UniSuper unlocks close to $15k for members moving into retirement

Eligible UniSuper members will receive a tax-free bonus of up to $14,700 when they move into retirement phase from October 1.

The Retirement Bonus feature, once effective, will provide eligible members up to $14,700 when they move into a UniSuper Flexi Pension. It is automatically applied when a member's Flexi Pension is activated.

The funds will be directly inserted into their account, depending on their account balance and investment options.

The new bonus adds to the halved administration fee on Flexi Pension accounts since 1 July 2026 - from 0.16% to 0.08% - representing savings of around $495 per year for a member in retirement, UniSuper said.

Commenting, UniSuper chief marketing and growth officer Dani Murrie said the bonus will provide members with more confidence in retirement.

"Starting retirement with more is exactly what our members deserve after many years of working. The Retirement Bonus, combined with the fee reduction we introduced earlier this year, means members can move into their Flexi Pension knowing more of their super is working for them from day one," Murrie said.

"This is about helping make retirement easier and more rewarding, if a member is eligible, we automatically calculate and apply the bonus once their Flexi Pension is setup.

"This reflects the strength of our overall retirement offering. Competitive fees, tax-effective income, easy access to tools and calculators, and advice at every level..."

The implementation follows Colonial First State's launch of a similar offering this month. It was flagged when CFS announced its "largest-ever" expansion of its retirement offerings with Challenger, Generation Life, and BlackRock in May.