Can you add to a retirement pension?

“I’ve heard that once I start drawing my pension, I can’t add further funds to it. Is this true?”

It’s a common misconception that you can’t boost your income stream after you start receiving a pension. While pension accounts don’t directly accept additional contri- butions, there are strategies to “refresh” your pension.

For example, you might keep new contributions in your accumulation account and when you retire, you can do a ‘pension refresh’ allowing you to combine your super or excess funds you contribute to super in the future, with your existing pension balance.

However, these options are subject to specific rules and limits, so it’s important to consider factors such as your age, transfer balance cap, and overall retirement plan. Consulting a financial adviser can help determine the best approach to ensure your retirement income meets your needs.