Transition to Retirement (TTR) is a superannuation strategy that allows a member to access a portion of their super before retiring. Members can access their super once they reach preservation age, which is currently 55 for Gold State Super members.
For most other super schemes you need to have met the current Commonwealth preservation age, which is dependent on your date of birth, to access your benefit. This does not apply to Gold State Super members as, irrespective of their date of birth, their preservation age remains at 551.
There are a few things that should be considered before a Gold State Super member makes a decision to implement a Transition to Retirement strategy.
1 From 1 July 2015, the preservation age will progressively increase for individuals born on or after 1 July 1960. Gold State Super members are still able to access their benefit from age 55, if they have ceased working in the WA public sector, or are working less than 10 hours a week. However, there may be tax implications for accessing your Gold State Super benefit before your preservation age, so you should speak to your financial adviser before taking action.