Nick is 70 and has worked as a mechanic for most of his life and has been getting super for a long time. On his 65th birthday he retired with $300,000 in his super.

Nick has always planned for his super to be his main source of income in retirement, so he met with his Industry SuperFund's financial planner to discuss his options. The adviser suggested he convert his super into an income stream and start drawing down on it gradually while also taking a small amount of the Government Age Pension as a top-up.

This strategy allowed the balance in Nick's Industry SuperFund to remain invested while Nick could also still be in control of his balance with the flexibility to choose how much he wanted to take as an income and how often. He could also withdraw extra money anytime he wanted.

Nick's balance continued to grow in the early years of retirement while also providing him with an income. And as an added bonus, Nick was better off than if he had switched to a retail super fund.

Here's what that looked like:

• Nick's super balance was $300,000 when he retired, and he converted it into an income stream account with his Industry SuperFund.
• Over the past five years he withdrew on average around $15,199 a year from his income stream account and was also able to access the Government Age Pension to supplement this income.
• Nick experienced an average five-year Industry SuperFund investment return of 6.90% (2019 - 2024).
• Today, his Industry SuperFund balance has grown to $326,504
• If Nick had switched to a retail fund pension product at retirement, his balance would only be $310,547.

That's a difference of nearly $16,000, simply because he stuck with his Industry SuperFund.

Nick is not an actual member. His story has been created for illustrative purposes.

* Past performance is not a reliable indicator of future performance and should never be the sole factor considered when selecting a fund.

Comparisons modelled by SuperRatings, commissioned by ISA and shows average differences in pension net benefit of the 'main pension Balanced option' of 7 Industry SuperFunds and retail funds tracked by SuperRatings, over a 5 year period. A 'main pension Balanced option' being the fund's largest pension Balanced option where 60% to 76% of the fund's assets are invested in growth investments. Where a fund does not have a Balanced option, the option closest to SuperRatings’ benchmark range of 60% to 76% growth investments is used. Outcomes vary between individual funds. Modelling performed on 16 October 2024 using data as at 30 June 2024. See www.industrysuper.com/assumptions for more details about modelling calculations and assumptions. Consider a fund's Product Disclosure Statement (PDS) and your personal financial situation, needs or objectives, which are not accounted for in this information, before making an investment decision. ISA Pty Ltd ABN 72 158 563 270 Corporate Authorised Representative No. 426006 of Industry Fund Services Ltd ABN 54 007 016 195 AFSL 232514.