirement Sweet Spot

16-Sep-2019

As the last day of work approaches, it’s important to activate your plan for financial independence. Will you start by easing into retirement as you reduce time spent working? Or will you dive into total retirement? No matter what you decide, we can help you select a pension that makes the most of your savings. After all, even when retired, you still need your money to be working for you.

VISSF’s pension options provide an easy, low-cost way to go about managing your retirement. There are two VISSF pensions - a Transition to Retirement (TTR) Pension and an Account Based Pension. .

Transition to Retirement (TTR) pension

A TTR income stream can help make the transition from work to retirement a lot easier. This type of pension allows you to remain in the workforce while dipping into your super benefits to supplement your income.

The benefits of a TTR pension

  • Inherently flexible income stream

  • Boost your salary as you continue full-time work

  • Work less hours and use a TTR pension to supplement your income

  • Grow your super while taking advantage of a lower tax rate

Account Based Pension

This pension allows you to draw a regular income from your super savings after you reach preservation age
- between 55 and 60 depending on when you were born. Your super stays invested so you continue to earn investment returns throughout your retirement. You could potentially extend how long your savings last too.

The benefits of an Account Based Pension

  • Receive a regular income and choose your payment frequency
  • Switch up your investment options as required
  • No tax paid on investment earnings
  • Money you have drawn down is tax free after age 60
  • Unlimited access to your capital

How do I start? 

For VISSF members, when you reach preservation age, a pension tab will appear within your Member Online dashboard. Simply log in and click on the Pension tab. From here, you will be navigated through the join online process. 

Manage your pension online

Once your pension account is set up, you can manage everything through Member Online or the VISSF mobile app. From reviewing beneficiaries, making withdrawals, adjusting your payment frequency or amount and switching your investment options, you will have total control 24/7. 

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