Start a pension account
Retirement starts with Spirit Super. Enjoy the next phase of your life with us by your side.
How to start a pension account
Open a new pension account in just a few easy steps.
You transfer part or all of your super to start a new pension account. You can transfer super from more than one super fund to start your pension account. The minimum opening balance is $20,000.
You decide how often you want to receive your pension payments (fortnightly, monthly, quarterly, twice-yearly or annually) and how much you will receive each financial year.
If you have a Transition Pension, the maximum you can receive is 10% of your account balance each year.
If you have a Managed Pension you receive a set amount of income each fortnight.
Your pension payments will need to meet the minimum set by the government based on your age.
We make payments to you from your account until your pension account balance is zero for Transition and Managed Pensions. If you have a Control Pension your account closes when your balance falls below $1,000.
Tip: If you have a Managed Pension or Control Pension, you can make lump sum withdrawals from your account at any time – perfect if you want to book a holiday or pay an unexpected expense. Any lump sum withdrawals from your account may affect your future pension payments and reduce the time your savings will last.
To open a pension account, you need at least $20,000 in super and must meet a condition of release.
If you’ve reached your preservation age and are still working, you may be eligible to start a Transition Pension account.