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PENSION

For your ‘weekend’

When the weekend (aka retirement) comes, you can activate a smartMonday PENSION and start receiving a tax-free income for you to spend on…whatever floats your boat basically. Or if you're not quite ready to stop working you can start a smartMonday Transition to Retirement Pension (TTR).

PENSION Product Disclosure Statement

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How it works

  • 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 qualify you’ll need:

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.

Learn more
Transition to Retirement pension (TTR)

If you like the thought of retiring but aren’t ready to stop work just yet, a transition to retirement pension (TTR) might be the solution. Your income payments must total between 4% and 10% of your total account balance each year – these are limits set by the Government.*

To qualify you’ll need: Have reached your preservation age

Less hours, same income

Cut back your working hours and use your TTR income to make up for your reduced pay.

Same hours, more income

Use the additional income from your TTR to cover extras such as those home renovations.

More super, same income

Salary sacrifice some of your pay into super whilst your TTR helps you replace some/all of your lost income.

Is this the right option for you?

Ask your financial adviser; or if you don’t have one, talk to a smartCoach.

Learn more

What about the mortgage?

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.

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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. TTR 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.