Keeping your super safe
Super funds are a target for criminals, with identity theft one of the biggest risks. Learn how to protect your HESTA account from scams and identity theft.
life
We’re lowering the minimum balance required to start an income stream so more members can benefit from tax-free income and investment earnings.
At HESTA, there are two types of income streams:
- A Retirement Income Stream is an account-based pension that allows members to access their super in regular, flexible payments, just like a salary.
- A Transition to Retirement Income Stream can help members reduce their working hours while maintaining their salary, or boost their super before they retire.
Previously, the minimum super balance required to open an income stream was $50,000, but we’ve now lowered the minimum amount to $10,000.
This means even more HESTA members can enjoy tax-free income payments from age 60 and tax-free investment returns from age 60 (if retired).
HESTA CEO Debby Blakey said the decision to lower the minimum balance requirement was about adapting to the realities of modern retirement and providing members with the tools they need to improve their retirement outcomes.
"Retirement is not a one-size-fits-all experience,” Debby said.
"This reduction in minimum balance will open up access to income stream products for more members, providing them with tax-free investment returns on retirement and, if eligible, the HESTA Retirement Reward.”
We’re committed to giving you greater flexibility to design the retirement you want.
you might also like
Market volatility for retirees
To help you better understand recent market movements and their potential impact, we talked to HESTA Advice Manager, Alan Sher, to answer some common questions.
Is an income stream right for you?
Our team can help you explore your retirement options.