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How does it work?

A TTR strategy allows you to supplement your current income with regular payments from your super. Instead of relying solely on your employer, you receive income from both your employer and your super.

Work less, not earn less

You can ease into retirement by working fewer hours. Although this might lower your income, you can supplement it with regular payments from your retirement account.

Boost your super on the go

With a TTR strategy, you can continue contributing to your super while working. This includes employer super guarantee contributions, salary sacrifice, voluntary after-tax contributions, and rollovers from other super accounts. It’s an effective way to grow your balance while drawing a pension.

Take advantage of the tax benefits

By sacrificing salary into your retirement account, you can reduce your income tax. If you’re 60 or older, your pension income is tax free. If you’re under 60 and have met your preservation age, your pension income is taxed at your marginal rate with a 15% tax offset.
Tax benefits
Income from your retirement account is generally taxed more favourably than salary.
Tax concessions: If you’re between preservation age and 59, you receive a 15% tax offset.
Tax-free income: If you’re 60 or older, your retirement income is tax free.

Accessing your money

In a transition to retirement pension, there are minimum and maximum withdrawal limits. Until retirement or age 65, the maximum annual withdrawal is 10% of the account balance. If you’re under 65, the minimum annual withdrawal is 4%.

Supporting your future after retirement

Once you’ve reached your preservation age and stopped working, you can access your super either as a lump sum or regular income. This allows you to either spend it as you wish or invest it to provide income throughout retirement.

If you're between the ages of 55 and 59, the taxable part of your pension is taxed at your marginal tax rate, and once you turn 60, you don't pay tax on pension payments.

You can choose a payment arrangement (within relevant minimum or maximum limits) and if eligible, you can use your account-based pension payments to top up your Age Pension.

You can choose how your money is invested. While any investment earnings will depend on market performance, what you do earn (including capital gains) is generally tax-free.

MANAGING YOUR PENSION

Age Pension

Age Pension is generally described as a regular, fortnightly payment that you may be eligible to receive from the government when you reach the qualifying age in the table below. It’s designed to provide income support for those Australians who need it and can also be a way to supplement any income they already receive.

Eligibility depends on three points:

Age Pension age:

YOUR BIRTHDATE YOUR AGE PENSION AGE DATE PENSION AGE CHANGES
1 January 1954 to 30 June 1955 66 years 1 July 2019
1 July 1955 to 31 December 1956 66 years and 6 months 1 July 2021
On or after 1 January 1957 67 years 1 July 2023

Australian residency

Generally, you need to have been an Australian resident for at least 10 years in total. For at least 5 of these years, there must be no break in your residence.

Exceptions apply for refugees, former refugees, those on another payment, women whose partners have died and those who lived or worked overseas.

Income and assets test

An income test assesses you (and your partner’s) income from all sources, including super. An assets test assesses all asset types you own, including property and possessions. This means the Age Pension amount you receive will depend on the outcome of these tests.

Estate Planning

Estate planning extends beyond just making a will. It’s about ensuring certainty for yourself and your loved ones by transferring control and ownership of your assets and affairs to chosen individuals.

Estate planning ensures a clear distribution of assets and affairs upon death, reducing family conflicts and safeguarding assets from events like bankruptcy. It covers owned assets like property and shares, as well as jointly owned assets such as business interests and life insurance.

It includes documents such as:

  • a will,
  • a binding nomination or a non-binding/preferred nomination, or a reversionary pension nomination,
  • directions on how to pay any life insurance held outside super,
  • directions on who manages inherited money (especially useful if the beneficiaries are children or have a disability that may prevent them from responsibly managing their inheritance),
  • power of attorney and guardianship,
  • and directions on what to do for your end-of-life care.

An estate plan prompts careful consideration of which assets go to whom under what conditions.

For example, leaving an inheritance to someone receiving government benefits could jeopardise their benefits, prompting consideration of a special disability trust. Similarly, it raises awareness of the tax implications for beneficiaries.

Supercharge Your Retirement Strategy

Advice that helps you retire on your terms
Apply for a retirement product

Everyone has unique retirement dreams — so we provide tailored advice on how our members can achieve them. Resource Super members can tap into the expertise of a team of financial advisors who understand the realities of working in the resource sector.

Our financial advisors recognise the dedication and sacrifice demanded by the resource sector, and we ensure it’s duly rewarded when you retire. Here’s how we assist:

Expert guidance

Our financial advisors make sure your super and other investments all work together towards achieving your retirement goals.

Tailored and flexible approach

Our financial advisors work hard to understand your financial and retirement goals. Then, they work with you to explore options for achieving them.

Support Throughout Your Path

We’ll stay the course with you, updating your advice and making sure you’re still on track, even as your circumstances change.

Why financial advice matters

As you envision life after work, it’s crucial not to let your dreams fade. While investing with a top super fund is essential, financial advice can also play a significant role. As a Resource Super member, you’ll gain access to comprehensive financial advisory services to help make your retirement dreams a reality.

Switch to the super fund that understands the resource sector

Discover why we’re the natural choice for Australians working in the resource sector.

Please submit your details to start the membership registration process.