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Transition to retirement

What is transition to retirement (TRIS)

Section: 13.1

13.1 What is transition to retirement (TRIS)

The transition to retirement measure allows people who have reached their preservation age to have access to their superannuation 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 transition to retirement income stream (TRIS). Essentially, a TRIS is an account-based pension from where lump sum payments can only be made in limited circumstances

To receive a payment from a TRIS, the 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).

For those born before 1 July 1960, the preservation age is 55. The preservation age of those born on or after 1 July 1960 is higher.

Preservation age based on date of birth

Date of birth

Preservation age

Before 1 July 1960

55

1 July 1960 - 30 June 1961

56

1 July 1961 - 30 June 1962

57

1 July 1962 - 30 June 1963

58

1 July 1963 - 30 June 1964

59

From 1 July 1964

60

Source: ATO

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: Friday, July 9, 2021