Superannuation (super) is a mandatory system in which a portion of your income is put aside to save for your retirement. Super is designed not only to accumulate your savings over your working life, but to provide you with flexible income options in your transition to retirement and through retirement itself. Discover more about each type of NGS Super account and how they could work for you in each stage of your life.

Working
Transition to retirement
In retirement

Working

During your working life, your employer will make mandatory super contributions (known as Super Guarantee Contributions or SGC) to your superannuation. These contributions, as well as any voluntary contributions you may make, are invested in your Accumulation account. Your super funds will generally only be accessible once you meet a 'condition of release' (usually around the time of your retirement).

For many, super will become the main source of income once they stop working. That's why it's important to make sure your Accumulation account is on track from as early as possible.

To encourage you to invest in your retirement throughout your working life, super has been set up as a tax-effective environment. Investment earnings within your super account are taxed up to 15% and tax on your super contributions may be lower than your income tax rate.

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Transition to retirement

Thinking about slowing your work life down but not quite ready to retire? 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 while 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

If you are aged 60 or older, in most cases, your TTR income payments will be tax free. For those aged 55-59, your marginal tax rate will apply to the taxable portion of your TTR income payments; however, you will receive a 15% tax offset.

Each financial year, you can access up to a maximum of 10% of your Transition to retirement account balance. More details can be found in our Transition to retirement guide.

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In retirement

For many people, adjusting to life in retirement is much easier to manage if they continue to receive a steady income. Once you’re eligible, you can set up an income stream through super by opening an Income account. By choosing to move your Accumulation or Transition to retirement account into an Income account:

  • you have the flexibility to choose how often and how much you receive as an income
  • your money remains invested and gaining earnings
  • you gain access to two more investment options
  • you benefit from tax-free income payments and investment earnings (unless you’re aged under 60).

In order to open an Income account, you'll need to meet a 'condition of release', for example:

  • you have reached your preservation age (based on your date of birth as set out in the table below), ceased employment and permanently retired from the workforce
  • you're at least 60 years of age and have ceased a gainful employment arrangement, even if not permanently retired
  • you're at least 65 years old.
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

For more information on our Income account, read our Income account guide.

Download guide Retirement calculator

Consolidate your super

If your superannuation is with multiple super funds, you're paying multiple fees. Managing you superannuation is a lot easier when it's all in the one place. Find and consolidate any lost super with us online - it only takes a few minutes.

Super Health Check

How does your super check out? Ensuring your superannuation is healthy may seem complicated but we've made it easy by providing all the tools you need. Make sure you're getting the most from your super.

Learn with NGS MoneyCoach

Super basics

You might think super is tricky to understand but it doesn't have to be.

Learn more

Super investments

When it comes to your super, one of the most important choices you can make is deciding your overall investment strategy.

Learn more

Women and super

Many people currently face an under-funded retirement because super hasn't been around for their entire working lives. And the concern is greater for women, because super is directly linked to participation in the workforce.

Learn more

Join NGS Super

Creating your best possible future starts here and now. Join NGS Super today and get your tomorrow on the right track. Join now

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