What is a Super Income Stream (SIS)?
It’s when your super is used to pay you a regular income. And, so long as you’ve reached preservation age, you can receive it even if you’re still working or receiving the Age Pension.
Media Super has merged with Cbus. Therefore, when you open a Transition to Retirement (TTR) or Super Income Stream (SIS) account, you’ll be welcomed into the Cbus Super fold.
SIS gives you flexibility over when and how payments are received, and you can make extra withdrawals whenever you need. Keep your money invested and working for you in retirement.
SIS Benefits
- A regular income when you want
- Tax benefits
- Need only $10,000 to invest
- Money continues to be invested even when you’re withdrawing
- Works with the Age Pension
Why open a Super Income Stream?
You don’t need to wait until you stop working
You can access your super while you’re still working with our Transition to Retirement (TTR) product.
To be eligible, you need to be between preservation age and 65 years. While you’re working, any super contributions will continue to be paid into your accumulation super account.
Learn more in the Transition to Retirement fact sheet (PDF).
You can take advantage of tax benefits
Generally, no tax is payable when you transfer your money into a super income stream. There's also no tax on your investment earnings if you take up the SIS option.
If you’re under 60, your super income stream payments are taxed lower than other forms of investment. Some of your superannuation income stream may be tax-free and you may receive a 15 per cent tax offset on any taxable proportion.
If you’re 60 or over, the super income stream payments you receive are tax-free.
You could be eligible for an income stream tax refund
If you have an existing Media Super account and would like to take up a Super Income Stream, we will refund money we’ve held from your account that would have been paid as tax. If you’re eligible, the amount will be automatically credited to your new account the day it is opened.
Read the Income Stream tax refund fact sheet (PDF) for details.
You can open a Super Income Stream with as little as $10,000 to invest
You can set up a SIS account using funds from your Media Super account or from any other super fund. Your income payments will be deposited directly into your nominated bank account. You can change your regular income payments if your needs change.
For more information about your investment options, download our CSM Investments Guide.
Your income stream could work with the Age Pension
Find out if you’re eligible for the Age Pension and how much you could get. Retirement Essentials can help you find out how much you are eligible for.
Our SIS pension product is award winning*
- Money Magazine, Best of the Best Awards – Best Growth Pension Product 2023
- Canstar Outstanding Value Account Based Pension Award 2022 for the Cbus Super Income Stream product
* Money Magazine awards received for Cbus Super Income Stream. The Cbus Super Income Stream is the retirement product available to all Cbus Super and Media Super members through the Cbus Super Fund.
You can talk to our advice services team or meet with a Financial Planner
For more information regarding a Super Income Stream, please speak to one of our advisors over the phone. You don’t need to work things out alone. If you need advice about super or income streams, you can speak to one of our financial advisers over the phone – this service is included as part of your membership.
When can I open a Super Income Stream?
Access to your super is generally restricted until you reach your preservation age. Depending on your date of birth, your preservation age will range from 55 to 60.
If you were born:
Your preservation age is:
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
1 July 1964 or after
60
How do I open up a Super Income Stream?
If you’re already a Media Super member, the balance of your existing Media Super account can be transferred straight across to Cbus. We’ll even help with the paperwork.
Keep in mind that the Government currently limits the amount of super you can transfer into an income stream to $1.9 million – this is called your transfer balance cap.
If you’re new to us, you can apply for a SIS account via the application form in the Cbus Super Income Stream PDS (PDF).
If you've got questions, we've got answers
We are ready to take your call with any questions you may have.