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To learn more about your pension options in detail read the:

Getting ready for retirement A guide to APSS Pensions
 

 



Your pension options

An APSS Pension can be a flexible, tax-effective way of receiving an income from your super after reaching your preservation age, either while you ease into retirement (called ‘transition to retirement’) or once you permanently retire.

The APSS offers eligible members two types of pensions to invest in:

  • Allocated Pension: Allows you to receive your APSS benefits as an income stream rather than a lump sum when you retire permanently after reaching your preservation age, cease employment after age 60 or reach age 65; or
  • Pre-Retirement Pension (PREP): Allows you to receive some of your APSS benefits as an income stream while you are still working and as you transition to retirement after reaching your preservation age. When you retire permanently, cease employment after age 60, reach age 65 or meet another relevant 'condition of release', the balance of your Pre-Retirement Pension Account can continue as an Allocated Pension.

Additional contributions and rollovers cannot be made into a Pension Account once the pension has commenced (although members can open additional Pension Accounts, if eligible).

Key features of the APSS Pensions

The following are key features of the APSS Pensions;

  • Receive tax-free income from age 60.
  • Choice of investment options between Market Return Member Savings or Cash Return Member Savings or a combination of both.
  • Withdraw lump sums of $1,000 or more from your Allocated Pension Account whenever you need more money than your regular pension payment provides. Lump sum withdrawals are not permitted from PREP Accounts.
  • No administration fees, however management and transaction costs are deducted from the assets of the APSS before Crediting Rates are determined.
  • Receive income payments on a monthly, quarterly or yearly basis, subject to minimum annual income requirements prescribed by legislation (and maximum annual limits for PREP Accounts).
  • Accumulate tax-free investment earnings so more money is reinvested.
  • Keep retirement savings in the APSS after you or your spouse leaves employment with Australia Post or an Associated Employer.
  • The Government prescribes the maximum amount of income you can receive each year from a Pre-Retirement Pension (PREP).