BT Super for Life - Transition to Retirement account
The BT Super for Life - Transition to Retirement account is designed specifically for people aged between 55 and 65 years who are still in the workforce. Under the new 'Transition to Retirement' rules you can now access part of your super while still working, instead of only being able to access it when you retire.
With a BT Super for Life - Transition to Retirement account, this means you could:
- Continue adding to your retirement savings with pre-tax dollars via salary sacrifice to your BT Super for Life - Savings account, while withdrawing from your existing super to supplement the reduced income. It can be a tax-effective way to boost your super without sacrificing your lifestyle.
- Cut your working hours without sacrificing your lifestyle, by accessing super to supplement your income. Using the two accounts, you can continue to work part-time while accessing your existing super from a BT Super for Life - Transition to Retirement account.
Learn More about Transition to Retirement strategies
How does it work?
The account is opened with an initial sum from your super savings, from which you can make withdrawals as you need.
Government super rules mean you must withdraw between 4% and 10% of your account each financial year. We can set this up automatically for you so it's one less detail you'll have to worry about.
With features like low fees and no commissions, and the ability to choose an investment strategy that suits you, the BT Super for Life - Retirement account makes your retirement savings work even harder.
Is it right for me?
This account may suit you if:
- You are aged between 55 and 65 years,
and
- You have not retired (you may be semi retired).
When you stop working and retire, it's easy to change to a BT Super for Life - Retirement account where the 10% maximum restriction disappears.
Download the PDS for further information on this account or a Financial Services Guide for information about the types of services we can offer you.