Pensions

SPEC Super offers an Account Based Pension (previously known as an Allocated Pension) which is designed to provide a regular income for your retirement.

Account Based Pensions are investments that give retirees and those nearing retirement, but at least age 55, regular superannuation benefit payments as income.

The SPEC Pension can be taken before you finish working if certain conditions are met (Pre-Retirement) or after retirement (Post Retirement).

SPEC Pension offers you:

FLEXIBILITY – You can choose when your pension is paid (e.g. Monthly, Quarterly, Half-Yearly, Yearly), how much pension is paid and if your pension is to be paid to you by cheque, or deposited directly into your bank account.

CHOICE OF INVESTMENT OPTIONS – SPEC Pension members can choose from six member investment choice options:

• Balanced
• Capital Stable
• Growth (High Risk)
• Cash Enhanced
• Australian Shares
• International Shares

TAX-FREE – Investment earnings are tax free, plus pension payments are tax free from age 60.

ACCESS TO YOUR SAVINGS – As a lump sum in the Post-Retirement Pension option.

INSURANCE - Death insurance cover is available to SPEC Pension members.

When can I start taking my superannuation?

To be eligible to commence a SPEC Pension in Pre-Retirement you must:

• Be aged between 55 and 65
• Have a minimum Account Balance of $10,000.

To be eligible to commence a SPEC Pension in Post-Retirement you must:

• Have reached age 55 and permanently retired from the workforce; or
• Have reached age 60 and left your employer; or
• Have reached age 65; or
• Have been assessed at Totally and Permanently Disabled (TPD); and
• Have a minimum Account Balance of $10,000

What is a Pre-Retirement Account Based Pension?

The Pre-Retirement Account Based Pension is a transition to your retirement measure.  It is designed to allow you to lessen your full-time workload.  If you decide to work, say, 3 days per week, your reduced salary can be augmented by means of a Pre-Retirement Account Based Pension.  You may use some or all of the balance in your superannuation account to fund the Pre-Retirement Account Based Pension.

However, in taking up the Pre-Retirement option you cannot withdraw (or commute) any benefits as a lump sum unless you satisfy a Condition of Release.  eg. die, became Totally and Permanently disabled or permanently retired.

What is a Post-Retirement Account Based Pension?

The Post-Retirement Account Based Pension allows you to invest your superannuation savings and to receive regular income payments until the total account balance is exhausted.

The balance of your pension is not locked away, so you can access your savings as a lump sum at any time should an unexpected expense arise.

So, whether you are still working and want access to your superannuation benefits to supplement your income, or you have fully retired and want an income during retirement, SPEC Super has superannuation pension options to suit you.

Back to top