Retirement reward
The Retirement Reward is a tax saving paid to your account when you open a Retirement Income account, if you're eligible.
What is it and how it works
When you transfer your super into a Retirement Income account you can get back certain tax savings as a bonus payment.
1. Before you retire
When you have a BUSSQ Super account or Transition to Retirement (TTR) Income account, we set aside money for any capital gains tax (CGT) we may have to pay when investment assets are sold.
2. When you retire
When you open a Retirement Income account, the savings you transfer go into a tax-free investment environment. This reduces the amount we will have to pay in CGT, so we can give you this as a reward for opening a Retirement Income account.
3. Getting paid your reward
You don't need to apply for the Retirement Reward and you'll get paid any money you're eligible to receive automatically. This money will go into the Retirement Income account when it’s opened, or you can select to have the amount paid to your bank account directly on your Join BUSSQ Income account form.
Your Retirement Reward amount will be included when determining your minimum payment rates and it counts towards your Transfer Balance Cap.
For more information call us or read our PDS and to open a BUSSQ Retirement Income account, complete the form at the back of the PDS:
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.
Am I eligible
To be eligible for the Retirement Reward, you need to:
- Be a member for 12 months or more before opening a Retirement Income account.
- Have money in a MySuper or Premium Choice account or a Transition to Retirement Income account.
- Use the super savings from this account to open a Retirement Income account.
If you're a beneficiary of a BUSSQ death benefit:
You don't need to be a member for 12 months but the account holder for which you are a beneficiary must have been a member of BUSSQ for more than 12 months, when you open a Retirement Income account.
How BUSSQ calculates your Retirement Reward
The amount you could be eligible to get, can go up and down over time and depends on certain factors, like what investments you are in.
At the time you open a Retirement Income account, the below factors are used to decide what your Retirement Reward will be:
- BUSSQ’s tax position over time
- Your account balance history over time
- Your chosen investment options, including their taxation position and the timing of any switches you have made between investment options.
If you are invested in the Cash investment option, no Retirement Reward will be paid as there are no capital gain liabilities for this investment option.
For more information on preparing for retirement and managing your super in retirement:
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.
Getting ready for 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.