Hi, if someone has never worked, and now they are past preservation age and suddenly come up with the idea of starting a super, can they open a super account, be in pension phase, and invest tax-free? If so, how do they sign up with a super fund? Usually the employer helps you sign up with the fund of your choice, right? But in this case the guy has no employer. Thank you for your answers.
Hi @lkw0113,
You can open a super account and move into pension phase even if you’ve never worked.
You don’t need an employer to set up a super fund. You can choose a public super fund and apply directly through their website or by calling them.
Once you’ve reached your preservation age and met a condition of release (like turning 65), you can start an account-based pension, and earnings in the fund are tax-free – up to your transfer balance cap.
Thanks Nikki. So if I am already 85, I can just open pension phase from the get-go, instead of first opening accumulation phase and then transferring to pension phase, right?
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