Stay with us when you retire and start a TelstraSuper RetireAccess Retirement income stream and you could be eligible to receive a Retirement Bonus of up to $8,000.
When you start a Retirement income stream the tax paid by TelstraSuper is reduced. The Retirement Bonus is funded from this tax saving and if you meet the eligibility requirements, will be returned to you as a bonus payment.
You’re eligible for the Retirement Bonus if you:
You don’t have to apply for the Retirement Bonus, as it will be paid into your account on the date your income stream commences.
Everyone’s bonus will vary. The bonus is based on how your money was invested before it was transferred to your Retirement income stream. It’s calculated at 0.5% of the balance invested in eligible investments, up to a maximum of $8,000. The more money you transfer to a Retirement income stream the more bonus you could receive.
It’s important to note that funds invested in the Cash or Fixed Interest investment options will not be eligible for the bonus due to their tax structure.
The table below shows some examples:
|Retirement income stream balance in eligible investment options||Potential Retirement Bonus|
|$1,600,000||$8,000 (maximum bonus)|
TelstraSuper Financial Planning can help you work out the best ways to manage your super in retirement. If you'd like to discuss your retirement plans or if you have any other financial advice queries contact us on 1300 033 166 or fill in our online contact form. There’s no additional charge for our phone-based service as this is included in your TelstraSuper membership.Get advice
Yes, the Retirement Bonus may be paid across multiple Retirement income streams but will be capped at a maximum of $8,000 per member. The bonus can only be paid on invested money once. To receive multiple bonuses, you must invest new money into a Retirement income stream.
If you withdraw more than 50 percent of your Retirement income stream starting balance within 12 months of opening the account, the Retirement Bonus will be deducted from your Retirement income stream (excludes funds withdrawn due to death or terminal illness). If you keep more than 50 percent of your balance in your income stream for more than 12 months your bonus will not be affected.
With a Transition to Retirement income stream the bonus will only be paid when it is converted to a Retirement income stream and those funds are invested in options other than the Cash and Fixed interest investment options. For more details on when a Transition to Retirement income stream is converted to a Retirement income stream download the RetireAccess PDS.
The Retirement Bonus will be included in the opening balance of your income stream account and will count towards your transfer balance cap. The cap includes your bonus, your retirement income stream balance with TelstraSuper along with any amounts you may have in tax-free retirement income streams with other super funds. If you exceed the cap, you’ll be required to reduce the amount held in a tax-free retirement income stream.