supporting employees approaching retirement

Every year, more of your workforce, or your membership, edges closer to retirement. How that transition goes can shape when they leave, how confident they feel about it, and whether they stay engaged right up until they retire. Here's where HESTA can help.
 

Retirement income streams just got more accessible

From 30 September, HESTA cut the cost of our retirement income stream. The fixed admin fee dropped to $65 a year and the asset-based fee fell to 0.18%, a saving of more than 18% on those two fees for someone with a $50,000 balance.

We've also dropped the minimum balance needed to start an Income Stream, from $10,000 down to just $250 – making it easier for HESTA members to draw an income from their retirement savings.

For employers, this opens up real flexibility for your workforce. More employees can now access a transition to retirement income stream, making phased retirement a practical option rather than an all-or-nothing decision. It means more time for knowledge handover and less disruption when experienced staff start winding down.

It's one more reason your default fund choice matters: we're removing cost and access barriers so your team can plan retirement on their terms.

Read more on unlocking the benefits of retirement income >

The delay nobody talks about

Recent research we conducted discovered that 47% of HESTA members who now receive the Age Pension applied later than when they became eligible.* There's no backpay, so every week of delay is income they’ve missed out on, estimated to average more than $25,000 a year for each late applicant.

So, why the delay? For some people the application process can be hard to navigate. Others don't realise they're eligible.

Many people said they were still working and did not apply – even though they may have been eligible for a part Age Pension.

The flow-on effect can be that they miss out on Age Pension income, then draw down their super faster to cover the gap.

This may show up as employees making retirement decisions under financial pressure and leaving the workforce less prepared than they could have been.

Read the full story on why this matters, and what it could mean for your workplace.

Why waiting to apply for the Age Pension could cost you >

Downsizing, and what it means for super

For members aged 55 and over, selling the family home can present an opportunity to contribute up to $300,000 (or $600,000 for a couple) into super, outside their usual contributions cap.

It may be an option for some of your workforce approaching retirement, though it can affect Age Pension eligibility, so we recommend members seek advice before they act.

More on downsizer contributions >

*Age Pension "cost of delay" figures are drawn from The Cost of Delay: Quantifying the Impact of Deferred Age Pension Applications on HESTA Members, a SuperEd research report prepared for HESTA, July 2026.