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A superannuation income stream can provide a regular, flexible and tax-effective source of income during your final years of work and into retirement. You can set up a super income stream using funds from your existing super account.
With a Cbus Super Income Stream, you simply decide how much you want to receive as a regular payment and how often you’d like to receive payments. Your regular payments will be deposited directly into your nominated savings account.
You can tailor the amount and frequency of your payments so that your account balance keeps earning interest and growing, even while you withdraw from it. You can change the amount and frequency of payments at any time, as long as your new payment amount falls within government limits.
With Cbus, you’ll benefit from a history of strong long-term investment performance and access to retirement planning services.
Cbus Super Income Stream is for people who have:
Your remaining account balance will attract investment earnings less fees, regular income payments, withdrawals and tax (if applicable).
You’ll continue to receive payments until the money in your account runs out. When you die, any remaining balance of your account will be paid to your beneficiaries as a cash payment or regular income.
Income streams can offer many benefits, including a regular, predictable income and tax advantages such as tax-free investment earnings and tax-free payments, depending on your age.
The SuperRatings’ Fundamentals Report* includes an overall assessment on our:
*While Cbus has a commercial relationship with SuperRatings, Cbus has no influence over the research results and overall ratings and does not accept responsibility for any loss or damage caused by this report.
SuperRatings does not issue, sell, guarantee or underwrite this product. Go to www.superratings.com.au for details of its ratings criteria.
Whether you’re an existing Cbus member or new to us, you can join the Cbus Super Income Stream.
To open an account, you’ll need to complete the application form in the Cbus Super Income Stream PDS (PDF), and you need to have:
|If you were born:||Your preservation age is:|
|Before 1 July 1960||55|
|1 July 1960 to 30 June 1961||56|
|1 July 1961 to 30 June 1962||57|
|1 July 1962 to 30 June 1963||58|
|1 July 1963 to 30 June 1964||59|
|1 July 1964 or after||60|
Generally no tax is payable when you transfer your money into a superannuation income stream and no tax is payable on any investment earnings in a super income stream account.
If you’re less than 60, your super income stream payments are taxed lower than other forms of investment. Some of your superannuation income stream may be tax-free and you’ll receive a 15 per cent tax offset on any taxable proportion. If you’re 60 or over, the super income stream payments you receive are tax-free.
With a transition to retirement (TTR) strategy you can access your super through a super income stream while you’re still working.
There are a number of ways you can use a TTR income stream:
To be eligible, you need to be between preservation age and 65 years. Contribution caps may also apply.
The information relating to the rates, thresholds and government rules in the video is correct as at 1 May 2015. Before making any decisions based on these video and for up to date information please contact us on 1300 361 784.
Jeff is an employee of Cbus and a Representative of United Super Pty Ltd ABN 46 006 261 623 AFSL 233792.
If you would like to arrange a meeting with a financial planner for more comprehensive personal financial advice, the Cbus Advice Team can refer you to an accredited Certified Financial Planner (CFP) who meets strict professional qualification and service criteria set by Cbus and the Financial Planning Association (FPA) of Australia.
The financial planner can offer you advice on a fee-for-service basis. Your first meeting is at no cost, and any fees for advice will be agreed with you in advance. You may be eligible to have the financial planner payment fees deducted directly from your Cbus account.
Contact the Cbus Advice Team to get started.