Income accounts
Keep your super working for you in retirement, by turning your super into a regular income, with an Income account.
Benefits of an Income account
Whether you’re getting ready to retire or are there now, we have income account options to support you in your retirement journey.
Save on tax
Open an Income account with your super savings and get regular tax free payments. You can also save tax on your investment earnings.
Flexible income
With an Income account, you can choose how much and how often you get paid.
Retirement Reward
Eligible members get a bonus when they open a Retirement Income account with our Retirement Reward.
If you want to discuss your options, we’re here to help:
Learn about your super and retirement
Our seminars and events are a great way to learn more about your super and retirement.
Find out when we’re holding an event near you and secure your spot.
Types of Income accounts
BUSSQ offers two types of flexible Income accounts, to help you achieve your retirement goals.
Transition to Retirement (TTR) Income account
BUSSQ's TTR Income account allows you to ease into retirement by reducing to working hours that suit you, without sacrificing your standard of living. You can use your super savings to open a TTR Income account and receive an income stream that will supplement your income from your employment. There are considerations when opening a TTR, including impacts to how long your super will last you.
With a TTR Income account:
- You can access your super while your still working to supplement your income.
- Investment returns are only taxed at 15%.
- Payments are tax free.
- You can choose to get payments between minimum and maximum amounts.
- You may be able to save more or work less before you retire. You can consider strategies like putting more money into super before tax and withdraw from this account tax free.
Who can open one
You can open a TTR Income account if you’re age 60 to 65 and still working.
For more information:
Get advice
Getting financial advice can help you understand your super and finances, plan for retirement and much more.
BUSSQ offers different types of advice and can help you get your head around your super.
Retirement Income account
BUSSQ's Retirement Income account is a tax effective way to arrange a flexible, regular income during your retirement.
With a Retirement Income account:
- You can access your super to supplement your income from the government Age Pension
- Investment returns are tax free
- Payments and withdrawals are tax free
- You can choose to get payments above a minimum amount
- There are no maximum withdrawal limits on this account
- You can also withdraw lump sums when you need to.
Who can open one
You can open a Retirement Income account if you’re:
- Age 65
- Age 60 to 64 and have retired or have ceased any employment since turning 60
- An eligible recipient of a super death benefit
- Assessed by the Trustee as being permanently incapacitated, or terminally ill.
Learn more about retirement
Managing super in retirement
We have accounts to help you make the most of your retirement savings and to help you manage your money, into retirement.
Retirement projection calculator
(coming soon)
What is an income account?
You can turn your super into an income stream that can fund your lifestyle in retirement or help you wind back at work before retirement.
Frequently asked questions
How do I open an income account?
To open an income account, you need to complete our Join BUSSQ Income account form which can be found at the back of our BUSSQ Income account PDS.
If you’d like some help understanding your options, call us on 1800 692 877.
What are the investment options in an income account?
In a BUSSQ Income account or TTR account, you can choose how your money is invested.
You can choose from single sector investment options, like shares or cash, diversified investment options, and something called the BUSSQ Smart Income Strategy.
Check out our BUSSQ Investment page for more information.