Does Superhero Super offer a retirement account?
Yes, Superhero Super offers two types of accounts for people who have retired or are transitioning to retirement:
- Retirement account
- Transition to Retirement account
There are different types of eligibility for these accounts, please read the Superhero Retirement Product Disclosure Statement for full details about each account type.
What is a Retirement account?
Superhero’s Retirement account is the name of our account-based pension account. An account-based pension is an investment in a fund that produces a regular income for your retirement.
In most cases, you can withdraw some or all of your account into a lump sum payment at any point. In the event of your death, the remaining balance of your account can be paid to your spouse, dependants, estate or beneficiaries.
What is a Transition to Retirement account?
If you’re nearing retirement, Superhero Retirement also gives you the opportunity to take advantage of Transition To Retirement (TTR) rules that allow you to access your super while you’re still working.
How is a Transition to Retirement account different to a Retirement account?
There are different eligibility requirements for a Retirement and a Transition to Retirement account.
There are also differences in the tax treatment and types of withdrawals you can make from a Retirement and Transition to Retirement account.
The ATO provides more details on Transition to Retirement here.
What are the eligibility requirements for a Superhero Transition to Retirement account?
If you’re nearing retirement, Superhero Retirement also gives you the opportunity to take advantage of Transition To Retirement (TTR) rules that allow you to access your super while you’re still working.
TTR is available to all super fund members who’ve reached their preservation age. Please read the Superhero Retirement Product Disclosure Statement for full details of the eligibility requirements.
What are the eligibility requirements for a Superhero Retirement account?
You can open a Superhero Retirement account when you:
- are aged 65 or over, even if you’re still working, or
- reach your preservation age and retire, or
- are 60 or over and have changed employers or temporarily stopped working, or
- have become permanently incapacitated, or terminally ill.
To open a Superhero Retirement account you’ll need to rollover at least $20,000 from your super account, which you already have with Superhero Super or another super fund. Please read the Superhero Retirement PDS for full details of the eligibility requirements.
How do I sign up for a Superhero Retirement account?
You can apply for a Superhero Retirement account by completing the Superhero Retirement Account Application form and submitting the completed form to us via email at super@superhrero.com.au.
Even if you already have a Superhero Super account, you will need to sign up for a Retirement account as this is a different account type. If you meet the eligibility requirements you will be able to roll over your funds from your Superhero Super to your Superhero Retirement account.
How do I sign up for a Superhero Transition to Retirement account?
You can apply for a Superhero Transition to Retirement account by completing the Superhero Retirement Account Application form and submitting the completed form to us via email at super@superhrero.com.au.
Even if you already have a Superhero Super account, you will need to sign up for a Transition to Retirement account as this is a different account type. If you meet the eligibility requirements you will be able to roll over your funds from your Superhero Super to your Superhero Transition to Retirement account.
How do I move from a Superhero Super account to a Transition to Retirement account?
Once you have met the age eligibility requirement for a Superhero Transition to Retirement account, these account options will be available in the ‘Add an account’ function from your Superhero Account. You will then be able to add one of these accounts and rollover your super from your Super account to your Transition to Retirement account.
How much money can I transfer from a Superhero Super account to a Superhero Retirement account?
When you transfer your super to a Retirement account, you must not exceed the general Transfer Balance Cap.
The general Transfer Balance Cap is currently set at $1.9 million per person as of 1 July 2023. All your retirement phase account balances are included in this cap. The general Transfer Balance Cap is indexed in $100,000 increments on an annual basis in line with the Consumer Price Index.
Any amount over this cap can be kept in an accumulation phase account and moved to a Retirement account at a later time, once some of your retirement phase balance has been drawn down in the form of Pension Payments.
You can view your transfer balance account and further cap information in ATO online services.
Can I add more money to my Retirement account once it has been opened?
No, once you have opened a Superhero Retirement or Transition to Retirement account you cannot add any more money to this account.
If you wish to add more money to a Retirement or Transition to Retirement account, you can open a Superhero Super account (or use your existing Superhero Super account if you have not closed it) and roll back funds into the accumulation phase account using the ‘Find More Super’ search button the Profile of this account.
Once you have rolled back funds from the Retirement phase account, you can add more rollovers, contributions etc. and then open a new Retirement or Transition to Retirement account with the higher amount.
Keep in mind that there is a Transfer Balance Cap of $1.9 million per person in a Retirement account at any time.
Any amount over this cap can be kept in an accumulation phase account and moved to a Retirement account at a later time, once some of your retirement phase balance has been drawn down in the form of Pension Payments.
What can I invest in with a Superhero Retirement account?
All members of Superhero Super, including those in the Retirement phase, have access to the same range of investments including Diversified, Single Sector, Thematic and Direct Investment options. Direct investments include individual shares in the S&P/ASX300 Index and a range of over 200 ETFs, LICs and Hybrids.
How do I set up income stream payments from my Superhero Retirement account?
When signing up for a Retirement or Transition to Retirement account with Superhero you will select your payment amount and frequency. Once your account setup is complete, you can change your payment preferences from within the Superhero app. This includes your payment frequency, amount and where you would like the payments to come from across your investments if you hold more than one investment option.
What types of pension payments can I receive?
Retirement Account
When you have a Retirement account you can withdraw your super via an income stream or lump sum payment. You can choose the frequency and amount you wish to receive with income stream payments, with a minimum of between 4-14% of your account balance per year depending on your age.
There is no maximum amount you can withdraw from a Retirement account.
Transition to Retirement Account
When you have a TTR account you can withdraw your super via an income stream payment. You can choose the frequency and amount you wish to receive each payment, with a minimum of 4% and maximum of 10% of your account balance per year.
You can change your payment type, frequency and amount from the Profile of your Superhero Retirement or Transition to Retirement account.
Further information is available in the Superhero Retirement Product Disclosure Statement.
What is the maximum amount I can withdraw from my account each year?
Retirement Account
There is no maximum amount you can withdraw from a Retirement account.
Transition to Retirement Account
You can withdraw a maximum of 10% of your account balance per year in a Transition to Retirement account.
You can change your payment type, frequency and amount from the Profile of your Superhero Retirement or Transition to Retirement account.
Further information is available in the Superhero Retirement Product Disclosure Statement.
What is the minimum amount I must withdraw from my account each year?
Retirement Account
The Superhero Retirement account requires you to draw down a minimum of between 4-14% of your account balance per year depending on your age.
Transition to Retirement Account
The Superhero Retirement account requires you to draw down a minimum of 4% of your account balance per year.
You can change your payment type, frequency and amount from the Profile of your Superhero Retirement or Transition to Retirement account.
Further information is available in the Superhero Retirement Product Disclosure Statement.
Will I pay tax on my pension payments?
For details on how your account is taxed in a Superhero Retirement or Transition to Retirement account please read the Superhero Retirement Product Disclosure Statement.
Will I pay tax on the investment earnings in my Retirement account?
For details on how your investments are taxed in a Superhero Retirement or Transition to Retirement account please read the Superhero Retirement Product Disclosure Statement.
How much do I need to retire?
The government’s moneysmart website provides information and a retirement planner to help you estimate how much super you’ll have when you retire.
The amount of super you’ll need when you retire depends on:
- your big costs in retirement, and
- the lifestyle you want.
Most people can now expect to live well into their eighties. This means that if you stop working at 65, you’ll need retirement income for 20 years or more.
What are the fees for a Superhero Retirement account?
The fees for the Superhero Retirement account are the same as the fees for the Superhero Super accumulation phase account.
The fees for Superhero Super are made up of an administration fee and investment fee. The administration fee paid by you for Superhero Super is $52 per year regardless of your account balance plus 0.35% of your account balance per year. The investment fees depend on the investment option(s) your super is invested in. Additional fees apply for Direct Investments.
Full details of the fees for Superhero Retirement can be found in the Product Disclosure Statement.
What are the investment options in a Superhero Retirement account?
The investment menu for the Superhero Retirement account is the same as the investment menu for the Superhero Super accumulation phase account.
Superhero Super offers a wide range of investment options across Diversified, Single Sector, Thematic and Direct Investments.
Our Diversified and Single Sector options are managed by global investment leader Mercer, who manages super investments for over 850,000 Australians.
Our thematic investments are managed by global ETF providers including Betashares and iShares, and our Direct Investments include individual shares in the ASX300 and a range of over 200 ETFs, LICs and Hybrid securities.
The full list of investments can be found in the Direct Investment Guidefor Diversified, Single Sector and Thematic investment options and in the Direct Investment Menu for Direct Investments. Please read the Retirement Product Disclosure Statement for further information