A Transition to Retirement Pension is similar to an Account Based Pension, but has the following conditions:
- available from preservation age
- you are not required to retire
- maximum withdrawal limit of 10% of member balance per annum
- you can continue to make deductible contributions to the fund
If between your preservation age and 60, your pension will be taxed at marginal rates (15% pension offset available).
| Date of Birth | Preservation Age |
| Before 1 July 1960 | 55 |
| 1 July 1960 to 30 June 1961 | 56 |
| 1 July 1961 to 30 June 1962 | 57 |
| 1 July 1962 to 30 June 1963 | 58 |
| 1 July 1963 to 30 June 1964 | 59 |
| After 30 June 1964 | 60 |
After age 60 the transition to retirement pension payments are tax free. Finally, once you reach age 65 there is no longer any restrictions on your withdrawals and the 10% limit is removed. The pension would then be converted to an account based pension.