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Important information
This information was prepared by Resolution Life Australasia Limited ABN 84 079 300 379, AFSL No. 233671 (Resolution Life). A copy of the Product Disclosure Statement can be obtained by contacting Resolution Life. This general advice has been prepared without taking into account your particular financial needs, circumstances or objectives. You should consider the appropriateness of this information in light of your circumstances. This advice is based on our understanding of current law as at May 2022, and is based on its continuance unless stated otherwise. While every effort has been made to ensure the accuracy of the information, it is not guaranteed. Resolution Life do not actively monitor breach of superannuation contribution caps. You should keep track of the contributions made to your account in respect of the caps applicable to you. You should obtain professional advice before acting on the information contained in this communication. Taxation considerations are general and based on present taxation laws and may be subject to change. You should seek independent, professional tax advice before making any decision based on this information. Resolution Life is also not a registered tax (financial) adviser under the Tax Agent Services Act 2009 and you should seek tax advice from a registered tax agent or a registered tax (financial) adviser if you intend to rely on this information to satisfy the liabilities or obligations or claim entitlements that arise, or could arise, under a taxation law.
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These products are not issued by the AIA Group. The AIA Group has sold to the Resolution Life Group that part of the business that previously provided or administered these products. The Resolution Life Group and its products and services are not affiliated with, or guaranteed by, the AIA Group. The Resolution Life Group uses AIA's trademarks under licence.
If you’ve met a condition of release and can now access your super, you don’t necessarily have to take it out as a lump sum. One option is to turn part of your investment into a regular income stream. This means your money is paid to you at regular intervals, to help you with your everyday living expenses. Depending on the product and provider you choose, you could customise how often you receive payments, so you can continue to receive an income, similar to how you were paid when you were still working.
There are generally three types of regular income streams in Australia:
You need to decide whether an annuity or account based pension income stream are appropriate for you. Both products offer various benefits. The primary benefit of drawing down your super via a retirement income stream is that your income payments are tax-free if you’re aged 60 or more. Depending on your circumstances, some types of income streams (such as lifetime annuities) may help you to maximise your Age Pension entitlements, making it an option to consider for your retirement strategy.
To find out more about retirement income stream types, as well as considerations such as minimum payments, visit the ATO website or consider talking to a financial adviser before making any decisions.