A super pension is different from the government Age Pension – it’s a tax effective income stream drawn from the savings you have accumulated in your super fund.
However, it’s important to understand that you can often draw on a full or partial government Age Pension at the same time as taking an income from your super pension. And you may still qualify for government benefits such as a Seniors Health Card and Pensioner Concession Card.
Government Age Pension
The Age Pension is a government allowance paid to eligible Australians who have reached retirement age. The amount you are entitled to is income and assets tested. So your income from the Age Pension depends on any other income you receive from super, investments, paid work and other assets you own.
More on the Age Pension from Industry SuperFunds
When you reach your preservation age, you can take a regular tax-effective income from your super through one of REI Super’s Pension accounts. The great thing is that your super remains invested in REI Super and in the investment option of your choice, so your savings are still receiving investment returns.