Once you have met your preservation age (between 55 and 60 depending on when you were born), you can choose to take a super pension. There are six main types of super pension: Account-based pension: this is the most common type of pension. It is a regular income stream bought with money from your super when you retire. Transition to retirement pension (TTR): you can use this pension if you have reached your preservation age but are below 65 years old and still working, Defined benefit fund: with this pension, you are paid a guaranteed income stream for life, however, it is not commonly used. Annuities: this is a series of payments you receive at fixed intervals for a defined period or the remainder of your life. Annuity payments are purchased with a lump sum. Reversionary pension: this is an income stream you set up with your superannuation that automatically reverts to someone else (generally your partner) when you die. Death benefit pension: this is where your dependents receive your death benefits as a pension when you die. This is only available from some super funds. The standard conditions of release for super pension withdrawals are: Retirement. Turning 65 years … Continue reading Taking a super pension