While retirement is a phase of life we all look forward to, it’s common to approach it feeling unprepared. You should think about how you’d like to spend your retirement so you can set yourself up in advance. For most people, a government Age Pension income won’t provide enough for the lifestyle they’ve been picturing.

Superannuation and retirement go hand in hand - there are options within super you should consider to ensure you can create the retirement you've worked hard for.

Why retire with NGS?
Transition to retirement
Starting your retirement
Managing your retirement

Why retire with NGS?

Superannuation is structured not only to support you through your working life but throughout your retirement too. Once you've met a condition of release, you can opt to transfer your Accumulation account balance into an Income account.

An NGS Income account will provide you with a regular retirement income as well as the flexibility to take lump sum amounts when you need them. Subject to minimums and restrictions, you can select how much you receive and how often. You can change these details through Member Online at any time.

If you’re over 60, your retirement income (and any lump sum) payments will be tax free. By keeping your retirement funds in the super environment, your money remains invested and will benefit from tax-free investment earnings.

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Transition to retirement

Once you've reached your preservation age, you can choose to ease into retirement by opening an NGS Transition to retirement account. This account allows you to access part of your super as income payments. Many people use this option to reduce their work days whilst supplementing their income using super.

Your preservation age depends on your date of birth as set out in the table below:

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

Each financial year, you can access up to a maximum of 10% of your Transition to retirement account balance.

To open an NGS Transition to retirement account, you’ll need to complete a quick form. Before opening an account with NGS, it’s important to get your head around our products by reading our Product Disclosure Statement as well as our Transition to retirement guide.

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Starting your retirement

If you've met a condition of release, you can open an NGS Income account by completing a quick form. You'll need to choose how much you'd like to be paid and how often, as well as your investment options. If you change your mind on any of these things, you can easily make adjustments through Member Online.

Before opening an account with NGS, it's important to get your head around our products by reading our Product Disclosure Statement as well as our Income account guide.

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Managing your retirement

Your Income or Transition to retirement account is set up to provide you with flexibility for retirement. During the application process, you’ll need to decide on a few things:

  • Choose your account balance. You can choose how much of your Accumulation account you wish to transfer into an Income account, whether it be the full or a partial amount. You can also move your balance from different super funds to consolidate into the one NGS Income account. It’s important to note that there’s currently a $1.6 million cap on the total amount you can have invested in an Income account.1
  • Choose how often you're paid. You can select for your retirement income to be paid fortnightly, monthly, quarterly, half-yearly or yearly, depending on your budgeting and cash-flow needs.
  • Choose your payment amount. Depending on your age and account type, your payment amount per year is subject to a minimum and maximum of your account balance:
      Income account Transition to retirement account
    Age Minimum Maximum Minimum Maximum
    Preservation age - 64 4% N/A 4% 10%
    65-74 5% Transition to retirement available for workers between preservation age and age 64
    75-79 6%
    If you have an NGS Income account, you can also take tax-free lump sum amounts from your account as you need them.
  • Choose your investments. You can select from 15 different investment options designed to achieve strong, long-term performance.
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How much will I need?

One of the most important aspects of saving for retirement is knowing what your goals are. Do you know what kind of income you’ll need once you stop working? Will you be eligible to receive an Age Pension income on top of your super? Deciding how much you need will better position you to manage and track your progress.

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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.

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Funding retirement

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

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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.

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Get advice for every stage of your life

NGS Super members have access to qualified and non-commission based financial planners, including over-the-phone limited advice* about your account, at no additional cost.

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1A transfer balance cap (currently $1.6 million) applies to the amount of super you can transfer into the retirement phase. The transfer balance cap is applied as a total across all your super accounts and not per fund. Amounts in excess of the cap can be maintained in your Accumulation account where earnings will be taxed at 15%. If you exceed the cap within your Income account, you’ll pay tax on the excess amount and associated earnings.
*Limited advice covers one or two issues in isolation on topics such as investment selection and contribution levels. It does not take into account the member’s entire financial situation.

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