When you start a retirement income stream with us, the tax you are required to pay 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.
To be eligible for our Retirement Bonus, you must:
Before opening a Retirement income stream, your super must be invested with TelstraSuper^.
Transfer all or part of your super account or roll in new money.*
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.
|Retirement income stream balance in eligible investment options||Potential Retirement Bonus|
|$1,600,000||$8,000 (maximum bonus)|
You don’t have to apply for the Retirement Bonus. If you're eligible for the Retirement Bonus, it will be paid into your account on the date your new income stream commences.
Learn more about RetireAccess
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months of opening the account, the Retirement Bonus will be deducted from your Retirement income stream (excludes funds withdrawn due to death, permanent incapacity or terminal illness).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 Diversified Bonds and Credit 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 is paid into your super account by default. If you no longer have your super account open, the bonus is paid into your RetireAccess account.
If Retirement Bonus is paid into your RetireAccess account, it 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.
At TelstraSuper Financial Planning, we can help you work out the best way to manage your super in retirement.
Call us on 1300 033 166 or fill in our online contact form. There’s no additional charge for this phoned based service – it’s part of your membership.
TelstraSuper has a proud history of elite performance and achievement stretching over two decades. We’re honoured to have been awarded the following commendations that represent recognition by both independent agencies and industry peers.
* Any money previously invested in a TelstraSuper Retirement income stream will not be eligible for a Retirement Bonus. The bonus is only paid on new money from an accumulation account transferred into a new income stream.
^ Your super is invested in the High Growth, Growth, Balanced, Moderate, Conservative, Australian Shares, International Shares, Property, MySuper Growth, MySuper Balanced, MySuper Moderate or MySuper Conservative.
Other eligibility criteria may apply. To confirm if you are eligible for the Retirement Bonus please contact our Member Services team on 1300 033 166.
Please consider the relevant PDS and TMD and whether this product is appropriate for you. Telstra Super Pty Ltd ABN 86 007 422 522/AFSL 236709 as trustee for the Telstra Superannuation Scheme ABN 85 502 108 833.
Please refer to the TelstraSuper Awards page on our website to see further information on our awards from both third-party rating agencies and industry peers that recognise TelstraSuper as a leading profit to member super fund www.telstrasuper.com.au/about-us/awards.