Industry super fund Asset Super has modified its trust deed to meet the ‘transition to retirement’ rules, which came into effect on July 1, enabling it to offer a non-commutable pension to members of the fund who are still working but have reached their preservation age.
Asset Super general manager, John Paul, said the company had worked hard to make the changes necessary to allow members to access the non-commutable pensions.
He said the ‘transition to retirement’ rules would mean many superannuation funds had to change their trust deed before they could offer this type of pension product.
“Our members who wish to continue working on a part-time basis once they’ve reached preservation age, as well as use part of their super in the form of a non-commutable pension to supplement their income, can do so straight away,” Paul said.
Platform provider, Navigator has also responded to the transition to retirement initiative, however other platform providers have been slower to respond.
