Everyone is welcome to open an MTAA Super Pension and enjoy our range of benefits and services.
Since 1989, we’ve built our name as Australia’s leading super fund for the motor trades. Now we proudly drive the future of Australians from all kinds of trades and industries.
The following table outlines some of the key features of our MTAA Super Pension and MTAA Super TTR Pension.
Minimum opening balance
You need a minimum of $10,000 to open a pension account with MTAA Super.
You can choose how much you’d like to receive as a pension each financial year, as long as it meets the minimum payment amount set by the Governmenr (and maximum for the MTAA Super TTR Pension).
You can choose how often you receive your pension payments: fortnightly, monthly, quarterly, half-yearly or annually. You can also change the frequency of your pension payments at any time.
You must receive at least one pension payment in a financial year.
How will I receive my pension?
Your pension will be paid to your nominated bank, credit union or building society account. It can’t be paid to you by cheque or cash.
How long will my pension last?
Your pension payments will continue until your account balance is zero. There is no guaranteed period and your pension may not last for the rest of your life.
How long your pension lasts will depend on a number of factors, including:
your opening account balance
how much you withdraw as pension payments each year
whether you make lump-sum withdrawals
investment returns applied to your account, and
any fees, costs and taxes deducted.
Partial lump sum withdrawals
If you have a MTAA Super Pension account, you can make lump sum withdrawals at any time. You must withdraw a minimum of $5,000 and have at least $10,000 left in your Pension account after the withdrawal. The tax you pay on lump sum withdrawals will depend on your age.
If you have a MTAA Super TTR Pension, you generally can’t make lump sum withdrawals.
You pay an administration fee of $1.60 a week plus 0.15% p.a. of your account balance, up to a maximum total administration fee of $533 p.a.
Your pension will be assessable for Centrelink’s assets and income tests.
You can invest your pension account in one or a mix of our eight investment options. If you don’t choose an investment option when you open your account, your account will be invested in the default Conservative investment option.
Any investment earnings credited to your pension account are generally tax free.