What are the differences between a Transition to Retirement Pension and an RI Allocated Pension?
Our Retirement Income Pension can be taken as either:
- An RI Allocated Pension - a standard allocated pension product
- A Transition to Retirement Pension - a transition to retirement income stream that allows you to access your super as an income stream while you’re still working
Here’s a summary of the differences between the two pensions.
Differences between a Transition to Retirement Pension and an RI Allocated Pension
Transition to Retirement Pension
RI Allocated Pension
Lump sum withdrawals
You cannot make lump sum withdrawals
You can make lump sum withdrawals
Transfer balance cap
No transfer balance cap applies
A $1.6 million cap applies on the total amount of accumulated super that you can transfer to or hold in tax-free retirement accounts
Maximum pension amount
Maximum amount of 10% of your account balance can be drawn in a financial year (set by the Commonwealth Government)
No maximum amount applies
Tax on investment earnings
Tax is generally applied up to a rate of 15% and will be reflected in the unit price for each Transition to Retirement Pension investment plan
No tax applies to investment earnings
Thank you for printing this page. Remember to come back to gesb.wa.gov.au for the latest information as our content is updated regularly. This information is correct as at 21 January 2019.