AvSuper: Income Streams
Once you retire from the workforce after you reach your preservation age, you can withdraw your superannuation savings as a lump sum or purchase an income stream. An income stream, or pension as they are sometimes called, is simply a gradual withdrawal of your super money as regular payments to replace your working income.
Everybody who is eligible under Australian law to receive a superannuation derived income stream is welcome to open an AvSuper income stream account, whether or not you have been an AvSuper member in the past. If you’re eligible, you don’t even have to be retired to take an income stream!
AvSuper income streams
Turn your super savings into a flexible, tax effective income stream and keep control of your retirement nest egg. Some of the features you will enjoy are:
- a simple and competitive fee structure
- choosing how much income you want to draw out (within legislated limits)
- choosing to be paid monthly, quarterly, six monthly or annually directly to your bank account
- varying your payment arrangement at no charge up to four times a year
- no withdrawal fees apply
- online access to your account information 24 hours a day
- a choice of professionally managed investment options
- continuation of your existing AvSuper insurance cover and premiums (where applicable)
- access to free personalised advice and appointments with a Member Advice Consultant
Further information on AvSuper’s income stream options can be found in the AvSuper Income Stream Product Disclosure Statement. To start an AvSuper income stream, just complete a Retirement Income Stream Application and send it to AvSuper.