I want to start a legalsuper pension...
Most working Australians are familiar with an accumulation super account, which is the standard super account and works similarly to a bank account.
Pension accounts are an alternative type of account and allow you to start drawing your super as an income.
Pension accounts are generally only available when you reach what is called your 'preservation age'. Find your preservation age here.
At this age you can access your super either by withdrawing it entirely from the super environment as a lump sum, or leaving it invested in super and receiving it via an income stream such as a pension.
Leaving your savings in super and accessing it via a pension typically has tax advantages over withdrawing it as a lump sum.
legalsuper offers two pension products:
1. legalsuper 'Transition to Retirement' Pension
This pension pays you an income while you are still working. Read this flyer to see an example
2. legalsuper Pension
This pension is available to people who want to retire completely and support themselves by setting up an income stream from their super.
Starting a legalsuper pension is easy:
Download and read the 'Pension member handbook' (PDS)
and complete and return the 'Pension membership application' form
If you are a non-member please also complete and return a 'Member application' form.
Read more advantages of legalsuper pensions here.
