Transition to Retirement

Transition To Retirement

Early Access to Super for Triple S members

Have you been thinking about how you could work less, or potentially boost your super balance as you near retirement?  Have you reached your Commonwealth Preservation age?

At Super SA, Early Access to Super (EATS) is the name given to the process of accessing some of your Triple S balance to provide you with a regular source of income, while you are still working.

EATS is similar to Transition to Retirement (TTR), which is the general industry term for the process of accessing some of your super as an income as you near retirement.

The top two reasons members implement an EATS arrangement are to work less and to potentially boost their super while potentially saving additional tax.

Work less

• Reduce your working hours
• Access your super as an income stream
• Supplement your take-home pay during this period


See how it works >

Boost your super

• Salary sacrifice into your Triple S account
• Access your super as an income stream
• Supplement your take-home pay
• Could help reduce your tax

See how it works >

If eligible, you could apply your super through an EATS arrangement using any complying Non-Commutable Income Stream (NCIS).

Super SA Income Stream

We have an Income Stream which supports EATS arrangement and strategies, which includes a NCIS Transition to Retirement (TTR) option. It’s important to note that the Super SA Income Stream cannot make lump sum payment, while you are still working.  Funds can only be accessed through regular payments.

A Super SA Income Stream EATS arrangement can allow you access to your super, with the ability to draw down between a minimum of 2% and a maximum of 10% each financial year.

You must be under the age 65 and continuing to work to be eligible which is in line with Commonwealth Government requirements. For further information about minimum and maximum drawdown rates please refer to the Income Stream Product Disclosure Statement.

A NCIS as part of your Transition to Retirement (TTR) automatically converts to a Retirement Income Stream (RIS) when you meet a superannuation condition of release, such as retiring or reaching age 65. When this occurs you will be entitled to tax-free investment earnings and no limit on drawdowns or withdrawals.

Super SA Income Stream
Super SA Income Stream

Your questions answered

  • To be eligible for Early Access to Super:

    • You must have reached your Commonwealth Government preservation age
    • Your Triple S account must have a balance of at least $36,500
    • You must not have received an Early Access to Super benefit this financial year from the Triple S account
    • You will need to roll at least $30,000 of your super, and keep a minimum of $6,500 in your Triple S account.

    You may also choose to continue to work – but you can work less hours if you wish (subject to employer approval).

    Before you make any decision about your finances, it’s important to consider your situation and your plans for the future. We recommend that you seek professional financial advice to check whether an EATS arrangement is right for you.

  • If you would like to apply for EATS, you need to:

    We aim to process your application and let you know the outcome within 10 business days of receiving your completed application and relevant documentation.

    You should read the Super SA Income Stream PDS to understand the features of this product and the requirements to establish a new income stream account. You will also need to complete the application forms at the back of the PDS (and any other requirements) for Super SA to establish your new Income Stream.

  • In addition to opening a Non-Commutable Income Stream with Super SA as part of your own Transition to Retirement (TTR) strategy, your spouse may also be eligible to set up a spouse account in the Super SA Income Stream for themselves1. For further details please call the Member Services team on 1300 369 315 to discuss.

  • To be eligible for Early Access to Super:

    • Your spouse or putative spouse must be a member of an eligible scheme
    • You must have reached your Commonwealth Government preservation age
    • You will need to roll at least $30,000 of your super to open a spousal Income Stream

    Before you make any decision about your finances, it’s important to consider your situation and your plans for the future. We recommend that you seek professional financial advice to check whether a TTR is right for you.

  • Commonwealth Government Preservation Age is different to the preservation age that applies within the Triple S Scheme. Your Commonwealth preservation age is when you can first access your super for Transition to Retirement (TTR) or Early Access to Super (EATS) purposes.

    Your Commonwealth preservation age differs from person to person and depends on your date of birth.

    Please find below the preservation age for all age groups and when you can access your super via TTR/EATS.

     

    Date of birth

     


    Preservation age
    (years)


    Earliest Access
    to TTR/EATS


    Before 1 July 1960

     


    55


    Eligible now


    1 July 1960–30 June 1961

     

    56

    Eligible now


    1 July 1961–30 June 1962

     

    57

    Eligible now


    1 July 1962–30 June 1963

     

    58

    Eligible now


    1 July 1963–30 June 1964

     

    59

    1 July 2022


    After 30 June 1964

     

    60

    1 July 2024

Important information to know before you apply for Early Access to Super

Before you apply, it’s important to know:

  • You must not have received an Early Access to Super benefit from Triple S this financial year
  • Accessing your super via TTR/EATS could have an impact on the level of Centrelink benefits you (and your partner) receive
  • Accessing your super benefits now can reduce the amount available to you when you retire
  • Accessing money from super may not be the best option for you – and you might be able to take advantage of other arrangements (such as long service leave) with your employer instead.


Speak to a qualified financial adviser to work out whether TTR/EATS might be right for you.

Important information to know before you apply for Early Access to Super
Important information to know before you apply for Early Access to Super
1  Subject to eligibility, for more information please refer to Super SA Income Stream PDS.

Learn more about Early Access to Super

Discover how EATS works

Discover how EATS works

Register for upcoming Super SA EATS seminar

Register for upcoming Super SA EATS seminar

Download the Income Stream PDS

Download the Income Stream PDS

Finding a Financial Planner

Finding a Financial Planner

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The superannuation schemes administered by Super SA are exempt public sector superannuation schemes and are not regulated by the Australian Securities and Investments Commission (ASIC) or the Australian Prudential Regulation Authority (APRA). Super SA is not required to hold an Australian Financial Services Licence to provide general advice about a Super SA product. The information in this publication is of a general nature only and has been prepared without taking into account your objectives, financial situation or needs. Super SA recommends that before making any decisions about its products you consider the appropriateness of this information in the context of your own objectives, financial situation and needs, read the Product Disclosure Statement (PDS) and seek financial advice from a licensed financial adviser in relation to your financial position and requirements. 

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