You’ve spent the majority of your life building up your superannuation. So when preservation age starts to draw near, it’s important that you understand your pension options.
We know that the word ‘pension’ has a number of connotations—not all of them positive. At Liston Newton Advisory, we’ll help you understand exactly what your pension is, what it means for you, and how you can access the best pension rate to allow you to live the retirement lifestyle you’re accustomed to.
We help you understand the whole picture, and offer financial planning, wealth management advice, and tax advice to determine your pension options.
Over 40 years experience helping clients implement and manage their retirement pension.
Tap into our trusted network of advisers, research analysts, and tax specialists to get holistic advice in making the right pension decisions.
Effective management of your pension requires an understanding of your long-term goals. At Liston Newton Advisory we stay by your side to help you see them through.
‘Pension’ is perhaps a misaligned and misunderstood word. Pension age actually signals the start of you enjoying the wealth you’ve spent your working life creating.
Our specialist team understands this, and helps you understand how best to access your superannuation pension. We ensure you meet the necessary pension tests, and then develop a plan to ensure you’re able to receive the pension rate that best suits your retirement plans.
We have worked with Liston Newton's Accountancy and Advisory Team for over a decade. During that time, our business has grown substantially both organically and through purchases. This wouldn’t have been possible without Liston Newton Advisory to assist with our business planning, providing proactive advice and ensuring our accounts were always compliant in a complex and volatile industry.
Liston Newton's Accountants analysed our financial and business situation and helped us implement strategies to improve our position. Their strategies turned our business from making a loss, to recording a 6-month net profit of 36 per cent. And we are now on track to show a 240 per cent increase in turnover over the next financial year.
Liston Newton helped us move our accounting over to Xero. Their Accountant managed the set up and training so we felt comfortable with the software. We now have all our processes streamlined which gives us improved visibility of our business performance. This has allowed us to open 2 more stores without a significant increase in administration effort.
See that your retirement plan is managed by the best of hands.
Get the advice, guidance, and peace of mind that your superannuation pension is sorted for your future.
The pension age in Australia is currently 67 years old. When you reach the pension age and apply for an Age Pension, the Australian Government will perform an age pension income and asset test to determine the pension rate you receive.
Where pension age is the age that you can apply for the Age Pension, preservation age is the age from which you can start to access your super. It’s called ‘preservation age’ as your superannuation is securely locked away until this time—preserved, effectively.
Once you reach preservation age, you can begin accessing your super as long as you meet a condition of super release, such as retiring, or being in transition to retirement.
However, you can still continue working once you reach preservation age, and many do. This means you and your employer can continue making super contributions up until you decide to retire.
The current government preservation age brackets are:
While we all might have a different view of what retirement actually means, Australian superannuation legislation defines retiring as:
In this circumstance, working is technically defined as ‘gainful employment’, which means receiving any monetary reward for working 10 or more hours per week.
However, just stopping working doesn’t mean you’ve retired, and just reaching preservation age doesn’t mean you have to retire.
You can continue to work until you choose to stop, and keep adding to your super until you’re ready to finish for good. As long as you’ve reached your preservation age, the choice is yours.
Retirement is a personal choice. You’re perfectly able to finish working, then decide to return to the working world. The only condition is that you can prove that your intention to retire was genuine at the time.
If you retire between 60 and 65 and you get a new job with a different employer, this meets the criteria of ceasing gainful employment. You can continue back at work until you’re ready to retire again.
If you’re over 65, then you’ve met another condition for releasing your super, and you can then return to work at any time. However once you hit 67, you must satisfy the government’s work test in order to continue making contributions to your super. This requires you to demonstrate working 40 hours of work in a consecutive 30-day period.
If you’re over 60 years old, you’re able to work part-time while either contributing to or accessing your super, on the condition that you’re working with a new employer. If you work for yourself, you can continue making super contributions yourself.
If you’re under 60 and you’ve reached preservation age, you’re more than welcome to work part-time and continue contributing to your super. However, you can’t work part-time and access your super at the same time. Part-time work is defined as 10-30 hours a week, and this meets the government condition of gainful employment.
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