Account Based Pension

A pension account that can help you enjoy your retirement by providing a regular income while continuing to provide returns on your savings.

Tax effective retirement income

Opening a Vision Super retirement pension will let you convert your super into a flexible, low-cost, regular, tax-effective income stream all while keeping your super invested.

Joining and eligibility

Joining is easy, and it is smart way to retire and make sure you’re making the most of your savings. All you will need is a minimum $10,000 to open your new pension account. There is also a Government prescribed maximum amount you can hold in retirement pension products (across all super funds you participate in).

There are also no fees for joining, withdrawing, exiting, or investment switching. There are administration fees and costs of 0.35% of your pension account balance per annum. If your account balance is above $300,000, your administration fees and costs are capped at a balance of $300,000 (maximum of $1,050). (Investment fees and costs and transaction costs apply. A reserving margin and buy/sell spreads may apply). For more details on fees and costs, visit our fees and costs page or download our Income Streams PDS.

To be eligible, however, you must have either reached preservation age and be retired, or retired through total and permanent disability, or be aged 65 or over.

Top performing investment option

Our Balanced Growth pension option continues to deliver strong returns, achieving top quartile performance over 1, 3, 5, 7 and 10 years.*

*As rated by SuperRatings SRP50 Balanced (60-76) Index survey as at February 2023, based on pension products reviewed by SuperRatings (not all super funds) if invested in a balanced investment option. Past performance is not a reliable indicator of future performance. Returns vary depending on the investment option you choose.


The Vision Super Account based pension has a number of benefits:

  1. No tax and no withdrawal fees (buy/sell spreads may apply) on the money in your pension account.
  2. No tax on any investment returns in your pension account. This may increase the value and longevity of your pension.
  3. May be eligible to receive a retirement bonus.
  4. Like a Vision Super or Vision Personal account you can choose from the investment options we have to offer. This way you can choose the investment strategy to suit your circumstances and goals.
Can I add funds to my pension account?
Unfortunately, no. Once your pension account has commenced you cannot add any more to it. If you want to add additional funds you will need to open a new pension account and close your existing account.

Need advice

Make an appointment with a Vision Super Financial Planner who can provide information and advice about your super or pension.

Bookings can also be made by calling 1300 300 820.

Open an account

If you are ready you can open your account online. It’s as simple as that. Or if you prefer you can request a call and we can help set one up for you.

We're here to help

You might find the answer to your question in the FAQ below. If you don’t find it there, you can call our Retirement hotline on 1300 017 589. Or complete the quick contact form and one of our team will contact you within the next two business days. 

Frequently asked questions

Centrelink needs to know some details so they can calculate payments such as the age pension. We provide this information directly to Centrelink electronically, on your behalf, every February and August. You can request a Centrelink schedule from Vision Super at any time.

No. Once you have opened an account you cannot make any additional contributions. However, you can close your existing account and open a new account, combining any additional contributions with your existing balance.

Important to know: Government changes to deeming rules could affect you if you choose to close your current account and open a new one. To find out whether your entitlements – including the age pension – could be reduced, we recommend seeking financial advice first.

You have access to make lump sum withdrawals (over and above your pension (income)) payments from a retirement pension however, with a transition to retirement pension lump sum withdrawals are limited and you can only commute your pension by transferring your account balance into an accumulation product.

Your regular pension income payments will be paid directly to a personal or joint bank account nominated by you in your application form. You can choose to receive payments twice monthly, monthly, bimonthly, quarterly, four-monthly, six-monthly or annually.

You need to have met preservation age and have a minimum investment amount of $10,000. Other eligibility conditions apply. Refer to the Vision Super Income Streams PDS for further details.

Eligibility for the government age pension depends on your age, residency status, and the income and assets tests. How much you receive is subject to the income you receive from other sources (including your superannuation) plus the value of your assets. If you are eligible, for all or part of the government age pension, then combining it with your Vision Super pension can work well. You can use the age pension to meet basic living costs and spending money can come from your Vision Super pension.