Purpose

  • The purpose of the QSuper Lifetime Pension Income Estimator is to help you calculate the annualised income you might receive in the first year from a combination of a QSuper Lifetime Pension and the minimum age-based payment from a QSuper Retirement Income account.
  • We recommend you obtain a copy of the Product Disclosure Statement for Income Account and Lifetime Pension from our website and seek financial advice prior to making an investment decision.  A Lifetime Pension is a permanent purchase after the 6-month cooling-off period, which means you will no longer be able to voluntarily exit the product, except in the case of a terminal medical condition claim.
  • The results shown are as at the day you complete the calculation based on the information you provide, but the estimator doesn't consider personal financial circumstances such as your living costs and debts. When making a financial decision, you should contemplate your needs, objectives, and overall financial situation.
  • This estimator is not intended to be relied on for the purpose of making a decision in relation to a financial product. You should consider obtaining advice from a licenced financial adviser before making any financial decisions.
  • The figures generated by this estimator are based on the annualised amount as at the date of calculation and should only be used as an estimate. The actual results will vary.  The actual amount will be pro-rated according to when you purchase the Lifetime Pension, your exact age in days at the time of commencement, and will be subject to any annual adjustment that will occur on 1 July each year.
  • Superannuation and tax rules change over time. The calculations are based on the current rules and do not consider future or proposed changes.

Assumptions and limitations

  • This estimator is designed to be used by people who are 60-80 years old and assumes you (and your partner) are already retired and ready to start drawing from your superannuation.
  • It requires the superannuation balances entered to be between $30,000 and $1.9 million. The $1.9 million limit is the maximum amount that can be transferred to a retirement income stream. The calculator assumes you have never opened a retirement income stream before. If you have, your personal transfer balance cap which limits the amount you can transfer into a retirement income stream may be lower than $1.9 million.  This is a limitation of the calculator. 
  • It shows estimates of income generated from the QSuper Lifetime Pension and Retirement Income account products, and doesn't consider any other income sources you may have. Nor does it consider any potential Age Pension impacts.

QSuper Lifetime Pension

  • The estimated income payments in this estimator are based on the QSuper Lifetime Pension product rates as at March 2021. These income rates vary depending on your age and whether or not you've chosen for the income payments to continue to be paid to a partner when you die.
  • When you purchase a Lifetime Pension, we use your age in years and days to calculate your first year payment rates. Because the income payment estimate is based on the details entered and the date you completed the calculation, it will be different to the actual income payment you receive when you apply to purchase a Lifetime Pension.
  • If you choose to have payments continue to be paid to your spouse when you pass away, the spouse protection rate will apply.  In this instance, the date of birth of the younger spouse will apply.

Retirement Income account

  • Depending on your age, there are minimum payment amounts that you're required to withdraw from an income account each year.
  • This estimator only shows the minimum income payment, although you may choose to be paid a higher amount to meet your income needs.