How to get more money for nothing: Transition to retirement options

You can now access 100% of your superannuation benefits without having to retire if you are 55 and over. From January 2008 transition to retirement options will be extended to members of GESB's Gold State superannuation scheme. Members of GESB's Pension Scheme are also able to receive their full pension benefits early and continue working.

Transition to retirement has been available for some time to members of GESB's accumulation schemes (West State superannuation and GESB superannuation). Gold State members have been able to access up to 35% of their benefit. The change means that all public sector employees now have the same access to transition to retirement.

Transition to retirement is a way to encourage you to remain in the workforce while providing you with a significant opportunity to boost your superannuation and prepare for a comfortable retirement.

What is transition to retirement and how does it affect you?

If you have reached age 55, transition to retirement allows you to access your superannuation while you are still working. You may choose to reduce your work hours to part-time or casual but you don't have to. If you do reduce your work hours, your superannuation benefits may help supplement your income. To access your benefits, you have to start an income stream which provides you with regular income but doesn't allow lump sum cash withdrawals, such as GESB's Retirement Income Allocated Pension.

Depending on your personal circumstances, transition to retirement offers an opportunity for you to:

• booster your superannuation by continuing to work and make extra super contributions;
• boost your income by receiving a retirement income stream as well as a salary;
• reduce your hours or change your work pattern without reducing income.

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Transition to retirement for Pension Scheme members

If you are a member of GESB's Pension Scheme, you will be able to receive your full pension entitlements while continuing to work. GESB will contact you personally over the next few weeks with more information about how transition to retirement affects you and how to apply for it.

Find out more

GESB has a factsheet which lets you know how you can increase your earnings without increasing your work hours.

You can register online with GESB to attend a free transition to retirment GESB seminar.

GESB has prepared a teacher case study that illustrates some of the options available.