Accumulation and Pension Phase of superannuation

I have been receiving many questions regarding the topic of superannuation, so today, let’s understand superannuation as a product and a difference between the accumulation and a pension phase of the superannuation cycle, and which one is better and why.
Accumulation phase
This is the stage when all the money is being collected via different types of contributions:
1. Employer SCG, which currently is 10.5% of your gross wage, increasing by 0.5% annually to 12% by 2025.
2. Salary sacrifice
3. Personal concessional contributions when you claim tax deduction or
4. Personal non-concessional contributions, when you contribute the after tax money to your super account.
Pension phase
After the whole life of work and savings, there is a time when you want to retire, either fully or partially, and you need to commence an income stream, and start drawing some income from your super savings.
This is when you start the pension phase.
You can transfer your super to a pension in full or just part of your super balance. You are not forced to close down your super account, just because you need some income from your savings.
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[@AboutRetirementTV]

Which phase is your superannuation in right now?

[@alto1955]

Great video many thanks

[@3505ian]

I enjoy your sessions. I never seem to fall into any category. If only you were in Brisbane I would not hesitate to see you for advice re my small superannuation account. Alas, I don't know where to turn. I suppose it would be unprofessional to ask you to suggest an adviser. I will keep watching your videos, and a big thumbs up.

[@aussietaipan8700]

My super accumulation inputs are Employer SCG, SS and PNC. I just wish Putin was in front of me personally so this #%* war can stop, and super funds can recover. I have taken steps to take control of my other funds using the share market. My aim is to make each worth the same. So far so good. 147 liked, there should be many more.

[@himanshigautam7351]

Can you please make video on ECPI (segregated and unsegregated method)

[@ykps1978]

Hi Katherine,

[@Robyn19fnq]

Thanks again Katherine for an informative video. That's a lot of information!

[@katicarlton3547]

Thankyou for your videos.

[@chollypaderanga307]

Thanks again for this valuable information, Katherine!

[@Masa-gh2uw]

Hi Katherine, would you be able to explain the procedure and difficulty of applying the age pension with SMSF (when you have a time) please.

[@himanshigautam7351]

Hi everyone, I want to learn SMSF basics.

[@rodkennedy4330]

Hi Katherine, another informative video. Is it right that at 65 or over and retired if you split your super between accumulation and pension ,you no longer pay tax on earnings in the accumulation fund,Also I asked a question re low income health care card in your previous video and hope you could help me on that to. Thank you regards Rodney

[@user-hj8zs8yn5s]

Hi Katherine,I applied for the old age in August 2023 and still waiting for an answer,I applied on mygov and responded to all there questions,my 3 questions are,how can I speed up for an answer,SMSF in a pension phase is this counted in the access test,downsizing from family home sale can this fund be in my spouse super who will not be eligible for pension for 2. 5Years ,

[@user-hj8zs8yn5s]

Hi ,I applied for the old age in August 2023 and still waiting for an answer,I applied on mygov and responded to all there questions,my 3 questions are,how can I speed up for an answer,SMSF in a pension phase is this counted in the access test,downsizing from family home sale can this fund be in my spouse super who will not be eligible for pension for 2. 5Years ,

[@tanngo7900]

Hi Catherine.

[@devraga9612]

There is a lot of talk about when you change from accumulation phase to pension phase - there is CGT payable?

[@chollypaderanga307]

Hi Katherine, my husband and I would have liked to contribute extra under concessional contribution. However, we are holding back due to shares now are all diving down. We are both working full time. However, my husband will retire in 2 years from now.