Pensions
You've worked hard for your retirement so it's time for your pension to work hard for you.
All income and investment earnings from superannuation pensions paid from a taxed fund are tax free for over 60's, so pensions are a very tax-effective way to provide you with an income in retirement.
Maritime Super offers two different types of account-based pensions:
- a working pension for those who are making a gradual transition to retirement; and
- a retirement pension for those people who are fully retired.
Our account-based pensions give you the freedom to choose where your pension is invested from one of Maritime Super's five investment options, giving you greater control over your money. Plus the flexibility to choose how much income you drawn down each year.
Working income pension
Working income pensions are also known as transition to retirement pensions. Maritime Super's working income pension is known as the Working Income Support Pension (WISP).
These type of pensions are suitable if you haven't yet retired but would like to reduce your working hours and supplement your income with money from your super benefit (including preserved super benefit).
Maritime Super's WISP gives you access to your preserved and restricted non-preserved benefits in the form of regular pension payments, without having to permanently retire from the workforce (or seafaring industry).
As a member of Maritime Super, you are eligible to purchase a WISP if you have reached your preservation age (i.e. 55 years for those born before 1 July 1960) and you have a minimum super amount of $30,000.
Learn more about Maritime Super's Working Income Support Pension.
Retirement income pension
Maritime Super's retirement income pension is an Allocated Pension, which offers a way for retirees to receive their superannuation savings in the form of regular income.
Just like when you receive a wage when you are working, you can choose to receive regular Allocated Pension payments paid directly to your bank account.
With an Allocated Pension you invest a lump sum of super monies and then choose a pension amount that suits your individual retirement needs (this amount must meet the minimum limit set by Commowealth legislation). You have the flexibility to choose how often you will receive your pension payments throughout the year and can vary the amount you receive each year to meet your changing needs. Lump sum withdrawals can also be made at anytime.
To start a Maritime super Allocated Pension, you must have unrestricted non-preserved benefits of $30,000 or more and be a member of Maritime Super or a beneficiary of a deceased member of Maritime Super who is a ‘dependant' of the deceased (includes
a spouse, de facto partner, child under 18 years, financial dependent or a person
who had an interdependent relationship with the deceased).
Learn more about Maritime Super's Allocated Pension
Closed pension products
Maritime Super also has a number of pension products that are closed to new members, including the Life Pension, Fixed Term Pension, Fixed Term Income, Short Term Guaranteed Income and the Term Allocated Pension. If you are an existing member of one of these products and have a query or would like more information, please contact Member Services.