Retirement Income account

You can open a Retirement Income account if you meet at least one of the following conditions:

• You're a QSuper member
• You've reached the age you can access your super and permanently retired¹
• You've stopped working on or after age 60
• You're aged 65 or over
• You've met another condition of release approved by QSuper (e.g. you are totally and permanently disabled), or
• You're eligible to receive a superannuation death benefit.

You'll also need a super balance of at least $30,000.

Not already a member? Find out if you're eligible. 

The QSuper Product Disclosure Statement for Income Account and Lifetime Pension (PDS) (pdf) has more details on eligibility.

There is a limit on the total amount of superannuation you can transfer to a Retirement Income account. This is known as the transfer balance cap.

For the 2024-25 financial year, the transfer balance cap remains at $1.9 million.

This cap will be indexed, and increases will be in increments of $100,000. The amount of indexation that you'll be entitled to will depend on how much of your transfer balance cap you've used. If you meet or exceed your transfer balance cap, you won't be entitled to indexation.

If you have a number of income streams or pension accounts (not including Transition to Retirement Income accounts), either at QSuper or across multiple super funds, you need to be aware that your combined account balances will all count towards this limit. Special rules apply for lifetime pensions. Visit the Australian Taxation Office's website for more about the transfer balance cap.

If you go over the transfer balance cap, the ATO will let you know that you need to remove the excess amount, plus any associated investment earnings, from your Retirement Income account. They'll also apply tax on those earnings – see the PDS for more information on this.

You won't be considered as having gone over the cap if your Retirement Income account balance grows to more than $1.9 million due to investment earnings.

If you're concerned that this limit might impact your retirement plans, you should think about getting financial advice.

The Product Disclosure Statement for Income Account and Lifetime Pension (PDS) (pdf) has more details about our Retirement Income account, including how it works together with our Lifetime Pension.