Retirement Income Stream
Turn your super savings into a reliable income
What is a retirement income stream?
Our Canstar-award-winning Prime Super Retirement Income Stream lets you enjoy flexible income payments from your super, as well as lump sum payments when you need them.
How does a retirement income stream work?
A retirement income stream is a flexible account that lets you control your income to suit your needs, while your remaining balance continues to receive investment earnings.
It means you can have a stable, regular income, with the option of withdrawing, lump-sums when you want to, such as to pay for a well-earned holiday or finish off some renovations. And as life changes, you can change your payments to suit at any time.
What are the benefits of an income stream?
As well as a greater ability to plan for the future, there are four main reasons people choose a retirement income stream:
- you can set your payment amounts and frequency
- lump sum withdrawals are possible
- money in the account stays invested, with the potential to keep growing… tax free!
- income from your super income stream is tax free if you’re over 60
Set your payments
With Prime Super’s Retirement Income Stream, it’s easy set the amount you want to receive from your regular payments – as long as they’re above the minimum set by the Commonwealth Government.
You can also choose when you get your payments – from twice monthly, to monthly, quarterly, half-yearly or even just once a year.
What’s more, you can change these options to suit your needs, and take out lump sum payments when you need them.
Your balance stays invested
In a retirement income stream account, your money keeps working, even when you’re not. That’s because the balance of your funds is still being invested, with the potential to continue growing your super over the long-term.
Best of all, the investment earnings in a retirement stream are tax-free and you can choose how your money is invested across any combination of Prime Super’s 11 different investment options.
Tax on payments
If you are 60 or over, all your income stream payments are tax-free. If you’re under 60 and eligible, any taxable part of your payments is taxed at your marginal rate less 15%. Lump sum payments may incur lump sum tax if you are under 60.
How do I open a retirement income stream account?
To open your retirement income stream, you just need as little as $10,000 to get started.
You don’t even need to be a current member of Prime Super to open a retirement income stream account with us. You must, however, meet one of the following eligibility criteria:
- you have reached your preservation age (see below) and have permanently retired from the workforce
- you have reached the age of 60 and ceased an employment arrangement
- you have reached the age of 65, even if you are still working.
If you fit any of the above categories, then there are three ways to open a Prime Super Retirement Income Stream account:
Existing Prime Super members
- if you are registered for MemberOnline, just log in, select the income stream tab and complete an online application.
- if you’re not registered for MemberOnline, simply register now. Once your registration is complete, you can go to the income stream tab and complete an online application.
- alternatively, you can download the PDS - Income Streams, complete the application form at the back and return it to us.
Not yet a Prime Super member?
If you’d like to join Prime Super as a new income stream account-holder, simply fill out the application form at the back of the PDS - Income Streams and return it to us.
What is preservation age?
Your preservation age determines when you can start accessing your super. It has varied over the years, and depends on when you were born.
|Date of birth||Preservation age|
|Before 1 July 1960||55|
|1 July 1960 to 30 June 1961||56|
|1 July 1961 to 30 June 1962||57|
|1 July 1962 to 30 June 1963||58|
|1 July 1963 to 30 June 1964||59|
|From 1 July 1964||60|
What happens to my super if I die?
If you pass away, the balance of your account goes to your beneficiary or beneficiaries and/or your estate. A valid and effective beneficiary nomination on your account can help to ensure that your super is paid directly to any nominated beneficiary, according to your wishes.
What if I need more retirement information?
Retirement income streams may have tax and other implications. We suggest you carefully read the PDS - Income Streams and book a chat with one of our friendly super specialists before you make a decision about opening an account.
We're ready to help you across all aspects of super and retirement.