FAQs

• How long will my income last?

  How long your income will last will depend on several factors including account balance, investment options and returns, fees and the amount you draw down. If you take any additional lump sum payments, this will also impact how long your account will last.

  To get a sense for how long your super will last, try our Retirement income projector.

• What are the tax implications?
  • No tax payable on investment earnings once you satisfy a relevant condition of release, otherwise up to 15% tax applies
  • No tax payable on income stream payments once you turn 60
  • 15% tax offset on the taxable component of income stream payments if you have reached preservation and not yet reached age 60.
• What are the Centrelink and Department of Veterans Affairs benefits?

  Your RetireAccess balance may affect your eligibility for government income support, including the age pension.

  Your account is assessable by Centrelink and or the DVA for the assets test and income test.

• What are the investment options?

  There are a range of options to invest in which include lifestyle investments, diversified or single asset investments as well the Direct Access investment option.  

  Learn more about your investment options or get advice on how to best structure your options in retirement.

• How does it work?

  A retirement income stream makes it easy for you to draw a regular income from your super while keeping your balance invested. You can choose the payment frequency you want and take out lump sum payments whenever you need some extra money (once you satisfy a relevant condition of release).

  Like your accumulation account, positive investment returns will add to your RetireAccess account balance, but negative returns, fees and your income drawdowns will reduce it.

  Once you set up a retirement income stream you cannot add additional money to it.

  Learn more about RetireAccess or switch over today.

• What do I need to do? / How do I open an account?

  To open a RetireAccess account, simply print and complete the paper form, or existing members can login to their SuperOnline account and use the online form.

  Please note a $10,000 minimum balance is required to set up an account. If you haven’t already, consider consolidating any savings you want into an accumulation account like Personal Plus or a Corporate Plus account.

  When opening a RetireAccess account you’ll need to decide:

  1. Your opening balance (how much money to transfer from your super account, a minimum balance of $10,000 is required)
  2. How your money is invested
  3. How often you’d like to draw down on your income
  4. Where your payments will go (i.e. bank details)
  5. Who your beneficiaries are and if you’d like a reversionary beneficiary

  If you need help completing RetireAccess forms, our team can guide you over the phone on 1300 033 166.

  If you need advice on whether a RetireAccess account is right for you, you can talk to an Adviser.

• Can I set it up on my own?

  Yes, you can open an account on your own. Simply print and complete the paper form, or existing members can login to their SuperOnline account and use the online form.

  TelstraSuper Financial Planning can help you work out the best ways to manage your super in retirement. If you'd like to discuss your retirement plans or if you have any other financial advice queries call 1300 033 166 or fill in our online contact form.

• Do I need a new super account?

  Yes, you need to start with a super account. If you are an existing member, you can move your money from your accumulation account into a RetireAccess account. If you have any other super you want to consolidate*, you need to do that before opening the RetireAccess account as you can’t add money into a RetireAccess account once it’s open.

  If you are new to TelstraSuper, you’ll need to open a Personal Plus super account first. Afterwards your super can be moved into a RetireAccess account.

• Do I have to open a RetireAccess account when I retire?

  No, you don’t need to open a RetireAccess account, however there may be tax advantages to drawing an income from an income stream rather than keeping your money in your super account.

  In a RetireAccess account investment returns are tax-free (once you satisfy a relevant condition of release) and drawdown payments are tax-free after age 60.

• How often can I get paid?

  Choose the timing that suits your lifestyle. You can choose to be paid twice-monthly, monthly, quarterly or annually.

  You can also take out lump sum payments should you have expenses like a trip or buying a car that requires additional money (once you satisfy a relevant condition of release).

  *Before you consolidate your super, you should consider the implications of combining your super (including on insurance, fees and tax). You should also consider getting financial advice before combining your super.