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Compare pension funds that give you an annual income in retirement

You don't have to withdraw all your super at once. You can create a regular, tax-effective income stream by using an account-based pension fund.

1 - 17 of 104
Name Last 1 year performance (p.a.) Last 3 year performance (p.a.) Last 5 year performance (p.a.) Last 10 year performance (p.a.) Fees on $50k balance (p.a.)
Hostplus Allocated Pension - Diversified Fixed Interest
Hostplus logo
Industry fund
Last 1 year performance (p.a.)
+2.77%
Last 3 year performance (p.a.)
-0.98%
Last 5 year performance (p.a.)
+0.12%
Last 10 year performance (p.a.)
+2.73%
Fees on $50k balance (p.a.)
$367
UniSuper Allocated Pension - High Growth
UniSuper logo
Industry fundHigher risk
Last 1 year performance (p.a.)
+16.14%
Last 3 year performance (p.a.)
+8.23%
Last 5 year performance (p.a.)
+10.45%
Last 10 year performance (p.a.)
+10.73%
Fees on $50k balance (p.a.)
$456
Australian Retirement Trust - Super Savings - Retirement Income Account - Shares
Australian Retirement Trust logo
Industry fundHigher risk
Last 1 year performance (p.a.)
+17.78%
Last 3 year performance (p.a.)
+10.05%
Last 5 year performance (p.a.)
+10.59%
Last 10 year performance (p.a.)
+9.89%
Fees on $50k balance (p.a.)
$287
CareSuper Allocated Pension - Balanced
CareSuper logo
Industry fund
Last 1 year performance (p.a.)
+9.03%
Last 3 year performance (p.a.)
+7.27%
Last 5 year performance (p.a.)
+7.39%
Last 10 year performance (p.a.)
+8.14%
Fees on $50k balance (p.a.)
$558
HESTA Allocated Pension - Sustainable Growth
HESTA logo
Industry fund
Last 1 year performance (p.a.)
+10.11%
Last 3 year performance (p.a.)
+6.43%
Last 5 year performance (p.a.)
+8.54%
Last 10 year performance (p.a.)
+9.58%
Fees on $50k balance (p.a.)
$703
UniSuper Allocated Pension - Balanced
UniSuper logo
Industry fund
Last 1 year performance (p.a.)
+11.38%
Last 3 year performance (p.a.)
+6.75%
Last 5 year performance (p.a.)
+8.02%
Last 10 year performance (p.a.)
+8.77%
Fees on $50k balance (p.a.)
$396
Hostplus Allocated Pension - Balanced
Hostplus logo
Industry fund
Last 1 year performance (p.a.)
+9.34%
Last 3 year performance (p.a.)
+8.58%
Last 5 year performance (p.a.)
+8.56%
Last 10 year performance (p.a.)
+9.28%
Fees on $50k balance (p.a.)
$792
UniSuper Allocated Pension - Cash
UniSuper logo
Industry fund
Last 1 year performance (p.a.)
+4.73%
Last 3 year performance (p.a.)
+2.37%
Last 5 year performance (p.a.)
+1.82%
Last 10 year performance (p.a.)
+2.14%
Fees on $50k balance (p.a.)
$211
AustralianSuper Choice Income Account - High Growth
AustralianSuper logo
Industry fund
Last 1 year performance (p.a.)
+13.08%
Last 3 year performance (p.a.)
+8.68%
Last 5 year performance (p.a.)
+9.57%
Last 10 year performance (p.a.)
+9.97%
Fees on $50k balance (p.a.)
$387
Australian Retirement Trust - Super Savings - Retirement Income Account - Cash
Australian Retirement Trust logo
Industry fund
Last 1 year performance (p.a.)
+4.67%
Last 3 year performance (p.a.)
+2.34%
Last 5 year performance (p.a.)
+1.95%
Last 10 year performance (p.a.)
+2.26%
Fees on $50k balance (p.a.)
$182
UniSuper Allocated Pension - Sustainable High Growth
UniSuper logo
Industry fundHigher risk
Last 1 year performance (p.a.)
+19.93%
Last 3 year performance (p.a.)
+8.83%
Last 5 year performance (p.a.)
+11.33%
Last 10 year performance (p.a.)
+10.81%
Fees on $50k balance (p.a.)
$366
Australian Ethical Allocated Pension - Balanced
Australian Ethical Super logo
Green CompanyEthical
Last 1 year performance (p.a.)
+9.24%
Last 3 year performance (p.a.)
+4.45%
Last 5 year performance (p.a.)
+5.9%
Last 10 year performance (p.a.)
+6.54%
Fees on $50k balance (p.a.)
$593
AustralianSuper Choice Income Account - Balanced
AustralianSuper logo
Industry fund
Last 1 year performance (p.a.)
+10.58%
Last 3 year performance (p.a.)
+7.2%
Last 5 year performance (p.a.)
+8.1%
Last 10 year performance (p.a.)
+8.84%
Fees on $50k balance (p.a.)
$382
Aware Super Retirement Income - Conservative Indexed
Aware Super logo
Industry fund
Last 1 year performance (p.a.)
+10.52%
Last 3 year performance (p.a.)
N/A
Last 5 year performance (p.a.)
N/A
Last 10 year performance (p.a.)
N/A
Fees on $50k balance (p.a.)
$212
Aware Super Retirement Income - High Growth
Aware Super logo
Industry fund
Last 1 year performance (p.a.)
+14.52%
Last 3 year performance (p.a.)
+8.2%
Last 5 year performance (p.a.)
+9.03%
Last 10 year performance (p.a.)
+9.22%
Fees on $50k balance (p.a.)
$512
AustralianSuper Choice Income Account - Diversified Fixed Interest
AustralianSuper logo
Industry fund
Last 1 year performance (p.a.)
+3.29%
Last 3 year performance (p.a.)
-1.09%
Last 5 year performance (p.a.)
+0.76%
Last 10 year performance (p.a.)
+2.87%
Fees on $50k balance (p.a.)
$272
Australian Ethical Allocated Pension - Australian Shares
Australian Ethical Super logo
Green CompanyEthicalHigher risk
Last 1 year performance (p.a.)
+12.02%
Last 3 year performance (p.a.)
+3.67%
Last 5 year performance (p.a.)
+10.62%
Last 10 year performance (p.a.)
+10.63%
Fees on $50k balance (p.a.)
$773
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Showing 17 of 104 results

Unless indicated otherwise, the information in the table is based on data provided by SuperRatings Pty Limited ABN 95 100 192 283, Australian Financial Services Licence 311880.

*Past performance data and fee data is for the period ending Mar 2024

What is a pension fund?

A pension fund, or account-based pension, lets you turn your superannuation into a regular income stream once you've reached retirement age. You allocate a portion of your super into a pension fund and then choose to receive a regular payment from the fund.

The income stream can be annual, monthly, fortnightly — whatever works for you.

An account-based pension fund is a tax-effective way to set up a regular income for your retirement, while keeping the bulk of your super invested.

What are the benefits of a pension fund?

Create a fixed but flexible income stream

Helps you create — and stick to — a fixed income in retirement. Many retirees prefer this to pulling out a lump sum, spending it over time and then dipping back into their remaining super.

Transition from work to retirement seamlessly

You can set up payments to come in just as your salary was paid while you were working.

Keep your money invested

If you withdraw all your super as a lump sum then it's no longer invested with your fund. This is fine if you've got other plans for the money.

But if you have an account-based pension fund the money is still invested. You're benefiting from investment returns for longer.

Tax advantages

If you're 60 or older, you don't pay tax on account-based pension payments. And you don't pay tax on any investment earnings once you reach retirement age either.

How to compare pension funds

When comparing pension funds look at:

  1. Fees. The lower the fees the more money you have invested.
  2. Performance. Like super funds, the past performance of a pension fund over 5 or 10 years is a useful way of comparing funds. But it does not guarantee future returns will be as high.
  3. Investment options. Look at what investment options are on offer, such as balance, high growth, conservative. A lot depends on your risk levels, and the older you are the less risk you can typically afford.
  4. Accessibility. A good pension fund offers online access via a website or app, giving you more control over your finances.

How to set up a pension fund

  1. Compare pension funds. See our tips above.
  2. Transfer a lump sum from your super fund into the pension fund account. You can choose the amount that you want to transfer.
  3. Select your payment frequency. You need to get at least an annual payment, but you can choose monthly or quarterly payments too. There is a minimum amount you have to withdraw annually, known as a pension drawdown requirement. This minimum increases as you get older.
  4. Select your investment option. Like your super fund, the money you place in an account-based pension fund is invested. Depending on the fund you choose, you'll have different investment options like balanced, high growth and so on.

💡 Before doing any of the above, it's worth talking to a financial advisor and an accountant to make sure you're setting everything up in a way that's tax effective and aligns with your goals.

How much of your super can you access via a pension fund?

You can access (or "drawdown") as much of your super as you like once you've hit preservation age. But there are minimum amounts you can withdraw from the age of 64. Your minimum drawdown amounts increase as you get older.

Minimum drawdown rates

The ATO notes that the following information is indicative only. Figures are for the 2023-24 financial year.

AgeMinimum % of super balance you must drawdown
644%
65–745%
75–796%
80–847%
85–898%
90–9411%
95 and over14%

More pension fund questions

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Written by

Richard Whitten

Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206), a Tier 1 Generic Knowledge certification and a Tier 2 General Advice Deposit Products (RG 146) certification. See full profile

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