An industry super fund for all Australians
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Members who are aged 57 years or more, and who are still working, are able to access up to 10% of their transition to retirement pension account balance each year for any worthwhile purpose.
Many people also like the idea of the increased flexibility the pension provides, including access to up to 10% of your pension account balance, increased capacity to salary sacrifice, and more.
...that I can set up my pension account by transferring funds from my superannuation as soon as I turn 57 years of age, even if I am still working.
...that I can set up my pension account with a minimum transfer of $25,000 from my super account.
...that with my pension account, I can choose to receive my pension payments weekly, fortnightly, or less frequently, to suit my needs.
...that with regular payments from my pension account, I may be able to afford to salary sacrifice more into my super account.
...that with a transition to retirement account, I can withdraw a maximum 10% of my pension account balance each year, for whatever purpose I choose.
...that between age 57 and 60 years my pension income is added to other income for tax purposes, but I'll receive a 15% tax offset through my tax return.
...that unlike many other investment options, I'll pay no personal income tax on pension payments made to me after age 60.
...that whatever investment option I choose, the investments will be managed professionally for me.
....that I can receive tailored personal financial planning advice before I set up my transition to retirement pension account to make sure it's appropriate for me.
Call us to arrange an appointment for a personalised advice discussion, either over-the phone or face-to-face with a financial planner.
Or book an appointment now!
1300 658 776
John and Joan, both aged 57, sought advice from one of our planners.
They'd built up significant credit card debts resulting from paying for some unexpected expenses as well as their daughter's wedding. Their total debt was $45,000 and rising.
The size and increasing amount of these debts concerned them, along with the high interest rates being charged by the bank (17% pa).
On current calculations it would take them nearly eight years to pay off the debts.
They came into the office for a face-to-face meeting and asked for our help.
By obtaining financial planning advice and setting up individual transition to retirement pensions, they'll be able to pay off the credit card debts this financial year – saving eight years of loan repayments and $23,000 in interest costs!
In future years, with the debts repaid, they will be using their transition to retirement pensions, along with a salary sacrifice strategy, to boost their retirement savings and save even more tax.
Joan and John were extremely relieved to have had their burden of debt lifted and to know that they're now on track with their plans to retire by age 65.
Disclaimer: This example is an abbreviated summary of an actual financial plan prepared for a current member of the Fund. Member names have been changed and other confidential personal and financial details have not been disclosed to protect member privacy. This example is provided as general information only. It does not take into account your personal objectives, financial situation or needs. As a result, you should consider its appropriateness to your situation and obtain independent financial advice before making any decisions about your own financial arrangements or investments. Australian Catholic Superannuation's financial planning services are provided through an arrangement with Industry Fund Services (IFS) (AFSL 232514).
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John and John were finding it a struggle to keep up the repayments on their credit cards.
Read their story below to find out how they were able to access some of their superannuation funds to relieve of the stress of credit card debt.
Call us to arrange an appointment for a personalised advice discussion, either over-the-phone or face-to-face with a financial planner.