Get super while working
You can access your super savings as a regular tax-effective income stream in the lead up to retirement. This is known as a transition to retirement strategy.
How transition works:
- you roll some of your PSSap super savings into a separate superannuation product, known as an account-based income stream
- you get regular income stream payments from your account-based income stream
- you continue to save into your current PSSap account.
You don't have to retire or leave your job to take-up a transition to retirement strategy, but you must have reached your preservation age. This age is set by law at between age 55 and 60 depending on your date of birth. It is age 60 if you were born on or after 1 July 1964.
See withdrawing super to find out your preservation age.
PSSap members can take-up an account-based income stream in the Australian Government super environment. This product is called Commonwealth Superannuation Corporation retirement income (CSCri). CSCri is offered through PSSap. It is only for employees of the Australian Government or other participating employers to assist them in meeting their retirement income needs.
People may consider a transition strategy if they:
- have reached preservation age (age 60 if born on or after 1 July 1964)
- have a minimum of $20,000 in super
- wish to get tax-effective income from super while working
- wish to get tax free income payments from age 60
- want investment choice and tax free investment returns.
See withdrawing super to learn your preservation age.
Commonwealth Superannuation Corporation retirement income (CSCri)
|Type of income stream||
$20,000 in your CSCri account (the minimum balance in PSSap is $1,000 for contributing and ancillary members and $5,000 for non-contributors)
Not allowed (but you can contribute voluntarily into PSSap)
Fortnightly, monthly, quarterly, half yearly or annually
|Annual income amount||
Choose between minimum and maximum amounts
Generally not allowed (only in limited circumstances)
Age 60 and over
Tax-free income payments (withdrawals generally not allowed)
Tax-free investment returns
Under age 60
Tax-free investment returns
Concessional tax on income payments (withdrawals generally not allowed)
Full information in the CSCri Product Disclosure Statement
100% assessed under the Assets Test
Visit the Centrelink website for more about the Assets Test
Assessed against the Income Test (Centrelink will apply deductible amount)
Visit the Centrelink website for more about the Income Test
Choose one, or a mix of:
Administration fee: $30 per month ($360 per year)
Exit fee: $36 per withdrawal
Investment switches: Nil for the first two (2) switches in any financial year. Additional switches are $20 each
Investment management fees: Estimated at 0.14%--0.85% per annum
For full details refer to the CSCri Product Disclosure Statement
|Personal financial advice||
Access to fee for service, no commission personal financial advice for your individual situation and goals, provided by Industry Fund Services
|Keeping you informed||
Product Disclosure Statement
Read the CSCri Product Disclosure Statement for full details including:
- about CSCri
- key features and benefits
- how the CSCri works and your options
- investment options and risk
- fees and other costs
- how retirement income streams are taxed
- nominating a beneficiary
- how to open and keep track of your account.
We encourage you to first speak with a financial planner to ensure a transition strategy is appropriate for your needs, circumstances and retirement planning goals.
See financial advice to learn about the personal financial advice service offered to PSSap members by Industry Fund Services.