Access your money
One of the major benefits of the Super SA Income Stream is that you have a regular income so you can plan ahead because you know when money will be coming in.
What’s more, if you’re planning a holiday or incur an unexpected expense, you can withdraw your money as a lump sum whenever you like and it’s free!1
You need to plan your payments by deciding how often you want to be paid and how much you would like to receive. If you decide to withdraw a lump sum, it must be a minimum of $1,000.
If you have invested in the Super SA Income Stream as part of an Early Access to Super or transition to retirement arrangement, you can receive any preserved or restricted amounts as part of your regular income. While you can’t withdraw it as a lump sum, the Income Stream is great option because you wouldn’t otherwise be able to access it.
If you are aged over 60 when you invest in an Income Stream, all of your income will be tax free! However if you are between 55 and 60, your Income Stream will be taxed as regular income and subject to PAYG tax. If this applies to you, Super SA will send you a PAYG Payment Summary - superannuation income stream at the end of each financial year. Different rules apply if you decide to withdraw a lump sum.
1 Conditions apply for Early Access to Super and Transition to Retirement arrangements.