Hostplus is helping members boost their account balance when they transition to the pension phase with the introduction of Retirement Bonus payments.
From today, members who meet the eligibility criteria will receive an additional top-up to their account when they transfer from a Hostplus accumulation or Transition to Retirement (TTR) account to a Hostplus Pension account.
Hostplus CEO David Elia said the Retirement Bonus would support members at a pivotal stage in their retirement journey, while also increasing equity across the fund.
“The Retirement Bonus provides eligible members with a valuable boost to their retirement savings at a key transition point, helping them make the most of their super as they move into the pension phase,” Mr Elia said.
“We believe offering a bonus payment is a fairer way to allocate tax reserves that will no longer be required as members enter the tax-free pension phase.
“We are delighted to be able to offer this feature to our members from today,” Mr Elia said.
Retirement Bonus payments are calculated based on a member’s individual account balance and investment allocation over the 12 months prior to transfer.
To be eligible, members must have held a Hostplus Accumulation or TTR Account for at least 12 months, maintained their balance in eligible investment options during that time, and transferred all or part of their balance to a new Hostplus Pension Account.
More information is available on the Hostplus website here.