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There's a lot to think about when starting a VicSuper Flexible Income account. How much income do you need and how often? How do you invest your balance? Do you need to withdraw a lump sum?

The joining process can be quite detailed so we encourage you to meet with one of our qualified financial planners – they'll be happy to assist from beginning to end.

Am I eligible?

Fully retired Still working part-time
To start a VicSuper Flexible Income account you need to have a minimum of $20,000 to invest and: 

have reached your preservation age and permanently retired from the workforce, or
have reached age 65, or
after reaching age 60 you cease an employment arrangement with an employer, or
are permanently incapacitated.
You can start a VicSuper Flexible Income account with Transition to Retirement feature and access part of your super if you have reached preservation age but are still working and transitioning to retirement.


5 key steps to starting a retirement income stream
  • Consider consolidating your super

    Many people have super in more than one fund due to changes in employment over their working life. Before commencing a retirement income stream, it may be a good idea to combine all your super so you have the highest possible balance in your account. Once your VicSuper Flexible Income account is open and you start receiving income payments, you can't add extra contributions or rollovers from other super funds to this account.


  • Open an account

    To start your VicSuper Flexible Income account, you must use savings from a complying:

    • superannuation fund
    • approved deposit fund, or
    • retirement savings account.

    If you hold a current term deposit through a VicSuper product, you'll need to wait until the term finishes (or terminate the term deposit early - subject to approval and any early termination penalty).

  • Choose your investment options

    We offer members nine investment options to choose from ranging in risk and expected returns. You can choose one option or spread your investment across a mix of options. The investment option/s you choose will depend on a number of factors including your risk profile.

    Members who don't choose an option are automatically invested in the Growth Option.

    One of our qualified financial planners can help you choose an investment that best suits your needs.

  • Choose your payment amount and frequency

    You can choose to receive payments twice monthly, monthly, quarterly, half yearly or yearly.

    If you're starting a:

    • VicSuper Flexible Income account (eg you're fully retired), you can choose a payment amount above the minimum limit. 
    • VicSuper Flexible Income account with Transition to Retirement feature (ie you're transitioning to retirement), you can choose a payment amount above the Government minimum payment requirements and below the maximum amount being 10% of your total super balance.

    Temporary reduction in minimum payment requirements:
    As a result of the COVID-19 crisis, the Government has temporarily reduced the minimum annual payment required for account-based pensions by 50%. These will continue to apply in the 2022-23 financial year. The standard minimum payment limits are scheduled to be reinstated from 1 July 2023, subject to government legislation.

    For further information visit Minimum annual payments for super income streams.

  • Choose your beneficiary

    Nominating a beneficiary lets you decide who will receive the remaining balance of your VicSuper Flexible Income account in the event of your death. For more information, download the PDS.


Find out more

We've given you just an overview of the process of starting a VicSuper Flexible Income account.

More information is available in the VicSuper Flexible Income PDS.


How one of our financial planners can assist

Don't forget, one of our financial planners are available to assist with starting your VicSuper Flexible Income account.

One of our financial planners can:

  • explain the retirement income options available to you
  • guide you through the joining process
  • advise you on how to combine any separate super accounts before starting your retirement income
  • help structure your VicSuper Flexible Income account
  • help you choose the right investment strategy for your needs
  • help you complete the relevant forms
  • help you maximise any Centrelink benefits you are entitled to

You can choose from a range of services we offer, from simple phone advice at no additional fee, through to more complex financial planning on a fee for service basis. You only pay for the service you use.


Request an advice appointment

Got any questions?

Don't sit there wondering - our team members are here to help!