Account based pensions


The Scheme provides income stream options to members who have reached the government's age-related preservation age (see below).



Retirement Income Stream

If you are retiring after your preservation age you can take an EISS Retirement Income Stream, which works like a bank account. Upon retirement you transfer your lump sum benefit into the Retirement Income Stream account.The balance in this account earns interest at rates that depend on the investment option you select. Payments to you and fees are deducted from the balance and continue until the balance gets to zero.

Transition to Retirement

If you are still working after your preservation age you may be able to take what is known as a Transition to Retirement Pension (TRP) subject to certain conditions. Typically members may use TRP to reduce working hours and take additional income to cover the lost earnings or may continue to work full time and seek to access tax advantages.

For more information refer to the member booklet for account based pensions. If you have any queries, please call 1300 307 844 to discuss your options.

 

Electricity Industry Superannuation Board ABN 57 923 283 236 as Trustee of the Electricity Industry Superannuation Scheme.

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