smartMonday PENSION

smartMonday PENSION


A great place for your pension

smartMonday PENSION offers two types of pension: a retirement pension for retirees and a transition to retirement pension for individuals who want to continue working part time as they prepare for full retirement. They have a choice of over 25 investment options and members can choose the frequency and amount of income they receive (subject to set government limits).

Both types of pension require a minimum investment of $20,000 of super benefits to invest. If you need to consolidate your super accounts and make contributions prior to purchasing your pension, you can set up a pension consolidation account in smartMonday.

Retirement pension

You can invest in a retirement pension if you:

  • are permanently retired and have reached your preservation age, or
  • leave employment at or after reaching 60 years of age, or
  • are over age 65
  • are permanently incapacitated or terminally ill and rolling in benefits from your super fund.

With a retirement pension you are able to:

  • purchase a retirement pension only with unrestricted non-preserved super money
  • elect to receive income payments monthly, quarterly, half-yearly or yearly
  • set a minimum annual limit based on your age and account balance
  • make commutations and withdrawals at any time subject to the conditions of your pension.

Transition to retirement pension (TRP)

This pension is for individuals who are not yet ready to fully retire and who want to structure their working hours, pension income and superannuation to suit their needs.

You can invest in a TRP if you have reached your preservation age, irrespective of your employment status.

With a transition to retirement pension you are able to:

  • purchase a TRP using restricted non-preserved, unrestricted non-preserved and/or preserved super monies
  • elect to receive income payments monthly, quarterly, half-yearly or yearly
  • set a minimum limit of 4% of your account balance (unless you are 65 years old or over, then a higher minimum limit applies) for income payments, and a maximum annual limit of 10% of the account balance at the start of the financial year
  • make commutations and withdrawals only if there are unrestricted non-preserved benefits or you meet a condition of release
  • convert your TRP to a retirement pension when you reach the age of 65 or you meet a condition of release.


Get in touch
smartMonday superannuation member enquiries
Administration 1300 262 241