Features & benefits
TransPension has low fees and charges, and is regarded as a good value for money Australian pension product*.
TransPension is flexible and offers an Account Based Pension (ABP) or a Transition to Retirement Pension (TRAP) with the following features:
| Transition to retirement pension |
Account based pension |
| TransPension is open to anyone who has reached their preservation age (generally age 55 or over) or satisfies another condition of release. |
| You must be 55 or over. |
Any age (provided you meet a condition of release). |
| No. You can still work. |
Generally yes, however some exceptions apply. |
| A minimum deposit of at least $10,000 is required to start your pension. |
| Your pension will last as long as you have money in your TransPension account. |
| You can choose how much you receive each year subject to the minimum and maximum amounts set by the Government. |
You can choose how much you receive each year subject to the minimum amount set by the Government. |
| You can choose to receive payments twice-monthly, monthly, quarterly, half-yearly or annually. You must receive at least one pension payment a year. |
| You can change payment details as long as the minimum and maximum payment limits are met. |
You can change payment details as long as the minimum payment limit is met. |
| Yes. but only in very limited circumstances. A $50 withdrawal fee applies. |
Yes. Minimum of $1,000 (conditions apply). A $50 withdrawal fee applies. |
15% tax offset on the taxable part of pension payments (PAYG income tax rates apply) if you are under age 60 and above your preservation age, or you are totally and permanently disabled.
0% tax on all pension payments if you are 60 and over.
0% tax on investment earnings. |
Low fees
All TransPension members enjoy low fees. There are no establishment or termination fees and no fees payable on regular pension payments. The member (administration) fee is a low $1.50 per week.
Investment choice
- You can choose from three investment options.
- Switch up to once a week.
- Investment switches are free of charge.
Solid investment performance
TransPension's Balanced investment option generated a compound average 5.36% return for members for the 10 years ending 30 June 2011, net of tax, fees and expenses.
See investment returns for more information about investment performance.
Online access to your pension
Using MemberAccess, you can view your account balance, make an investment switch, withdraw a lump sum amount, update your details and more.
All you need is your member number. Register for MemberAccess today.
Straightforward financial advice
Through TransPension you have access to affordable, commission free financial advice either over the phone or in person.
*TransPension was awarded a 2012 Gold Pension Rating by Australia's leading superannuation ratings agency, SuperRatings, in November 2011. Gold ratings are awarded to good value for money funds.