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Transition to retirement

What is transition to retirement?

Section: 13.1

This is an extract from the ATO:

'Transition to retirement measure allows people who have reached their preservation age to have access to their superannuation  benefits without having to their preservation benefits without having to retire or leave their job. This measure allows people to access their super savings in the form of a specific kind of pension or income stream called a TRIS. Essentially, a TRIS is an account-based pension from where lump sum payments can only be made in limited circumstances'.

A member must have reached their preservation age (that is, the minimum age that a member can access their preserved super benefits without satisfying another condition of release. Members born before 1 July 1960, the preservation age is 55. Whilst members born on or after 1 July 1960 the preservation age is higher.

This technical resource is intended for the use of financial advisers only. It is current as at the date of publication but may be subject to change. This publication has been prepared without taking into account a potential investor's objectives, financial situation, needs or objectives. Before making a recommendation based on this material, you should consider its appropriateness based on the client's objectives, financial situation and needs. Rainmaker Group is not a registered tax agent under the Tax Agent Services Act 2009. Your client should refer to a registered tax agent before relying on information published herein that may impact their tax obligations, liabilities or entitlements.

Last modified: Monday, September 28, 2020