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Your money, your way

Join CSCri to enjoy flexibility and control of your money when you retire or transition into retirement.

CSCri – or CSC retirement income – is designed to complement your existing CSS, PSS, or PSSap benefit by allowing you to keep some or all of your super invested, while also receiving regular retirement income payments.
Retirement income payments are generally taxed less than regular income, so you can enjoy more of your money for longer.

Why choose CSCri With CSCri you benefit from

Maximum flexibility

You choose how and when you want to retire

Access when you need

With CSCri your super isn't locked away. You can withdraw ad hoc amounts at any time

Tax Benefit

All your investments earnings are tax-free

Happy senior woman enjoying walk in nature and embracing pet dog in forest park

Who can join?

CSCri is available to eligible CSS, PSS and PSSap customers who are retiring or want to start transitioning to retirement.

Your two options

Depending on where you are in your retirement journey, there are two product options available:
  1. Transition to retirement income stream

    Receive a regular income stream in the lead up to retirement, so you can reduce the hours you work and maintain or even boost your income. You can continue to have contributions paid into your current super account.
    This is known as a ‘transition to retirement strategy’.

    Eligibility

    If you have reached your preservation age but are under 65 years of age and are still working.


    Total Super Balance

    Total Super Balance (TSB) is used to limit excessive amounts of money being invested into the superannuation environment. When you reach certain limits, this impacts the calculation of your:

    - concessional contribution cap and carry-forward amounts
    - non-concessional contribution cap and carry-forward amounts
    - government co-contributions
    - spouse tax offset

    The Total Superannuation Balance is calculated by adding together any money from any superannuation product in the:

    - accumulation phase
    - retirement phase, or
    - any roll-over amount from one fund to another that is in transit.

  2. Standard retirement income stream

    Flexibility for retirees who want to receive regular, tax-effective income payments and have access to your money to suit your changing needs.

    Eligibility

    If you:

    - Permanently retired from the workforce and reached your preservation age
    - Changed employment on or after age 60
    - Reached 65 years of age.


    Transfer Balance Cap

    The Transfer Balance Cap (TBC) is a limit applied across all superannuation income streams (i.e. CSCri standard income stream, defined benefit pensions). Any retirement income streams you receive will be valued and recorded against the cap, which is managed by the ATO.

    The TBC is set at $1.6 million for the 2020-21 financial year. If you exceed this limit, you will be forced to commute (withdraw) the excess from your CSCri standard income stream, potentially with a tax penalty.

    Find out more about the Transfer Balance Cap

Key features

Minimum investment

CSCri accounts must start with a minimum investment of $20,000.

This money can come from:

  • your existing PSSap (including Ancillary) account; and/or 
  • another superannuation fund; and/or
  • an eligible superannuation fund contribution (such as an after-tax/non-concessional contribution); and/or
  • a lump sum amount from either CSS or PSS when you permanently retire (standard income stream only).
 

Flexible income and ad hoc options

You choose how often you are paid: fortnightly, monthly, quarterly, half yearly or annually, by direct credit to your bank, building society or credit union. There is a minimum annual amount you must be paid, this is based on ATO requirements. If you are standard retirement income stream customer, there is no maximum income that can be paid to you but if you are a transition to retirement income stream customer, you can only be paid a maximum income of up to 10% of your account balance per year.

Ad hoc withdrawals are available at any time for standard income stream customers. For transition to retirement income stream customers, ad hoc withdrawals are available only if you meet a ‘condition of release’.

Tax benefits

 

Age 60 and over

Under age 60

Transition to retirement income stream

  • Tax-free income payments
  • Concessional tax on income payments

Standard retirement income stream

  • Tax-free investment returns
  • Tax-free income payments
  • Tax-free ad hoc withdrawals
  • Tax-free investment returns
  • Concessional tax on income payments
  • Concessional tax on ad hoc withdrawals

Flexible investment choice

Choose one or a mix of up to four investment options: cash, income focused (default), balanced and aggressive.

Restart your CSCri account with additional amounts

You can restart your CSCri account at any stage by adding additional amounts. The minimum amount of additional money required to restart your CSCri account is $10,000 (in addition to your current CSCri balance). As there are minimum drawdown requirements for CSCri, you may need to have received the minimum annual payment into your bank account before you’re able to restart.

How to apply     

  1. Complete the application form and send it to us in the mail or by email

    We'll assess your application for the next steps.

  2. Fund consolidation.

    If your application is accepted and you are commencing your CSCri with multiple sources or a personal contribution only, we will consolidate your funds into your PSSap account (or set up a PSSap Ancillary account for you if you do not already have one).

  3. We'll set up your CSCri account.

    Once all your funds are consolidated into PSSap, or we receive your single source starting amount, and your application has been accepted, we'll set up your account.

  4. Welcome to CSCri.

    You will receive an email or letter welcoming you to CSCri and letting you know your account details.

Couple preparing for hike

Apply for CSCri

Check your eligibility and apply for a CSC retirement income.

Apply for CSCri

Download the Product Disclosure Statement

CSCri Product Disclosure Statement

Issued 25 March 2022, this document provides important information about the features, benefits, risk and cost of investing your super in CSCri.

Contact Us

Operating hours: 8.30am - 6.00pm, Monday to Friday (Australian Eastern Daylight Time).

Email

members@cscri.com.au

Open a new email

Phone

Local: 1300 736 096

Overseas: +61 2 4209 5402

Fax

Local: 1300 304 241

Overseas: +61 2 4253 6122

Post

CSCri
Locked Bag 8840
Wollongong NSW 2500

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