Retirement is your time to relax and have fun doing the things you love most. An NGS Income account is a great way to support that retirement. The money you’ve saved in super will generate regular income payments from a tax-effective environment — plus, it stays invested and earning returns.

How does it work?

An NGS Income account pays you a regular income during your retirement. You could look at it like a replacement for your salary. You can choose how much you get and how often — as long as you receive at least the legislated annual minimum. Plus, you have the freedom to withdraw lump sum amounts whenever you need them — your money isn’t locked away.

If you're over age 60, your income payments will be tax free.

When you apply to open an NGS Income account, you’ll need to actively select your investment option(s). Your investment earnings are tax free.

What are the benefits?

Members over 60 benefit from tax-free income payments and investment earnings are tax-free, regardless of age. Keeping your money invested means your money continues to work for you.

Though your savings are still in a super environment, your money is no longer locked away. You can withdraw cash as you need it — for instance, to fund larger expenses like holidays or renovations. 

Many find it easier to manage their retirement savings via an Income account. Regular payments act as a salary replacement that you can set and forget or change when you need to. It's a simple solution, without the complexities of trying to handle and sustain a large lump sum.

Also, by staying with NGS, you'll continue to benefit from our:

Who is it available to?

You'll need to meet a 'condition of release' before opening an NGS Income account. Generally, you're eligible if you can answer 'yes' to one of the following:

  • Have you reached your preservation age (as set out in the table below) and permanently retired?2
  • Have you ended a gainful employment3 arrangement after reaching age 60, even if you didn't retire?
  • Are you over age 65?
  • Do you have a permanent disability?
Your 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
After 30 June 1964 60

2 Permanently retired means never being gainfully employed again for more than 10 hours per week.
3 Gainfully employed means employed or self-employed for gain or reward in any business, trade, profession, calling, occupation or employment.

How do I set it up?

To apply for an NGS Income account, you'll need to:

Within your application, you’ll need to indicate where your initial account balance will come from.

You can open an NGS Income account through either one or a combination of the following:

  • transfer all or part of the balance in your NGS Accumulation and/or Transition to retirement account (you may be eligible to receive the Retirement Bonus)
  • roll over your balance from another super fund.

If you'd like to use money outside of super, you'll need to contribute4 it to an Accumulation account first. Once done, you can transfer your Accumulation account to an Income account.

You'll need an initial balance of at least $20,000 to open an account.

Read our guide and applyProduct Disclosure Statement

4 Personal contributions are subject to limits. Please visit Maximise your super for more information.

Income account payment options

You've got plenty of flexibility within your NGS Income account around how you receive your income payments. There are some conditions to meet, but generally, how much you receive and how often is up to you

Retirement Bonus

If you've opened an NGS Income account with money transferred from your NGS Accumulation or Transition to retirement account, you could be eligible for our Retirement Bonus. The Bonus is another way that we work to put our members first.

Accessing your super in retirement

Retirement is an opportunity to focus on doing the things you love. You've been working hard and saving your super for precisely this time of your life — so, here's how to make the most of it.

Learn with NGS MoneyCoach

Retirement basics

The decision to retire permanently largely depends on whether you have the financial resources available to see you through the rest of your life.

Find out more

Funding retirement

You know where your income is coming from today but do you know where it will come from in retirement?

Find out more

Income streams

We are spending longer periods of time in retirement and circumstances can change over time. This makes planning for your retirement more difficult.

Find out more

Advice services

As a member of NGS, you have access to our dedicated advice services. Our expert advice team can help you make sense of your finances, and guide you to achieving the goals you have, whether big or small. Find out more

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