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.Â
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.Â
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.Â
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.
