How it works

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What is a super income stream?

Super income streams, also known as allocated pensions, can provide you with regular income payments when you are approaching retirement or you have fully retired.

When you open your super income stream account you decide on how much income you want to be paid and how often.

The IRIS Super Income Stream

An IRIS Super Income Stream is a flexible, tax effective, income stream that allows you to control your income and investments in retirement, or while you Transition to Retirement.

It enables you to receive regular payments and if your circumstances change, in most cases, it will allow you to convert some or all of your retirement income into a lump sum. In the event of your death, the balance of your account can be paid to your beneficiaries, i.e. your spouse, defacto, dependants or to your estate.

  1. When you invest in the IRIS Super Income Stream, an account is established in your name. You instruct how much income you want to receive and the frequency of the payments.
  2. The account works on an accumulation basis, which means any investment earnings are distributed to your account, while payments to you, along with fees and charges, are deducted from your account.
  3. If, at any time, your needs change, i.e. you want to change the amount or frequency of regular income payments, you can do so providing the amounts comply with Federal Government limits.

Who can invest?

You can invest in the IRIS Super Income Stream if you:

  • are over the Preservation Age and have permanently retired from the workforce, or
  • have terminated some form of employment on or after reaching age 60, or
  • are age 65 or over, or
  • are totally and permanently disabled, or
  • are Preservation Age or over, and taking advantage of the Transition to Retirement provisions

For more information, download the IRIS Super Income Stream Product Disclosure Statement

Term Allocated Pension

The IRIS Term Allocated Pension (TAP) is only open to investors who currently have an existing TAP product with another provider and want to transfer it to an IRIS TAP.

The Federal Government’s 2007 ‘Simpler Super’ legislation led to a number of changes to super income streams and pensions. Your entitlement to the Age Pension is subject to income and assets tests. After 20 September 2007, the 50% assets test exemption that applied to a TAP was removed. However, if you commenced your IRIS TAP prior to 20 September 2007 you will retain the 50% assets test exemption. If you wish to rollover from another existing TAP you may be able to retain the 50% exemption however we recommend you seek financial advice before making any decision. 

For more information, download the IRIS TAP Product Disclosure Statement

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Last updated on 9th January 2018