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To invest in a Hostplus Pension account, you must invest a minimum of $10,000 from your current super fund, but no more than the transfer balance cap. You must also meet a condition of release.

Temporary residents are unable to access pension accounts.

Under federal legislation, superannuation benefits must be ‘preserved’ for retirement. This means they must be kept within a complying superannuation or rollover fund until a ‘condition of release’ is met, which allows benefits to be paid. The conditions of release are:

• You have reached the preservation age and are permanently retired from the workforce.
• You have reached age 60 and terminated employment.
• You have reached age 65.
• You are totally and permanently disabled.
• You are terminally ill.
• You are an eligible dependant in receipt of a death benefit income stream.
  

On 1 July 2017, the Australian government introduced the ‘transfer balance cap’. The cap (currently $1.9 million) is a lifetime limit on the total amount of super that can be transferred to retirement income streams. This includes a Hostplus retirement account. 

Head to the ATO website to learn more about the transfer balance cap.

The Australian Government has set guidelines around the minimum you can withdraw each year. You can read more about the guidelines in the Pension Guide. 

There’s no maximum withdrawal limit for pension accounts, but it’s a good idea to plan for how much you’ll need each month. If you need help, give our financial planners a call. They’re on hand to help you with all your retirement questions.

The Australian Government has set guidelines around the minimum you can withdraw each year. You can read more about the guidelines in the Pension Guide.

A maximum annual income limit also applies to TTR accounts. This is 10% of your account balance at the beginning of each financial year, or on the start date of your TTR account in its first year. 

You won’t be able make lump sum withdrawals out of a TTR account until you meet a condition of release, except for any unrestricted non-preserved component.

Your Hostplus Pension account may not provide an income stream for the remainder of your life. Pension payments will only be made while there is enough money in your account. How long your pension account lasts depends on several factors, including:

• your initial investment amount
• the amount taken as income
• any amounts withdrawn as a lump-sum
• administration and investment fees and costs
• investment performance.
  

The Government Age Pension is dependent on several elements such as your income and assets. These are assessed each year and/or when there is a change in your circumstances.

If you’re intending to claim the Government Age Pension as well as setting up a Hostplus Pension account, chat to one of our financial planners about your goals. 

When you die, the remaining balance of your account can be paid to your spouse, dependants, estate or beneficiaries. Learn more about nominating a beneficiary.