It allows pre-retirees currently aged over 55 gain some access to their accumulated superannuation balances through what is known as a Transition to Retirement Income Steam (TRIS) or a Transition to Retirement (TTR) Pension.
A TRIS is similar to an account based pension (ABP) but limits the amount of money you can withdraw annually.
What are the advantages of a TRIS?
- Pays you a regular income.
- Allows flexibility around your retirement plan.
- Potential tax savings
- Once aged 60, pension payments are tax free
If you want to know more about the ‘Transition to Retirement’ rule, you can download our fact sheet here.
You may also contact us if you have questions.