PENSION Product Disclosure Statement
Investment: You have multiple investment options to make it super simple
Tax1: Transition to Retirement pension investment earnings are taxed at the concessional superannuation rate of up to 15%. If you’re fully retired, your pension investment earnings are generally tax free.
Getting paid2: You decide the amount of income you want to receive and how often – monthly, quarterly, half-yearly or annually.
Withdrawing: You can withdraw some or all of your smartMonday PENSION account balance at any time.
Tracking: Easily track your progress and full account details on your Personal Home Page.
smartMonday PENSION
With smartMonday PENSION you can receive regular income payments (with no maximum annual payment limit) in retirement while your super stays invested in a tax-free environment1 (up to the limits set by the Government), giving you the potential for greater investment returns throughout your retirement.
To have reached your preservation age and be permanently retired or meet a condition of release.Is this the right option for you? Ask your financial adviser; or if you don’t have one, talk to a smartCoach.
Contact a smartCoach today on 1300 262 241, or email smartCoach@smartMonday.com.au.
If you like the thought of retiring but aren’t ready to stop work just yet, a transition to retirement pension (TRP) might be the solution. Your income payments must total between 4% and 10% of your total account balance each year – these limits set by the Government.2
To have reached your preservation age.Is this the right option for you? Ask your financial adviser; or if you don’t have one, talk to a smartCoach today on 1300 262 241, or email smartcoach@smartmonday.com.au.
Wouldn’t it be better to pay off the mortgage first instead of converting your super savings to a pension? It’s a frequently asked question. While our smartCoaches can’t provide advice on products outside of super they can help to ensure you have the facts you need about your super to make the right decision for you.
For example, if the investment returns from your smartMonday PENSION are higher than the interest on your mortgage then paying off the mortgage might not be the best option.
1 Tax on pensions can be complex and taxation laws can change from time to time. Under current tax laws (at June 2021) no tax is payable by the trustee on the investment earning in a retirement pension. Tax on notional earnings, on amounts in excess of a Government limit on the amount of money that can be held by an individual in a tax-free retirement phase, may be payable by a member, depending on their circumstances. You should consider speaking with a financial adviser for tax advice specific to your personal circumstances.
2 There are limits set by the government that apply to the payment of some pensions. TRP pensions have a maximum annual income payment limit of 10% of the account balance calculated at the start of each financial year. No maximum annual income payment limits apply to a full retirement pension. Both TRP and full retirement pensions have minimum annual income limits that change with a member's age. For more information on minimum and maximum payment limits within retirement pensions see the ‘How your pension works’ section in the smartMonday PENSION Product Disclosure Statement.
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The information on this website is general in nature and does not take account of your personal financial objectives, situation or needs. Before deciding whether a particular product is appropriate for you, please read and consider the relevant Product Disclosure Statement, Target Market Determination and Financial Services Guide which is available at smartmonday.com.au/documents or by calling us. Contact us about the intra-fund advice services you may be able to access through your membership. Any intra-fund advice is provided by or on behalf of smartMonday Solutions Limited. Past performance is not a reliable indicator of future performance. The content of this website is not intended to represent or be a substitute for specific taxation or legal advice and should not be relied on as such. You should obtain advice from a registered tax agent or legal practitioner. Any taxation, legal and other matters referred to on this website are based on smartMonday and the Trustee’s interpretation of existing laws and should not be relied upon in place of appropriate professional advice. Those laws may change from time to time.
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