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, orÂ
- 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.Â
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.Â
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.Â
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.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.
You can view your transfer balance account and further cap information in ATO online services.