Transition to Retirement Pensions

At Humphrey Partners Private Wealth, we specialise in Retirement Planning in the Brisbane area and beyond.  Current legislation allows people between 55 and 65 years of age to have a Transition to Retirement (TTR) pension irrespective of whether they continue to work. 

Common questions asked by new and existing clients approaching retirement age include:

"How much do I need to retire?"

"What does the transition into retirement involve?"

"Am I eligible for a transition to retirement pension?"

"How can Humphrey Partners Private Wealth help us prepare financially?"

Transition to Retirement pensions are also referred to as TTR income streams.  Key features of a Transition to Retirement pension include:

  • income earned in your superannuation fund is exempt from tax
  • you must receive a mandatory pension that draws down your superannuation account balance by between 4-10% p.a.
  • it can be commuted at any time
  • if you are aged between 55 and 59, the pension paid is taxable if sourced from a taxable component, while pensions paid from the tax free component are non assessable non-exempt income
  • if the pension holder is aged 60 or older, the pension is not taxable
  • the 15% tax offset is available to the pension holder for any taxable pension income
  • at age 65 (or another subsequent condition of release is meet), TTR income streams automatically convert to an Account Based pension.

Because you are now able to access your money at age 55, a Transition to Retirement pension must be considered.

Humphrey Partners Private Wealth is conveniently located on the outskirts of Brisbane's CBD.

" I am exceptionally happy with the quality of the advice and service that I continue to receive from Chris. I am impressed with his breadth of knowledge and expertise, and his ability to deliver it in a simple to understand manner. Chris is my first financial adviser and he has never given me a reason to look for an alternate. "

Jason Banks - State Manager Home Improvement Retailer