Retirement Income Stream

Turn your super savings into a reliable income

What is a retirement income stream?

Our Prime Super Retirement Income Stream lets you enjoy flexible income payments from your super, as well as lump sum payments when you need them.

Open an income stream

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 to 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 10 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, any taxable part of your payments is taxed at your marginal rate less 15% (if you are eligible). 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...

1. if you are registered for MemberOnline, just log-in, select the Super tab, then click Pension application, and complete an online application.
2. if you're not registered for MemberOnline, simply register now. Once your registration is complete, you can follow the instructions in step 1.
3. alternatively, you can download the PDS - Income Streams, complete the application form at the back and return it to us, or join online

Not yet a Prime Super member?

If you'd like to join Prime Super as a new income stream account-holder, you can do so online, or 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 - 30 June 1961	56
1 July 1961 - 30 June 1962	57
1 July 1962 - 30 June 1963	58
1 July 1963 - 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.

For general super enquiries, phone our team members on 1800 675 839 between 8am and 8pm AEST Mon-Fri or email us here. For anything more, book a time to talk with a super specialist. For anything more, book a time to talk with a super specialist or visit our retirement hub.

What are the benefits of a Retirement 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

  With Prime Super's Retirement Income Stream, it's easy to 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.

• Lump sum withdrawals are possible

  If you have a Retirement Income Stream you can make lump sum withdrawals. Contact us to arrange a withdrawal or log into your MemberOnline account and apply for up to $10,000 online. Please note, there may be tax implications on lump sum withdrawals. For more information see the PDS - Income Streams. Consider obtaining independent financial advice or speaking to one of our super specialists before you make a decision about opening an Income Stream account.

  The superannuation lump sum withdrawal rules vary depending on your age, tax components and whether you have reached your preservation age. It’s important to consider how withdrawals may affect your overall retirement savings.

• Money in the account stays invested, with the potential to keep growing... tax free

  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 different investment options

• Income from your super Income Stream is tax free if you're over 60

  If you are 60 or over, all your Income Stream payments are generally tax-free. If you’re under 60, any taxable part of your payments is taxed at your marginal rate less 15% (if you are eligible). If you’re under age 60, lump sum withdrawals may be subject to tax, depending on your circumstances.

Frequently asked questions about a Retirement Income Stream

• 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. However, if you were born after 1 July 1964, your preservation age is 60. You can find out your preservation age here.

• What happens to my super if I die?

  If you pass away, your super death benefit may be paid to your nominated beneficiaries and/or your estate, subject to fund rules and any valid beneficiary nomination in place.

• 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.

Book a time to talk with a super specialist   The retirement hub