About our retirement solutions
What we offer
No matter what kind of investor your client is, or where they are on their retirement journey, our retirement solutions are designed to give our members flexibility. Members can choose from:
- CSCri Standard retirement income stream: for confident, hands-on investors.
- CSC Retirement Profiles: for investors who’d like a tailored solution but are unlikely to seek financial advice.
- CSCri Transition to retirement income stream: for those from age 60 and under 65 who’d like to access some super while they’re still working.
note
CSCri and CSC Retirement Profiles are not currently available to ADF customers. CSC is working with relevant Australian Government departments to enable CSC to offer an account-based pension product such as CSCri to our ADF customers where possible.
For more information read our CSC retirement income strategy.
This account-based pension gives members regular, tax-effective retirement income stream payments, earnings from investment returns and access to their retirement money to suit their changing needs.
A CSCri Standard retirement income stream:
-
provides a regular income stream with access to lump sum withdrawals when needed
-
keeps money invested, and allows members to choose, monitor and change their investment options
-
may give members tax savings—earnings on investment returns are tax fee—and if they’re 60 or older, income stream payments and lump sum withdrawals are tax free.
Who’s it for?
This product may suit members who are confident at managing their account and like making their own investment and retirement income choices.
Who can apply?
Members can apply if:
- they’ve reached age 60 and permanently retired; or
- they’ve ceased at least one gainful employment arrangement after turning 60; or
- they’re 65 or older, whether working or not; or
- they're permanently incapacitated.
Forecast numbers or apply
Try it out. Enter some numbers to forecast how well CSCri Standard may suit your client.
Through customer research, we’ve designed eight retirement profiles that are based on common characteristics of our customers—like account balances, income needs, spending and saving needs, and the cost of living.
-
Each CSC Retirement Profile prioritises a key retirement income objective and balances the remaining objectives with a specific profile-based retirement scenario in mind—like a member’s need to withdraw lump sums early or to have a steady income over time.
-
Three of the profiles that prioritise the ‘income stability’ objective include a Challenger lifetime annuity. Annuities can be a great way to manage the risk of outliving retirement income by providing guaranteed monthly income payments for life, in exchange for an initial lump sum investment from super. Annuity payments are additional to regular payments from a retirement income stream account.
Who is it for?
If the member is unlikely to seek financial advice about using their super in retirement, selecting a CSC Retirement Profile allows them to explore tailored retirement solutions that could align with their finances and personal goals.
Who can apply?
Members can apply if:
- they’ve reached age 60 and permanently retired; or
- they’ve ceased at least one gainful employment arrangement after turning 60; or
- they’re 65 or older, whether working or not.
Explore CSC Retirement Profiles
Explore our CSC Retirement Profiles below to see if there’s a match for your client.
This account-based pension gives members regular, tax-effective retirement income stream payments and earnings from investment returns while they’re still working.
Members may use this type of account in the lead up to retirement to reduce their work hours without dropping their income, or to maintain hours and contribute more to super.
CSCri Transition to retirement income stream allows members to:
-
keep their super balance invested in PSSap while they access some of their super savings through an account-based pension (up to 10% of their super balance invested in the CSCri account per year).
-
reduce their working hours and pay more into PSSap as before-tax (salary sacrifice) contributions, and top up the pay they miss out on with regular payments from their income stream account
-
keep getting super contributions from their employer because they’re still working
-
get tax-free income stream payments. (Members can access 10% of their transition to retirement super balance per year.)
Who’s it for?
A CSCri Transition to retirement income account may suit members working and interested in tax savings or topping up their income, and those who would like an income stream from super for more flexibility and choice before they retire.
Who can apply?
Members can apply if they have reached age 60 and they’re under 65 and still working.
Find out more
For more information about this strategy, visit Moneysmart Transition to retirement and our CSCri PDS.
FAQ for CSCri
What is CSCri?
Commonwealth Superannuation Corporation retirement income (CSCri) is an account-based pension that gives members regular, tax-effective retirement income stream payments, earnings from investment returns and access to their retirement money to suit their changing needs.
What are the eligibility requirements to open a CSCri account?
CSCri is only available to eligible PSSap, PSS and CSS customers. You can start completing the online application form to help determine eligibility for CSCri.
CSCri is not a public offer fund and therefore family members who are not eligible APS employees are not eligible to join.
My client is a member of CSS or PSS. Can they open a CSCri account?
Yes, eligible CSS and PSS members can open a CSCri account. If your client is retiring as a PSS or CSS member, we recommend they complete the application form at the same time they complete the PSS/CSS benefit application form.
To be eligible, the member
- must have completed at least 12 continuous months of employment with their CSS/PSS membership, and
- are currently a Contributing or Preserved member of PSS or CSS, or
- they were contributing to their CSS/PSS at any time on or after 7 March 2021 and they've since claimed their PSS or CSS benefit.
My client is a member of ADF Super. Can they open a CSCri account?
We don't currently support ADF Super members with CSCri. We're working on making it available in the future.
What can you do with a CSCri account?
Starting a CSCri account allows members to stay with CSC for all their super retirement needs:
- Set up a standard retirement income stream or a transition to retirement (TTR) income stream.
- Keep some or all of their super invested to support their retirement. Investment earnings are tax-free for standard retirement income streams.
- Regular flexible retirement income payments and ad-hoc lump sums
- Grow their CSCri balance by adding additional contributions through a restart strategy.
Can CSCri members apply for insurance cover?
No, CSC insurance products are not available within CSCri. If your client still has insurance needs, they can keep their accumulation account to support this.
Are there any restrictions on other money that can be rolled in?
PSSap does not accept overseas superannuation transfers such as KiwiSaver or QROPS (UK pensions).
Members will also need to consider their personal transfer balance cap for how much they can commence a CSCri standard retirement income stream with.
What are the investment options and asset allocation for each investment option?
CSCri has three pre-mixed investment options, plus a cash option. You can find out more about the investment options and target asset allocations on our Advisers Investment webpage or in the CSCri PDS.
Each investment option has a specific target asset allocation range for its asset class.
We monitor market movements to make sure the investment options are within the target asset allocation ranges.
Where can I find more information on the investment approach and investment managers?
You can find more details on the How we invest and our Investment Managers webpages.
Is there a pension commencement bonus?
No, we don't currently support a pension commencement bonus.
Is there advice fee deduction with CSCri?
No, we don't currently support advice fee deduction from CSC products.
Is there an adviser portal for CSCri?
No, we don't currently have an adviser portal. You need to complete a Third Party Authority for your client’s account.