Transitioning to retirement
The nature of retirement is changing and so are the rules. If you want to reduce your working hours or even pay less tax without sacrificing your income, a transition to retirement pension could be the answer. A transition to retirement pension may also help reduce your overall tax bill while boosting your total super balance before you retire.
You've spent your life accumulating your super. Retirement is the time to start accessing your savings so you can do the things you've planned. An account-based pension will provide you with a regular and tax-effective income stream during your retirement.
An important decision you need to make is how the remaining balance of your pension will be distributed upon your death (assuming, of course, that there is some money left).
Within your account-based pension, you can generally make the following nominations: