Important changes for your Transition to Retirement17 March 2017
From 1 July 2017, the Federal Government will introduce changes to super and retirement accounts. Some of these measures will affect you if you have a Transition to Retirement allocated pension account.
What will change?
The following changes will affect Transition to Retirement accounts from 1 July 2017:
How these changes affect you
If you're currently using a Transition to Retirement strategy with your GESB account, here's what these changes mean for you.
What happens next?
We will contact our Transition to Retirement members with more information on these changes, including when we will be switching to the new investment plans, in May.
From 1 July, the details of the new Transition to Retirement investment plans will be available in the Retirement Income Allocated Pension Product Information Booklet.
Let us know if you've already retired
If you've permanently retired or resigned from your employment, and you've reached age 60, please complete a notification of retirement or resignation form.
This will tell us you're eligible to access all of your super. It also means investment earnings from the money in your allocated pension account remain tax free from 1 July 2017. Please note that from this date, the $1.6 million cap will apply when you move from transition to retirement to full retirement.
Where to find more information and help
We understand this is a complex topic. If you would like to learn more about these changes and your Transition to Retirement, you may find these resources helpful:
If you have any questions about your account, please call your Member Services Centre on 13 43 72. We're available between 8.30am and 5.30pm (WST), Monday to Friday.