SPEC Super - generating wealth An Industry SuperFund

The Pre-Retirement Account Based Pension is a measure to transition into retirement.  It is designed to allow you to lessen your full-time workload whilst maintaining your standard of living.  If you decide to work, say, 3 days per week, your reduced salary can be augmented by means of a Pre-Retirement Account Based Pension.  You may use some or all of the balance in your superannuation account to fund the Pre-Retirement Account Based Pension.

However, in taking up the Pre-Retirement option you cannot withdraw (or commute) any benefits as a lump sum unless you satisfy a Condition of Release.  eg. death, Total and Permanent disablement or permanent retirement.

To be eligible to commence a SPEC Pension in Pre-Retirement you must:

• Be aged between 55 and 64; and
• Have a minimum Account Balance of $10,000.

Download the SPEC Pension Product Disclosure Statement (inc SPDS)  for further information.