The Super SA Income Stream is for members seeking to commence a Transition to Retirement strategy, or who have retired and wish to commence an Income Stream.
The Super SA Income Stream allows your clients Early Access to Super (EATS) or to roll over their super directly into an Income Stream account if they have ceased SA Government employment and met their Commonwealth Preservation Age. By rolling over into an Income Stream, your clients can —
- Decide how much and how often they receive money (fortnightly, monthly, quarterly, half-yearly or annually). Refer to the PDS for more information as caps apply to the EATS pension.
- Access lump sums for holidays or unexpected expenses, subject to preservation requirements.
Investing in an Income StreamFor your clients to invest in an Income Stream, they need to be a current Super SA member or investor (active or preserved), have a minimum of $30,000 OR have received an entitlement from an SA public sector super scheme in the last 12 months. Your clients have the option of creating an Income Stream account for their spouses.
Payments out of an Income StreamFor clients over the age of 60, payments out of an Income Stream are tax free as are any super investment earnings.
Income Stream and DeathYour clients can nominate their spouse as a reversionary beneficiary and/or a legal personal representative to receive the benefit on death.
Your clients don’t need to stop working to have an Income StreamYour clients can still invest in an Income Stream if they’ve reached Commonwealth Government preservation age but wish to keep working.
For detailed information about Super SA Income Stream, click through to any of the below
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.