What is CSCri?
Commonwealth Superannuation Corporation retirement income (CSCri) is an account-based retirement product for CSS, PSS and PSSap scheme members who wish to keep some or all of their government super invested and receive income in retirement.
CSCri can help to ensure your money is not locked away. You can withdraw ad hoc amounts at any time and choose to invest your account balance in one or a mix of up to four investment options. Arrangements are flexible, so you can change them to suit your needs.
CSCri also provides a transition to retirement income stream. To learn more, view and download our transition factsheet at cscri.gov.au
Benefits of CSCri
Turn your super savings into tax-effective income in retirement
- Your income payments are tax-free from age 60.
- Your payments before age 60 are taxed concessionally.
- Your investment returns are tax-free.
Enjoy flexibility and control over your money in retirement
- Need to access an ad hoc amount? You can make withdrawals at any time.
- Prefer to make an investment choice for your account balance? Choose from one or a mix of up to four investment options and change your selection at any time.
- Want to change how much and how often you are paid your income? Change your preferred annual payment amount (within limits) and choose to receive your income payments either monthly, quarterly, half yearly or annually.
- Choose either a reversionary, binding or non-binding beneficiary who will receive your remaining CSCri account balance in the event of your death. Select, change or revoke your beneficiary nomination (including a reversionary nomination) at any time.
- Manage your account online using CSCri Member Services Online.
Stay in the Australian Government superannuation environment in retirement
Are you eligible?
If you wish to take up a standard retirement income stream in CSCri, you must either:
- be permanently retired from the workforce, having reached your preservation age
- be in new employment on or after age 60
- be age 65 or older.
|Your date of birth||Your preservation age|
|Before 1 July 1960||55|
|1 July 1960 – 30 June 1961||56|
|1 July 1961 – 30 June 1962||57|
|1 July 1962 – 30 June 1963||58|
|1 July 1963 – 30 June 1964||59|
|From 1 July 1964||60|
CSS and PSS members
CSS and PSS members (contributing and preserved) are eligible to begin a CSCri account using monies from the following sources:
- your PSSap Ancillary account and/or
- another superannuation fund and/or
- an eligible superannuation contribution (such as an after-tax/non-concessional contribution) and/or
- a lump sum amount from either CSS or PSS when you permanently retire.
How do I get started?
We suggest you obtain professional advice from an experienced financial planner to help meet your income needs in retirement and determine if CSCri is right for your circumstances and goals.
Your super trustee, Commonwealth Superannuation Corporation (CSC), has partnered with experienced financial planners from Industry Fund Services to bring a personal financial advice service to you. It is ‘fee for service’ advice, which means you receive a fixed quote upfront. There are no obligations, commissions or hidden fees.
To arrange an advice appointment please call 1300 277 777 during business hours. If you wish to know more about this personal advice service, please visit cscri.gov.au/advice
|Flexible income and ad hoc options||
There is a minimum annual payment amount
Ad hoc withdrawals
|Tax benefits||Age 60 and over
Tax-free investment returns
Tax-free income payments and ad hoc withdrawals Under age 60
Tax-free investment returns
Concessional tax on income payments and ad hoc withdrawals
|Investment choice||One or a mix of up to four investment options:
|Beneficiary nomination||Reversionary, binding or non-binding|
|Expert financial advice||Access to fee for service, no commission personal financial advice for your individual situation and long-term goals, provided by Industry Fund Services|
|Ability to restart your CSCri with additional amounts||Add additional amounts and restart your CSCri at any stage (you may need to have received the minimum annual payment amount before restarting).|
Visit our Forms and publications page where you can learn more about both a standard and transition to retirement income stream and download the CSCri Product Disclosure Statement (PDS).
Alternatively, call us on 1300 736 096 during business hours to receive a hard copy of this document in the post.