Planning your retirement with an AMP pension

An account-based or allocated pension is made up of money you’ve saved in super, and could be a good choice if you want a regular and tax-effective income after you retire.

Learn more about this income option for retirement with AMP.

Retirement planning with an account-based pension

AMP has been helping customers take control of their financial future for over 160 years. We’ve built our reputation on a range of award-winning products designed to help customers achieve their retirement lifestyle goals.

Whether you’re after a simple retirement plan or a more complex investment portfolio, AMP has a suite of retirement solutions available to you, including our account-based pension products.

What is an account-based pension?

An account-based (or allocated) pension is an account made up of money you’ve accumulated in super, which allows you to draw a regular income once you have met one of superannuation’s conditions of release – for example, when you have reached your preservation age and retired from the workforce.

Typically, there’s no limit to how much you can withdraw from an account-based pension. Each year, however, you’ll need to withdraw a minimum amount and this figure will be based on your age and will be a percentage of your account balance.

Learn more about the different types of retirement pensions available.

AMP Flexible Super – Retirement

An account-based pension that keeps your money working while paying you a regular income.

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What’s your retirement number?

Work out how much money you may need for the lifestyle you want in retirement.

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Plan your retirement

To make sure you’re on track for the retirement you want, it often helps to start with a retirement goal and plan.

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Is an account-based pension right for me?

An account-based pension may be a good choice if you want a regular and tax-effective income after you retire. It can offer you flexibility in how your super money is paid to you as well as a range of tax benefits:

  • You can access a lump sum at any time
  • You can choose how your money is invested by the fund manager 
  • You won't pay tax on pension payments from age 60
  • You don't pay tax on investment earnings.

It’s important to note that because an account-based pension is made up of the money you’ve saved in super, which could differ from person to person, it doesn’t guarantee an income for life.

And if you’re converting your super into an account-based pension, you’re restricted to transferring a maximum of $1.6 million into your pension account, not including subsequent earnings.1

For more detail on account-based pensions, read through some of these commonly asked questions.

AMP Flexible Super – Retirement

AMP Flexible Super – Retirement keeps your money working while paying you a regular income, so you can enjoy the lifestyle you’ve worked hard for. Applying online is quick and easy.

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MyNorth Pension

Access over 380 managed funds, term deposits and direct shares through one online account. Available through your financial adviser, the award-winningMyNorth Pension offers both a regular income and ongoing capital growth to help maintain your lifestyle in retirement.

Find out more

If you’re a SignatureSuper customer, you can also transition seamlessly into your retirement with SignatureSuper – Allocated Pension. Find out more today.

Take our retirement career quiz

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Should I take my super as a lump sum?

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What is the retirement age in Australia?

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Important information

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It’s important to consider your particular circumstances and read the relevant product disclosure statement before deciding what’s right for you. This information hasn’t taken your circumstances into account. 

This information is provided by AMP Life Limited. Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relation to products and services provided to you. All information on this website is subject to change without notice. 

The issuer of AMP Flexible Super is AMP Superannuation Limited ABN 31 008 414 104 AFSL No. 233060. AMP Flexible Super is a registered trade mark of AMP Limited.

The issuer of MyNorth –Pension is N M Superannuation Proprietary Limited ABN 31 008 428 322 AFSL No 234 654. MyNorth is a registered trademark of NMMT Limited.

The issuer of AMP SignatureSuper and AMP SignatureSuper – Allocated Pension is AMP Superannuation Limited ABN 31 008 414 104 AFSL No. 233060. AMP SignatureSuper is a registered trademark of AMP Life Limited.

https://www.moneysmart.gov.au/superannuation-and-retirement/income-sources-in-retirement/income-from-super/account-based-pensions

2 MyNorth won Chant West's 2017 Advised Product of the Year award. For further information about the methodology used by Chant West, see www.chantwest.com.au