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If you are ready to fully retire, but are not ready for the loss of a regular income, then an ESSSuper Retirement Income Stream may be right for you.
A Retirement Income Stream enables you choose the amount of income you want to receive and how often you want to receive it, with important tax advantages. You can choose to receive a fortnightly income like you always have.
ESSSuper’s Retirement Income Stream is an investment vehicle which enables you to convert your superannuation benefit into a regular income stream when you retire and defer any lump sum tax that may be payable. It enables retired ESSSuper members and their spouses to continue to invest some or all of their super with ESSSuper and continue to benefit from the special tax treatment for retirement savings.
The Retirement Income Stream is an easy and convenient way to continue your membership with ESSSuper when you retire. It offers:
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an income stream product with a SuperRatings "platinum" rating - the highest industry rating
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low fees
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tax-free investment earnings
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if you are over age 60, income payments are tax free
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a choice of seven ready-made investment options
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the ability to change your investment choice for your account monthly - free of charge
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a choice of fortnightly, monthly, quarterly, six monthly or annual payments made directly to your nominated bank account
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the option for your spouse to continue receiving regular payments when you die
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the ability to make a binding or non-binding nomination for your lump sum benefit should you die, and
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the ability to make as many withdrawals as you like - free of charge.
If you have money invested in other super funds, you can roll over this money into a Retirement Income Stream account, which may allow you to save on fees and paperwork.
Independent superannuation research and rating organisation SuperRatings, has given our Retirement Income Stream a Platinum rating (the highest rating possible). Check out the SuperRatings report which is a quick snapshot of the plan and how it compares to others.
The Income Stream may not provide a pension for the rest of your life. Payments will only continue to be made until your account balance is exhausted. You need to be aware that your account balance will be subject to certain risks that are detailed in the Retirement Income Stream Product Disclosure Statement. The benefits in the ESSSuper Retirement Income Stream are not guaranteed or underwritten by the Victorian Government or the Emergency Services Superannuation Board.
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