While you’ve been working hard, your Meezan Super Simplifier Pension account has been too! Now that you’re ready to ease into retirement or retire fully, you can convert your Super Simplifier account into a Pension account. This means you can elect to draw a regular income from your Super savings, so you can work less (or not at all) and enjoy more.
With both types of pensions, you can choose the amount you receive between the minimum and maximum if any, and how often you receive these payments. Please discuss your options with our Financial Adviser.
Just like your Super account, your Pension account continues to be just as flexible, transparent, and invested in a Sharia Complaint manner.
An account-based pension is a retirement income stream which offers regular, flexible and tax-effective income from your superannuation.
You can get access to it when you reach ‘preservation age’ (between 55 and 60).
How an account-based pension works
Typically, you get to choose:
Make the most of your super as you make transition to retirement
The transition to retirement measure allows people who have reached their preservation age to have access to their superannuation benefits without having to retire or leave their job
A transition to retirement (TTR) strategy lets you access some of your super
You can start a TTR strategy by opening a TTR Income account alongside your regular super account. This way you could save more before you retire or you could wind back on work, while topping up your take-home pay.
We’re on a mission to make the Australian Muslim community better off financially and inspire them to make decisions that lead to financial independence.
Income payments attract a 15% tax offset between preservation age and 59 and are tax-free* at age 60 or over
You can arrange for monthly, quarterly, half-yearly or annual payments. Payments continue until the account balance runs out or you take what’s left as a lump sum.
Your employer and you continue adding money to your account.
Transfer some super to open a TTR income account. To keep your super account open leave it atleast $6,000 in it.
Draw up to 10% of your TTR income balance to top up your take home pay.
While you’ve been working hard, your Meezan Super Simplifier Pension account has been too! Now that you’re ready to ease into retirement or retire fully, you can convert your Super Simplifier account into a Pension account. This means you can elect to draw a regular income from your Super savings, so you can work less (or not at all) and enjoy more.
There are over 800,000 Muslims in Australia, that number is only growning. Get in touch to see how we can help you stay on the right path and avoid Riba.
At Meezan, it is about your needs, your goals, Your future. You are the reason we exist. We are here to give you the best help we can give. You are our focus and our motivation.
Meezan Pure Wealth Pty Ltd:
ABN- 76 642 263 250 ACN-642 263 250
Corporate Authorised Representative (ASIC No. 1283123 of Lifespan Financial planning Pty Ltd (AFSL 229892)
Tax practitioner Board, Tax (Financial) Adviser registration number – 25294218
Super Simplifier Super & Pension (the Fund) is issued by Equity Trustees Superannuation Limited (ETSL).
ABN: 36 526 795 205
Unique superannuation
Identifier: 36 526 795 205 001
Meezan Finance Pty Ltd:
ABN- 30 642 725 639 ACN-642 725 639
Authorised Credit Representative (529817) of Kuone Pty Ltd T/As 360 MMS, Australian Credit Licence-504193)
Member of The Finance Brokers association of Australia Limited (FBAA) -M-348502
Meezan Invest Pty Ltd
ABN- 146 639 62105 ACN- 663 962 105
Corporate Authorized Representative (ASIC No.1283123 of Lifespan Financial planning Pty Ltd AFSL 229892)