Open an Income Stream
Open an Income Stream
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When you turn 60 you have the option to start using your super to support your lifestyle. A Super SA Income Stream gives you flexibility to receive ongoing payments from your super in a way that suits you. It’s easy to get started with our 2-step guide.
Before applying for an Income Stream account, read the Income Stream PDS to ensure the product is right for you. The form to open an Income Stream account is included at the end of the PDS which can be found here - Income Stream PDS.
The forms you will need can also be found here:
Open a Super SA Income Stream Account
Tax File Number Declaration (if you're under age 60 and starting your income stream with the proceeds of a death or disability super benefit).
Application for payment form if you are retired and moving funds from the Lump Sum Scheme.
How does an Income Stream work?
An Income Stream helps you turn your super into income, and it works in two main ways:
- While you’re still working, as part of your Transition to Retirement strategy.
- After you’ve stopped working, to provide regular income in retirement.
You set up an Income Stream using money that’s already in your Super SA account and transferring at least $30,000 from that account into a new Income Stream account.
To open an Income Stream, with super from an external super fund, you will need to consolidate your super into your existing Super SA account first. You can do this via MyGov or by completing a 'Consolidate your super' form.
You then complete the Open a Super SA Income Stream Account form to open and transfer your super into a new Income Stream account.
Once the Income Stream account is set up, you’ll receive regular payments directly into your nominated bank account, while the rest of your balance stays invested.
You choose:
Your investment option(s)
Money in an Income Stream continues to be invested for your future.
How often you’re paid
Fortnightly, monthly, quarterly, half-yearly or yearly.
When to take out extra
You can make lump sum withdrawals as needed, if you’re retired or over 65.1
Open an Income Stream in 2 simple steps
Follow these steps and submit your paperwork by email, post or in person, using the contact details on the forms. We’ll take care of the rest.
How long does it take?
Once we’ve received your completed forms and documents, it generally takes between 3-6 weeks to open your account and start receiving payments, depending on the payment frequency you’ve chosen.
We’ll be in touch if we need anything else to get things moving.
Step 1: Apply for an Income Stream account
Complete the ‘Open a Super SA Income Stream Account’ form, found at the end of the Income Stream PDS.
If you’re under age 60, you’ll also need to complete the Tax File Number Declaration.
If moving funds from the Lump Sum Scheme, you will also need to complete the ‘Application for payment’ form.
Step 2: Gather your documents
You’ll need to include the following with your form:
- Certified proof of identity: This can be a current driver’s license or Australian passport. For information on other types of documents we accept and how to have your proof of identity documents certified, read our Proof of Identity Information Sheet.
- Most recent bank statement: You only need to provide this if you're submitting bank account details that aren’t already on record with us. Your statement can be a printed or online version from a bank or credit union. It must include your full name, BSB, and account number.
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Quick checklist of what you’ll need to submit:
🗹 Completed ‘Open a Super SA Income Stream Account’ form
🗹 If you’re under age 60, a completed 'Tax File Number Declaration' form
🗹 Certified proof of identity
🗹 Current bank statement (unless we already have your account details on record)
🗹 Completed ‘Application for payment’ form if you are moving funds from the Lump Sum Scheme.
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Book an appointment
Make a time to talk with our Member Solutions team, who can answer any questions about the process over the phone or in a 1:1 consultation in our Member Centre.
Call 08 8214 7800 to book your appointment.
More on Income Stream
Visit our Income Stream page for more details about our Income Stream product and answers to common questions.