Be retirement ready

A lot of people think of retirement as a finishing line. There’s excitement when you get there and perhaps a sense of accomplishment.

But the excitement soon dissipates and can give way to disappointment if you haven’t prepared for this next phase of life. To ensure you’re retirement ready, consider:

  • what lifestyle you want before you retire – ask yourself what do I love doing, what inspires me, what am I good at and what knowledge have I accumulated that I wish to use?
  • how you will replace the things that you get from work such as routine, status, social networks and ongoing learning opportunities – create a list of the experiences you’d like to have, places you’d like to visit, skills to acquire, hobbies to pursue, part-time work or volunteering opportunities and relationships to build.
  • experimenting before you retire – rather than retiring completely, reducing your work hours can give you time to experiment with other pursuits before you retire for good. This is what’s known as easing into retirement.
  • figuring out how much you’ll need – there’s no definitive answer to how much you’ll need in retirement but a good indicator is the Retirement Standard produced by ASFA (Association of Superannuation Funds of Australia).
  • estimating if you have enough – you can use our Model My Super calculator by signing into your account calculator to estimate your account balance and potential annual income in retirement. If there’s a shortfall compared with how much you think you’ll need, there are many ways to give your super a boost.
  • seeking advice – an ANZ Staff Super financial adviser can advise you on how you can make the most of your super and help it last the distance when you get there. Call on 1800 000 086.

Having done all that and worked out that you’re ready to retire, or want to ease your way there, you might be concerned about how you’ll go with a lower, or no, regular income.

That’s where our Retirement Section can help.

Our Retirement Section options let you use your super to provide a regular income that can replace, or supplement, the salary that you’ve been used to. Whether you’re looking to ease your way into retirement, or fully retire, we’ve got a Retirement Section option to suit:

  • Transition to retirement lets you reduce your work hours while maintaining your income. To be eligible, you must still be working and at least age 57.
  • Retirement income  – lets you convert your super into a regular income in retirement. You continue to benefit from our low fees and the same investment choices while drawing a regular income in a tax-friendly environment.

You can find out more about both Retirement Section options by reading the Retirement Section Product Disclosure Statement on the Documents page.

Transition to retirement

If you want to move to part-time work but don’t want to reduce your take-home pay, our Transition to retirement account lets you access your super to supplement your income while you ease into retirement. This is often called ‘transition to retirement’.

  • How does it work?
    You open a Transition to retirement account by transferring a lump sum from your ANZ Staff Super account. You receive regular income payments from your Transition to retirement account while at the same time keeping your super account open and continuing to pay in super contributions. This is illustrated below:

You choose how much you want to receive in income payments each year within minimum and maximum payment limits set by the Government.

  • Eligibility
    You can use a Transition to retirement account if you’re:
    • under age 65 and have reached your preservation age (see table below).
    • still working
    • an ANZ Staff Super member.

Your preservation age is determined by your date of birth:

Date of birth Preservation age
Before 1 July 1960 55
1 July 1960 to 30 June 1961 56
1 July 1961 to 30 June 1962 57
1 July 1962 to 30 June 1963 58
1 July 1963 to 30 June 1964 59
After 30 June 1964 60

For more information about our Transition to retirement options, read the Retirement Section Product Disclosure Statement.

Retirement income

A Retirement section option provides a regular income for you in retirement while your super savings stay invested in a tax-friendly environment.

  • How does it work?
    You open a Retirement section option by transferring a lump sum from your ANZ Staff Super account. You defer any lump sum tax on your super and receive regular income payments from your Retirement section option.  This is illustrated below.

Date of birth Preservation age
Before 1 July 1960 55
1 July 1960 to 30 June 1961 56
1 July 1961 to 30 June 1962 57
1 July 1962 to 30 June 1963 58
1 July 1963 to 30 June 1964 59
After 30 June 1964 60

For more information about our Transition to retirement options, read the Retirement Section Product Disclosure Statement.

Opening a Transition to retirement or Retirement section option
Follow our simple checklist for opening a Transition to Retirement or Retirement section option

  • STEP 1: Prepare to open your Retirement Section option
    • Read the Retirement Section Product Disclosure Statement (PDS).
    • Check that you’re eligible for a Retirement Section option
    • Decide which Retirement Section option suits you – Transition to retirement or Retirement income
    • Consider the risks
  • STEP 2: Decide how much to invest
    • Combine your super into a single account first
    • Choose how much to transfer from your super
  • STEP 3: Decide on your payment amount
    • Choose your income payment amount (both options have a minimum payment amount of 4% per year. For the Transition to retirement account, a maximum payment amount of 10% p.a. also applies.)
  • STEP 4: Make your investment choice
    • Decide how you’d like your Retirement section option invested
    • Choose which investment option/s you’d like your payments made from
  • STEP 5: Nominate your beneficiaries
    • Let us know how you want your benefit paid in the event of your death
  • STEP 6: Complete and return the forms at the back of the Retirement Section PDS

Remember to attach your proof of identity and a completed Tax File Number declaration (available at ato.gov.au) if you are below age 60.

Before making a decision to open a Retirement Section option you should seek financial advice from a licensed financial planner. You can contact an ANZ Staff Super financial adviser on 1800 000 086 who can give limited financial advice over the phone.

Financial advice
Get the advice you need before you retire or transition to retirement. You can contact an ANZ Staff Super financial adviser on 1800 000 086 who can give you limited advice on the Retirement Section options available, how much to invest and your investment strategy.

Whether your needs are simple or complex, an ANZ Staff Super financial adviser can help.

ANZ Staff Super has an agreement with ANZ under which ANZ’s financial advisers have been engaged to provide members with general or limited personal financial advice about options within ANZ Staff Super over the phone for no extra charge. If you require more complex personal advice, you’re given the option of receiving comprehensive personal advice from an ANZ financial adviser and ANZ will charge you a fee for this advice.

You have the option to have the fees for ANZ Staff Super-related super advice debited from your account. This facility applies only for fee for service advice provided by an ANZ financial adviser and no commissions will be paid under this facility. To find out more, read the Financial Planning fact sheet.

Financial planning services are provided by ANZ’s financial advisers under ANZ’s Australian Financial Services Licence number AFSL 234527. Any advice provided by ANZ’s financial advisers is not provided or endorsed by the Trustee and is not provided under The Trustee’s AFSL.

Phone
1800 000 086
Calling from Overseas: +61 3 8687 1829

8.00am - 6.00pm
Monday - Friday (AEST/AEDT)





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ANZ Staff Super
GPO BOX 4303 Melbourne VIC 3001