Transition to retirement

Access your super without having to completely retire.

A way to retire at your own pace

If you’re not ready to stop working all together and thinking of reducing the hours you work our transition to retirement pension, which is a Non-commutable account based pension, may be the pension product for you if eligible.

How does it work?

The beauty of this pension is you can retire at your own pace. While you keep working and receiving employer Super Guarantee (SG) contributions you can also move across some of your super savings into the pension and access it as an income stream. 

This means that your accumulation balance can continue to grow through this period. At the same time, you’ll receive income payments subject to Government limits, transferred directly to your bank account.

Joining and eligibility 

Joining is easy. All you need to get going is $10,000. 

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 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 reached preservation age and meet other eligibility requirements relating to your citizenship or residency – see the  Income Streams PDS. for more information.


There are number of benefits to opening an Non-commutable account based pension.

  1. If you’ve reached preservation age, you can receive a 15% tax offset to reduce the amount of tax you pay.
  2. If you’re aged 60 or over, it’s even better because your pension income (through pension payments) is tax free. However, you should note that investment earnings are subject to tax up to 15%, until you satisfy a condition of release that allows you to have a retirement pension.
  3. Like a Vision Super Saver 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 goal (Please note: the Three Bucket Pension strategy isn’t available.
  4. You can increase your income (subject to Government limits on the pension payments you can receive). Continue receiving your salary from working your job but with a Non-commutable pension you can receive an extra source of income.
  5. You can cut back on your hours while maintaining your income, which will provide you with more time to spend doing the things you love. 
Please note: Other transition to retirement pensions are non-commutable, lump sum withdrawals aren’t generally permitted. However, they can be transferred back into an accumulation or other pension 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.