- Superannuation
- Your one SuperSolution for life, built on world class investments.
- Self Managed Super
- Bolster your portfolio with unique investment options
- Retirement
- Financial flexibility, into and throughout retirement.
- Fund investors
- Innovative strategies, traditionally reserved for the world's largest investors
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- About Russell
- We work to improve financial security of investors just like you.
Retirement options
You have options
Once you reach your preservation age you can start to access your super savings and receive an income in the form of a pension.
There are many types of pensions and some of them aren't just for when you stop work. In fact, if you choose the right one, it can be a powerful financial strategy to use for the rest of your life.
When can I access my super?
Most super savings are preserved, which means you generally can't withdraw your money until you reach:
- your preservation age and permanently retire from the workforce
- age 60 and leave your employer on or after that age
- age 65 (regardless of your work status).
If you reach your preservation age but have not yet retired, you can access your super as a regular income through a transition-to-retirement strategy.
Benefits of a pension
Today, a pension can provide a flexible way to make the most of your money in the years leading up to your retirement. Importantly, it can be a powerful financial strategy to use once you retire.
Depending on your circumstances, a pension can be an ideal investment because:
- it provides you with a regular income
- you can choose from a range of investment options which can be changed as needed
- there is no tax paid on investment earnings in a pension
- the money you draw down from the pension is tax free after the age of 60 and there are tax breaks for those over age 55
- by salary sacrificing your income, you swap your marginal tax rate for a 15% contributions tax.
Transitioning to retirement
A transition to retirement strategy allows you to access your super even when you're working on a full-time or part-time basis.
How does it work?
Once you have reached your preservation age, you can supplement your salary with a regular income from your super account. This strategy can be used in a number of different ways to boost your super savings and pay less tax.
You can use a transition to retirement strategy to:
- decrease your working hours while maintaining your income
- increase your income to meet expenses, pay debts, improve your lifestyle
- increase your super savings and pay less tax through salary sacrifice.
What are the benefits?
When you combine a pension account with a superannuation contribution account, you can keep building your super through regular contributions, while receiving regular income payments from a pension.
Investment earnings and contributions are taxed at superannuation rates within the contribution account and earnings within your pension account are tax free. If you are over 60, pension payments are also tax free.
If you are under 65 and not permanently retired, you are limited to an annual maximum withdrawal of 10% of your pension account balance as at 1 July each year.
Find out more by reading our Russell Private Active Pension brochure.
Our pension solution
Whether you are transitioning to retirement or looking to retire completely, we have the solution for you. Find out how the Russell Private Active Pension (RPAP) can provide you with the flexibility of a contribution account, a pension account and a cash management account, all within the one product.