Open a Managed Pension or Control Pension with money from your Spirit Super account and you could be eligible for a retirement bonus.
Pension account essentials
Everything you need to know about starting a pension account with us.
|Minimum opening balance||You need a minimum of $20,000 to open a pension account with us.|
|Maximum opening balance||The transfer balance cap is a limit on how much super you can transfer into retirement products like our Control and Managed Pensions. The transfer balance cap is $1.9 million for 2023-24 and applies to the combined total of all tax-free retirement phase income products you have with both Spirit Super and other super funds. You can check with the ATO on what your personal transfer balance cap amount is.
The limit doesn’t apply to Transition Pension accounts, but it will apply when you turn 65 or if you convert your account to a Control Pension or Managed Pension before turning 65.
|Payment amounts||With a Control Pension or Transition Pension, you can choose how much you want to receive as a pension each financial year, as long as it meets the minimum payment amount set by the government (and maximum amount for the Transition Pension).
With a Managed Pension you’ll receive a set income each year.
For more information on pension payments, read the Pension guide.
|Payment frequency||For a Transition Pension or Control Pension, you can receive your pension payments:
You can change the frequency of your pension payments at any time, but you must receive at least one pension payment each financial year.
For a Managed Pension you can only receive payments fortnightly.
|How will I receive my payments?||Your pension will be paid to your nominated bank, credit union or building society account. We can't pay you by cheque or cash.|
|How long will my payments continue?||For Transition and Managed Pensions, your pension payments will continue until your account balance is zero. If you have a Control Pension your account will close once your balance falls below $1,000.
How long your pension lasts will depend on a range of factors, including:
|Lump sum withdrawals||You can make lump sum withdrawals at any time from a Managed Pension or Control Pension account. You need to have at least $6,000 left in your account after the withdrawal. Any tax you pay on lump sum withdrawals will depend on your age and tax components of your account.
If you have a Transition Pension account, you generally can't make lump sum withdrawals unless you meet a condition of release, in which case your Transition Pension account will be converted to a Control Pension account.
Read our Pension guide
Looking to find out more about retiring with Spirit Super? Check out our Pension guide.
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