Vision Super Account based pension
Retiring soon and want to make the most of your retirement savings?
The Vision Super Account based pension lets you convert your super into a flexible, low-cost, regular, tax-effective income stream, all while keeping your super invested.
To be eligible you must have reached your preservation age and be retired, or retired through total and permanent disability, or be aged at least 65.
Joining is easy and there is no joining fee, withdrawal fee, exit fee, investment switch fee, adviser fee, performance fees or commissions (buy/sell spreads may apply). All you will need is a minimum $10,000 to open your new pension account.
There is a 0.35% account keeping fee. If your account balance is above $300,000, your administration fee is capped at a balance of $300,000 (maximum of $1,050), (buy/sell spreads may apply).
- No tax and no withdrawal fees (buy/sell spreads may apply) on the money in your pension account.
- No tax on any investment returns in your pension account. This may increase the value and longevity of your pension.
- Maximise your eligibility for some Age Pension payments, as generally Centrelink treats only part of the income received from an allocated pension as assessable income. Eligibility depends on individual circumstances.
Vision super also make it easy to manage your investment choice with a wide range of investment options. And if you die there is no loss of unused capital if you die. Unused capital will be paid to your nominated beneficiary (subject to the fund Trustee’s discretion).
Important to know: If you transfer more than $1.6 million or have more than that amount in your account-based pension come 1 July 2017, additional taxes and penalties may apply. Whether an account based pensions is tax effective will depend on your circumstances, so it’s important to ensure you’re across any tax implications before making a decision.