Minimum yearly payment
A minimum payment applies each financial year, depending on your age and your account balance on 1 July of that year.
Minimum yearly payment as a percentage of account balance as at 1 July
Each year on 1 July your new minimum and maximum (if applicable) limits will be recalculated using your new account balance and age. We will send you a letter advising you of your new minimum and maximum (if applicable) limits. We will also seek your instructions regarding your preferred income level and payment frequency.
You must receive at least one pension payment each year, within your minimum and maximum (if applicable) limits. However, if you commence your pension on or after 1 June in any financial year, then no minimum payment is required to be paid to you in that financial year.
You can change your payment amounts and frequency at any time via your online account or by completing and returning a Request to vary pension payment form.
As Retirement Pension members are allowed to make lump-sum withdrawals, no maximum payment limit applies.
Transition to Retirement Pension
You can receive up to a maximum of 10% of your account balance each year.
You may want to consider the level of assets held in your pension if you are using the account as part of a Transition to retirement strategy.
Some of the issues you should consider include:
- You may be required to receive a pension payment higher than your salary sacrifice amount.
- Your current account balance may not provide a sufficient pension payment amount.