What happens if I have more than $1.7 million from July 2021 in my pension account?

Superhero Super only offers accumulation accounts, it does not offer a pension account. However here is some information:

If you are 60 years or over and your pension assets exceed the “transfer balance cap” of $1.6 million ($1.7 million from July 2021), investment earnings on your pension account will no longer be tax free.

You can correct this by:

1. transferring the excess amount (above $1.6 million) to an accumulation account balance, or
2. withdrawing the excess amount from super (providing you are eligible to withdraw benefits in full).

You can find more information on this at www.ato.gov.au