Restart your Income account
What to do if you want to add money to your Income account.
Adding money to your Income account
You can't add money to your existing Income account. If you need to add money to it, you'll have to do what's called a 'restart'.
Restart means closing your current Income account and setting up a new one. You need to add at least $10,000 to be able to do a restart.
Why do I have to restart my Income account to add money to it?
The Australian government has rules around what you can do with a retirement income account. One of these rules is that you can't add money to an existing retirement income account.
So if you want to add more to it, you'll have to:
- Close your current Income account by transferring the account balance into your Accumulation account.
- Add the money you'd like to put in your new Income account into your Accumulation account.
Note: there has to be at least $10,000 in your Accumulation account to do a restart. - Open a new Income account.
- Move all the money you want to add from your Accumulation account into your new Income account. Your Accumulation account will stay open, but you won't pay any fees while you have a $0 balance.
We'll help you with this process. Just remember that you won't receive any payments from the time you close your existing Income account until your new one is set up.
If you're ready to go now, you can start the process in Member Online or complete a Restart an Income account form [PDF].
What are my other options?
If you don't want to do a restart, you don't have to. But bear in mind there are tax (and other) benefits to keeping money in a retirement income account.
Consider getting advice first
Remember, before you take action you should do what's right for you and your situation. If you're not sure, consider getting financial advice from your adviser. They can help you consider your whole financial situation and any impacts to Age Pension entitlements.
If you don't have an adviser, we can refer you to an accredited adviser on our National Advice Panel.
Other options
- If you've got money in an Accumulation account, or accounts with multiple super funds, you could withdraw that super (if you're eligible).
- If you've received a lump sum of money (such as an inheritance) and it's in your bank account, you may be able to use that money in other ways, e.g. by investing it.
However, bear in mind that how you manage your money in these situations could affect your other entitlements, such as the Age Pension. Taxes may also apply. If you're not sure what to do, consider getting financial advice first.
What are the benefits of restarting an Income account?
Account-based pensions like our Retirement Income account let you keep your super invested and earning returns when you retire. Adding extra money to an Income account means:
- Your money is invested in your preferred investment option/s, and potentially still earning returns.
- That money is tax-free in retirement.1
- It could be cheaper. If a restart combines all your other super accounts, you won't pay multiple sets of fees for keeping multiple accounts open (for example, 2 or more Income accounts, or an Income and an Accumulation account).
Learn more about how our Retirement Income accounts work.
How does it work?
As a Super Savings member, you always have an Accumulation account available when you need it.
If you want to add money from a number of different sources, you’ll need to combine them in your Accumulation account first. Find out more about adding money to your super and the yearly limits on how much you can add.
Once you’re ready, we'll help you close your existing Income account, and combine its balance with your Accumulation account balance. We'll then help you open a new Income account and restart your payments.
How we manage your account during the process
Your membership with us and how you manage your account won't change. That means your investments and drawdown set-up will stay the same.
If you don't choose where your money's invested while it's in an Accumulation account, it'll be invested in the Lifecycle Investment Strategy. Read the PDS that applies to you for more information.
Remember, while you have money in your Accumulation account, you'll pay any admin and investment fees that apply.
Need some financial advice?
Ready to get started?
Once you're ready, you can restart your Income account quickly and easily in Member Online or complete a Restart an Income account form [PDF].