Intrust Super has introduced the pension transfer bonus (PTB) to provide members with a tax rebate when moving their superannuation savings to the super stream account-based pension account.
Intrust said the rebate had the potential to increase retirement balance by thousands of dollars.
Intrust chief executive, Brendan O’Farrell, said: “This bonus will also help encourage retirees to keep their savings invested by opening a super stream account-based pension, rather than withdrawing their retirement savings as soon as they reach their preservation age.
“As a not-for-profit industry fund, improving member outcomes is our main goal. This tax rebate is just one of the ways we’ve found to reinvest in our members and their savings.”
The PTB was available as the fund put aside money to pay capital gains tax when assets in investments were sold for a profit. The super stream account-based pension was a tax-free investment environment.
When members transferred their savings to a super stream account-based pension, the super fund did not need to ay capital gains tax on the investment earnings as the money that was set aside could be paid into their retirement accounts.
Intrust members needed to be part of the super fund for 12 months to be eligible for the bonus.