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Income options for your retirement

An account-based or allocated pension could be a good choice if you want a regular and tax-effective income after you retire. If you're not quite ready to retire yet, you could also consider a transition to retirement (TTR) income stream, which is a pension that allows you to periodically withdraw money from your super while continuing to work full-time, part-time or casually.

Learn more about these income options for retirement with AMP.

What is an account-based pension?

An account-based or allocated pension is an account made up of money you’ve accumulated in super, which allows you to draw a regular income once you have met one of superannuation’s conditions of release – for example, when you have reached your preservation age and retired from the workforce. Typically, there’s no limit to how much you can withdraw from an account-based pension. Each year, however, you’ll need to withdraw a minimum amount and this figure will be based on your age and will be a percentage of your account balance. Find out the difference between the three most common types of pensions available, including the government's Age Pension, a transition to retirement pension, and an account-based pension, so you can see what might be right for you.

Is an account-based pension right for me?

An account-based pension may be a good choice if you want a regular and tax-effective income after you retire. It can offer you flexibility in how your super money is paid to you as well as a range of tax benefits:

  • You can access a lump sum at any time
  • You can choose how your money is invested by the fund manager
  • You won't pay tax on pension payments from age 60
  • You don't pay tax on investment earnings.

It’s important to note that because an account-based pension is made up of the money you’ve saved in super, which could differ from person to person, it doesn’t guarantee an income for life. And if you’re converting your super into an account-based pension, you’re restricted to transferring a maximum of $1.6 million into your pension account, not including subsequent earnings.1  Regarding this, important changes are coming, which could affect you.

For more detail on account-based pensions, read through some of these commonly asked questions.

Transition to retirement income streams

As you get closer to retirement, a transition to retirement income stream may give you greater financial flexibility by allowing you to access your super while you are still working full-time, part-time or casually. You may choose to:

  • reduce hours at work, but top up your reduced salary with income from a TTR income stream, or
  • maintain work hours but give your super balance a boost in the lead up to retirement, by using a TTR income stream in conjunction with increased concessional super contributions.

To access your super this way, you must have reached your preservation age, which will be between 55 and 60, depending on when you were born.

Both AMP Flexible Super – Retirement and MyNorth Pension are available as TTR income streams. Find out more about transition to retirement income streams and if they may be right for you.

What's your retirement number?
Work out how much money you may need for the lifestyle you want in retirement.


2 MyNorth won Chant West's 2017 Advised Product of the Year award. For further information about the methodology used by Chant West, see

Important Information

SignatureSuper is issued by N.M. Superannuation Proprietary Limited (N.M. Super) ABN 31 008 428 322 (trustee), which is part of the AMP group (AMP).

The super coach session is a super health check and is provided by AWM Services. It is general advice conversation only. It does not consider your personal circumstances.

Before deciding what’s right for you, it’s important to consider your particular circumstances and read the relevant Product Disclosure Statement, Target Market Determination, or Terms and Conditions available from AMP at or by calling 131 267.

Any advice and information provided is general in nature, hasn’t taken your circumstances into account, and is provided by AWM Services Pty Ltd ABN 15 139 353 496 (AWM Services), which is part of the AMP group (AMP). Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relation to products and services provided to you. All information on this website is subject to change without notice.