Retirement is a time of new possibilities and rich experiences.
It’s all a question of getting organised with your finances. How do you want to live? What do you dream of doing? How can you achieve those dreams?
Whether retirement is fast approaching or a few years away NGS Super can provide the guidance you need, from growing your super in the years leading to retirement to planning the right type of pension.
NGS Income Account
Many superannuation funds offer an account based pension. So does NGS Super – but we like to call it an income account because we are providing a regular income to you in retirement.
If you’re thinking about retirement, our income account pension is a flexible and tax-effective way to convert your lump sum retirement benefit into a regular income stream. You may also qualify for special treatment under the income test for the government age pension.
What type of Income Account can I have?
The NGS Income account is available either as an account-based pension (for retirees and people aged 65) or as a transition to retirement pension generally for individuals who have reached their preservation age ( If you were born between 1 July 1961 and 30 June 1962, your preservation age will be 57) and still working.
If you start a transition to retirement pension, you will need to notify us if you meet a condition of release such as:
- you have ceased employment and permanently retired from the workforce (if less than age 60);
- you have ceased employment since attaining age 60, even if you have not permanently retired;
- you have turned 65
so we can transfer you from a transition to retirement pension to the account based pension where investment earnings are tax-free.
Start My Income Account
The NGS Income account is available either as an account-based pension (for retirees and people aged 65 and over) or as a transition to retirement pension generally for individuals who have reached their preservation age (currently 57) and still working. There are many different ways we can help you grow your super. Find out more online and call our Customer Service Team on 1300 133 177 when you’re ready to talk.Start Your Income Account
Transition to Retirement
You’re fit, healthy and enjoy your job. If you’ve reached your preservation age, you have the option of easing into retirement. It’s a way of encouraging people like you to stay active in the workforce.
You can now draw down on your super pension while still working. No restrictions are placed on the number of work hours required. What’s more, you can choose to work part time or continue to work full time.
You can read more about transition to retirement here.
TOP UP YOUR REDUCED INCOME WITH YOUR SUPER
Okay. You may be earning less salary, so you can access a regular ‘income stream’ from your NGS Super account. This is called the transition to retirement pension. You can roll some or all of your superannuation into it.
Check when you're eligible for a TTR pension
|Your date of birth||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|
|After 30 June 1964||60|