FAQs

• How is the Retirement Bonus calculated?

  Throughout the accumulation phase, when you're in the workforce, the Trustee invests your super savings across a variety of assets. Some will be sold for a profit and the Trustee puts money aside in anticipation of the capital gains tax (CGT) it will need to pay on those realised profits. 

  When you retire and move your super from the accumulation phase into the pension phase - usually by investing in a retirement income stream - tax is no longer payable. That means the money the Trustee set aside to pay CGT isn't needed anymore. 

  The Retirement Bonus is the Trustee handing back part of the money originally set aside for tax dues when you transition into retirement by opening a RetireAccess Income Stream.  

• If I open multiple Retirement income streams, will I be eligible to receive the Retirement Bonus on all accounts?

  Yes, the Retirement Bonus may be paid across multiple Retirement income streams but will be capped at a maximum of $8,000 per member. The bonus can only be paid on invested money once. To receive multiple bonuses, you must invest new money into a Retirement income stream.

• If I withdraw funds from my Retirement income stream, do I get to keep the bonus?

  If you withdraw more than 50 percent of your Retirement income stream starting balance within 12 months of opening the account, the Retirement Bonus will be deducted from your Retirement income stream (excludes funds withdrawn due to death, permanent incapacity or terminal illness). If you keep more than 50 percent of your balance in your income stream for more than 12 months your bonus will not be affected.

• Can I get the bonus if I open a Transition to Retirement income stream?

  With a Transition to Retirement income stream the bonus will only be paid when it is converted to a Retirement income stream and those funds are invested in options other than the Cash and Diversified Bonds and Credit investment options. For more details on when a Transition to Retirement income stream is converted to a Retirement income stream download the RetireAccess PDS.

• Will the Retirement Bonus count towards the pre-tax contributions cap?
  No, the Retirement Bonus will not count towards the pre-tax contributions cap.
• Does the Retirement Bonus count towards my post-tax contributions cap?
  No, the Retirement Bonus is not counted towards your post-tax contributions cap. However, a transfer balance cap applies to how much you can transfer from super into a tax-free income stream. The Retirement Bonus will be included in the opening balance of your income stream account and will count towards your transfer balance cap.
• Does the Retirement bonus count towards the transfer balance cap?

  The Retirement Bonus is paid into your super account by default. If you no longer have your super account open, the bonus is paid into your Retirement income stream account.

  If the Retirement Bonus is paid into your Retirement income stream account, it will be included in the opening balance and will count towards your transfer balance cap. The cap includes your bonus, your Retirement income stream balance with TelstraSuper along with any amounts you may have in tax-free retirement income streams with other super funds. If you exceed the cap, you’ll be required to reduce the amount held in a tax-free retirement income stream.

• What account is the Retirement Bonus paid into?
  If you are only using some of the super in your accumulation account to establish a retirement income stream, the Retirement Bonus isn’t paid into your RetireAccess Income Stream account– it is paid into your accumulation account (Personal Plus account). If you apply all of the money from your Personal Plus account to establish a RetireAccess Income Stream account, the retirement bonus is paid into that account. The Retirement Bonus is then included in the opening balance for your RetireAccess Income Stream and will count towards your transfer balance cap.
• How long do the funds need to initially be in the eligible investment options before they are considered for the bonus?

  For example, could someone switch out of them a day before making a RetireAccess income stream application and yet still be eligible for the full bonus? 

  Funds need to be held and invested within the eligible investment options immediately prior to commencing the retirement income stream account. If for example funds were invested within the MySuper Moderate investment option for 6 months prior to commencing a retirement income stream account and then a day before commencing a retirement income stream account these funds are transferred into the Cash investment, option the Retirement Bonus will not be applied to these funds.

• Can Defined Benefits (DB) members receive the bonus?
  To be eligible, DB members must move their funds into the eligible investment options in a Personal Plus account and then into a Retirement income stream.