Recent Treasury information revealed that 84% of retirement savings is held in Account-Based (or allocated) pensions. Yet responses to a survey conducted by AMP suggested that 70% of over 50-year-olds do not understand what an Account-Based Pension (ABP) is. How can this be so? Is it possible that some retirees have ‘rolled over’ their super into an Account-Based Pension, but do not fully understand how such an account works? Yes, is the short answer. Many aspects of superannuation remain both complex and confusing. Today we are revisiting the topic of Account-Based Pensions and share five things that you may not know – things that may help you to better understand some of your own options when it comes to withdrawing funds from your own super account.
