Older and Wiser – Choosing when and how to access your super

As we get older we start to think about our retirement plans. Accessing our super becomes an important consideration. It is therefore wise to know what rules and regulations surround super funds so that you can plan successfully for your retirement future.

Conditions

of release
In order to take out any super from your super fund, you have to satisfy one of four conditions of release:

1. You must reach your preservation age. If you were born before 1 July 1960, your preservation age is 55 and it increases every year for every year you were born after 1 July 1960. For
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   example if you born between 1 July 1960 and 1 July 1961 your preservation age is 56, between 1 July 1961 and 1 July 1962 then it is 57 and so on.

2. You terminate your employment after the age of 60.
3. You reach the age of 65.
4. For those people who continue to work between the ages of 55 – 64, they may be eligible for a Transition to Retirement Phase (TRAP) Pension. This allows a member to take a minimum of 4% and maximum of 10%. This amount is taxable for those between 55 – 59 years of age.

All four of these conditions allow a person with an Australian super fund to extract pension payments however with each scenario there are different amounts that can be extracted at different tax rates.

Benefits and Tax Implications

The benefits paid from the super fund can either be in the form of a lump sum or income stream (a pension).

• Before the age of 60 (between the age of 55 and 59): Pension payments are taxable to the member of the fund. The amount that is taxable will be based on how much of the members balance is tax free or taxable. This is generally calculated based on how much of the contributions into the fund have been taxable or non-taxable. Therefore a person in this category that receives a super payment will receive a proportion of that income tax free and the rest will be taxed at a concessional rate.

• Over 60 (between the age of 60
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  and 64): The total amount of the benefit is

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  tax free, regardless of how the previous payments were given to the members in the past. If person is still employed, then those payments will also be tax free.

• After age 65: All conditions of release have been satisfied. Any benefit paid from a super fund will be entirely tax free (regardless of whether the person is working or not).

All of these scenarios can be quite complicated and it is important to speak to a financial adviser before taking out a pension stream or lump sum payment. A financial adviser can help you determine the best option for your personal circumstances.