Retirement
Transition to Retirement
A Transition to Retirement (TTR) account is for people 60-64 starting to access their super. Use it to work less or save more for retirement.
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Flexible income in retirement
A Fully Retired Super Income Stream account is for people who have stopped working since turning 60, or anyone aged 65 or over.
It gives you a regular, tax-effective income that works with the Age Pension. It’s flexible, too. You can get access to your money when you need it.
What is a Fully Retired account?
A Fully Retired account lets you have a steady income after you've stopped working completely, or are still working a few hours after you've turned 65.
Read the transcript
If you're getting ready to retire, our super income stream, or SIS for short, might be perfect for you.
A Cbus super income stream is like having a steady pay check after you've stopped working.
It lets you take all the super you've worked hard to save and uses it as a regular income stream.
A Fully Retired SIS account offers flexible options to suit your lifestyle, such as choosing how much to withdraw, when, and how often.
Keeping your super invested means it can continue growing while you withdraw from it, and it comes with significant tax benefits, such as paying zero tax once you've reached 60 years of age, and you also pay no tax on your investment earnings. That's what we call a win-win.
Getting started with a SIS account is simple.
First, you need to have reached preservation age, which is a fancy way of saying the age you retire.
Depending on your date of birth, your preservation age will range from 55 to 60.
Knowing where to begin with retirement options can seem complicated and overwhelming.
We recommend speaking to us about how you can manage a super income stream with your lifestyle, including how it can work with the Age Pension.
Reach out to Advice services on 1300 361 784. It's included as part of your Cbus membership. And to read more, head to cbussuper.com.au/sis.
Cbus, making hard work pay off.
Features of a Fully Retired account
Get a regular income
Get a regular income from your super if you're:
- Over 60 and stopped working, or
- Over 65, still working or not.
Tax benefits
Income payments and investment earning are tax-free.
You may be eligible for an income stream tax refund when you open a Fully Retired account.
Flexible access to your money
Draw a minimum of your balance each year, based on your age.
No maximum withdrawal limits.
Access lump sum withdrawals as you need them.
Keep your money invested
Choose from a range of investment options to keep your super working hard.
Tax-free income payments and investment earnings
Generally, no tax is payable when you transfer your money into a Super Income Stream. There's also no tax on your investment earnings in the Fully Retired account.
If you’re age 60 or over, the Super Income Stream payments you receive are tax -free.
You may be eligible for an income stream tax refund
If you're using an existing Cbus Super or Transition to Retirement account to start your Fully Retired account, we will refund money we’ve held from your account that would have been paid as tax.
If you’re eligible, the amount will be automatically credited to your new account the day it is opened. Read the Income Stream tax refund fact sheet (PDF) for details.
Before you transfer your balance to a Fully Retired account, contact us if you think you might be close to your personal transfer balance cap.
To find out how much you could receive, call us on 1300 361 784 to request a balance quote. Our consultants can provide guidance on what may suit you and your circumstances.
If you are over age 60, login to the Member portal and go to the Balance quote page.
How to claim a tax deduction
To claim a tax deduction for personal contributions to super, you need to do this before you transfer any money out of your super account.
Please note that:
- Once you take the money out of your super account, you may not be able to claim the full deduction
- Once your super account has been closed, you won’t be able to claim a deduction at all.
To claim a tax deduction:
- Complete the Claim a tax deduction for personal contributions to super (PDF) form and return it to us
- We’ll process your request and write to you to confirm this
- Then, you can move your super into a Super Income Stream account.
Being tax-smart in your 60s
Your 60s can open up new ways to use your super.
From income streams to tax-free investment earnings, there are more tax-effective options worth exploring.
Watch the video to learn more.
Read the transcript
Chapter 1: Smarter super in your 60s
Hi, I'm Jeff Wallens, Senior Education Specialist at CBUS.
I've spent over 25 years in super helping people make sense of what they've got and what they can do with it.
This is 'Straight Talk' We break down the parts of super that matter in plain language so you know what to do next.
By the time you hit your 60s, you've probably been working for 30 or 40 years.
That's a long time on the tools, and your super's likely grown along the way.
At this stage, there are ways to make your super work harder for you.
Specifically, you could earn tax-free income and tax-free investment returns.
In this video, we'll take you through one way to make that happen.
Your super is already a tax-effective investment, but once you turn 60, there's more you can do with it.
A Fully Retired Income Stream can help you pay less tax and give your balance a boost.
Chapter 2: How could you save on tax
When you invest outside of super, your returns are taxed at your marginal tax rate.
That's your normal income tax rate and it can be as high as 45% depending on your situation. With a Fully Retired account, there's no tax on investment earnings.
Over time that can make a real difference to your balance. It's the same with any income from those investments.
Outside super it's taxed, but with a Fully Retired account any payments you receive are generally tax free.
Chapter 3: Here's how it could work for Steve
Let's take Steve as an example.
He's 65, working full time and decides to put a bit more into his super through salary sacrifice.
That means a bit less in his take home pay, so he starts an income stream to balance it out. Because he's over 60, that income is tax free.
After speaking with a CBUS financial adviser, he learns there's a few options he could look at.
Steve could add extra to his super through salary sacrifice, for example, contributing $1,750 each month or $21,000 over a year.
This reduces his taxable income.
He could also move part of his super, such as $250,000, into a Fully Retired account.
From there he could receive regular income payments of around $1, 225 a month or $14,700 a year.
Because he's over 60, these payments are tax-free.
That could mean adding around $3,150 more into his super over the year without affecting his take-home pay.
At the same time, any investment earnings on the $250,000 in the Fully Retired account are tax-free.
If Steve wasn't working, he could still open a Fully Retired account and receive a monthly payment.
He'd still benefit from tax-free investment returns and tax-free income from that account. From age 67, he may also qualify for the Age Pension.
Chapter 4: Giving your super a boost
If you move your super into an income stream account, you may get a boost to your balance through an income stream tax refund.
That's because with super and Transition to Retirement accounts, we set some money aside for future tax.
Once your money moves into an income stream account, it becomes tax-free, so tax no longer applies and we refund that amount to you.
You're eligible for a refund if you're starting a new income stream account and your money is coming from a CBUS or Media Super accumulation account you've held for at least 12 months.
Some accounts don't apply, such as Defined Benefit Schemes, Retirement Schemes and existing Retirement Income Stream accounts.
Chapter 5: What's a Fully Retired account?
It's a way to turn your super into a regular income, one that's tax-effective and works alongside the Age Pension. It's also flexible so you can access your money when you need it.
With a Fully Retired account, you can get a regular income from your super. There are tax benefits too. Your payments and investment earnings are generally tax-free.
You've also got flexible access to your money.
You can draw a minimum each year and take extra out if you need it, with no maximum withdrawal limits.
And your super stays invested with a range of options to keep it working for you.
Chapter 6: Who can open a Fully Retired account?
You can open a Fully Retired account if you're 65 or older, or if you're between 60 and 64 and have stopped working since turning 60.
Before you open an account, there's a few things to consider.
How much income you want to receive in regular payments, how it could affect your Age Pension, investment return and investment volatility, and how long your money needs to last.
I won't go into all of these here, but I'll point you to where you can learn more.
Chapter 7: What's Next?
You've put in the hard yards, now your super can do more of the heavy lifting.
If you want to talk it through, give our advice team a call and they'll explain your options and the support available.
Or if you'd rather see how it all works, our Education team runs seminars and webinars to break it all down in simple, practical ways.
They're included as part of your CBUS membership.
You can also jump onto the CBUS website to explore tools, calculators and guides at your own pace.
And there's our podcast CBUS Super Shift, where we talk about super and retirement and what it means for you.
If you're after the full detail, head to the product disclosure statement or come and see us at one of our front counters in Melbourne, Sydney, Brisbane or Perth.
We're here when you're ready to take the next step.
Set up your account and payments
When you open your account, decide how much you want to get as a regular payment and how often.
You can change the amount and timing of payments at any time. Your payment amount needs to be above the minimum government limits.
Regular payments while your money stays invested
Regular payments are sent to your chosen bank account.
The rest of your balance stays invested, less fees, income payments, withdrawals and tax (if applicable).
Get payments until your balance runs out
You’ll get payments until the money in your account runs out.
When you die, any remaining balance of your account may be paid to your beneficiaries as a cash payment or regular income.
How much income can you get each year?
A Fully Retired account is a very flexible way to access your super:
- You decide how much you want to be paid as a regular income, until your account balance runs out
- You can withdraw lump sums whenever you need to.
For income payments:
- There is a minimum amount you must withdraw each year, set by the government.
- There is no maximum amount you can withdraw.
For lump sums:
- Withdraw up to $25,000, quickly and easily in the Member portal
- For amounts over $25,000, complete the Income stream withdrawal or rollover form (PDF).
Income payments
Your income payments will be sent to the bank account you choose when you open a Fully Retired account.
Choose how often you get paid
You can choose to be paid:
- Fortnightly (the default option)
- Monthly
- Quarterly
- Half-yearly
- Yearly.
What's the minimum you need to withdraw?
| Age | Minimum annual payment |
|---|---|
| Under 65 years | 4% |
| 65 - 74 years | 5% |
| 75 - 79 years | 6% |
| 80 - 84 years | 7% |
| 85 - 89 years | 9% |
| 90 - 94 years | 11% |
| 95+ years | 14% |
Fully Retired account examples
Ben wants to complement his Age Pension*
Ben is 67 and is about to retire.
He has $310,000 saved in his super. Ben would like a retirement income of $46,000 a year until age 92.
Based on his financial situation, Ben’s Cbus financial adviser lets him know he could:
- Receive $1,134.88 per fortnight from the Age Pension ($29,507 per year), and
- Open a Fully Retired account and request a fortnightly payment of $641.62 ($16,682 per year).
This would give Ben a total retirement income of just over $46,000 a year.
Emma wants to complement her investments*
Emma is also 67 and about to retire.
She has $420,000 saved in her super. She also has $100,000 in her bank account and an investment property valued at $600,000. Emma would like a retirement income of $40,000 a year until age 92.
Speaking to her Cbus financial adviser, Emma learns she could:
- Receive rental income (after costs) of $16,000 a year
- Receive bank interest of $2,000 a year, and
- Open a Fully Retired account and request an annual payment of $22,000 a year.
This would give Emma a total retirement income of $40,000 a year without selling her investment property or reducing her bank account.
She wouldn’t qualify for the Age Pension because the value of her assets is too high. She may qualify for the Commonwealth Seniors Health Card.
*These examples are provided for illustration purposes only and are not intended to replace financial advice. This information doesn’t represent the benefits that you could receive or the fees and costs you may pay - the outcome will depend on your personal circumstances.
Source: Cbus Super Retirement income calculator available at cbussuper.com.au/calculators (accessed 6 August 2025).
Assumptions: Results are shown in today’s dollars assuming a 2.5% p.a. rise in the cost of living (inflation) and wage inflation of 3.7% p.a. The 5.25% p.a. investment return used in the calculation for the drawdown phase, is based on the Conservative Growth (super income stream) investment objective of CPI + 2.75% p.a., assuming CPI of 2.5% p.a, gross of tax and after investment fees and indirect costs. They are not guaranteed rates of return. Past performance is not a reliable indicator of future performance. Age Pension payments have been calculated assuming a homeowner with $10,000 contents, $20,000 car and a $20,000 bank account unless stated otherwise. Age Pension payments have been calculated based on the rates applicable from June 2025, and maximum rates are assumed to increase with price inflation for the period during retirement. These rates may have increased after this document was printed. Check servicesaustralia.gov.au/age-pension for current rates.
Important information
Before you open a Fully Retired account, make sure you understand all about it. Here's what you'll need to be across:
Advice and resources
Join an information session
Feeling confused about your super and what to do next?
Our information sessions can help you make confident choices for life after work.
Calculators
Our calculators can help you understand how to maximise your super and plan for retirement.
Need advice?
The rules and conditions around the Fully Retired account are complex. Especially around tax.
Our financial advisers can help you make confident choices about retirement.
FAQs
What do I need to open a Fully Retired account?
To open a Fully Retired account:
- Generally, you must be preservation age (60) and have stopped working, or be over 65.
- You can set up a Fully Retired account using funds from your existing super account with Cbus or from any other super fund.
Can a Fully Retired account work with the Age Pension?
When you get income payments from your super, you may still be eligible for the government Age Pension.
Find out if you’re eligible for the Age Pension and how much you could get.
Are there limits on how much I can invest?
Yes, there are limits on how much you can invest in a Fully Retired account.
The government has limited the amount of super you can transfer into tax-free retirement accounts to $2 million, if you're starting your first retirement income stream account in or after the 2025/26 financial year.
This is called the transfer balance cap. The cap is a lifetime limit on how much you can put into tax-free retirement accounts, pensions and annuities, with Cbus and any other super funds.
You may get tax penalties if you go over the cap. Any amount over the cap will need to be withdrawn or transferred to another super account. You can find your personal transfer balance cap by logging into myGov and going to the ATO site.
This limit doesn’t apply to super that you transfer into the Transition to Retirement (TTR) account.
How do I manage my Fully Retired account?
To manage your Fully Retired account login to the Member portal.
Can I add more to my Fully Retired account?
Once you’ve opened a Fully Retired account, you can’t add any more money to it. If you’d like to add more, you’ll need to open a new Fully Retired account.
We can help you with this process. Contact us to find out more.
How long will my Fully Retired account last?
There's no guarantee that your Fully Retired account will last as long as you do.
How long your account lasts will depend on:
- How much money you started your account with
- How much you withdraw each year
- How your investments perform
- Fees and costs.
What will my investment returns be?
Your investment returns will depend on the Fully Retired investment option that you choose. Like all investments, the returns may go up or down, depending on the conditions in market.
Make sure you consider your investment options carefully. If you need some help choosing, our Advice team is here to help.
I'm 60-64 and still working. Can I open a Super Income Stream account?
If you're 60-64 and still working, the Transition to Retirement (TTR) account may be for you. With a TTR account, you can access your super while you’re still working.
To be eligible, you need to be between preservation age (60) and 64. While you’re working, any super contributions will continue to be paid into your Cbus accumulation super account.
You can use a TTR acount to:
- Work part-time and use income payments to top up your income
- Work full-time and use income payments to provide some or all of your income. You could then salary sacrifice more of your wages into your accumulation super account, getting potential tax savings.
Learn more about the TTR account.