Pension payments

Our pension account gives you the flexibility to choose your preferred payment amount and frequency.

With a Media Super pension account, you can set up the amount and frequency of your payments to suits your needs and lifestyle.

Your super account may be split into Tax-free and Taxable components, depending on the type of contributions that have been made. Employer Superannuation Guarantee contributions form part of the Taxable component.

The proportion of these components is set when you start your pension. Any payments made, whether pension or lump sum, are paid in that proportion.

Your payments will be credited directly to your nominated bank account or financial institution.

Pension payments

Choose the amount of income you receive

Minimum payments

A minimum payment applies each financial year, depending on your age and your account balance on 1 July of that year.

The Federal Government announced on 29 May 2021 that the temporary reduced minimum drawdown amounts have been extended until 30 June 2022. The reduced amounts were introduced last year due to the financial impacts of the COVID-19 pandemic and were due to return to standard levels on 1 July 2021.

The standard minimum rates and temporary reduced rates are shown in the table below:

AgeMinimum yearly payment as a percentage of account balance prior to March 2020Temporary reduced minimum yearly payment (for the 2019-20, 2020-21 & 2021-22 income years)
Under 654%2%
65 - 745%2.5%
75 - 796%3%
80 - 847%3.5%
85 - 899%4.5%
90 - 9411%5.5%

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.

Important information about minimum payment amounts

Each year on 1 July your new minimum and maximum (if applicable) limits will be recalculated using your new account balance and age.

In early July, pension payments will be automatically adjusted to a member’s new minimum amount, if their payment type is listed as 'minimum'.

If a member’s payment type is listed as a ‘nominated’ amount, and this amount falls below their new minimum, the system will automatically bring it up to the minimum amount.

Members that have their payment type as a ‘nominated’ amount may want to change this figure and they can do so online or by calling the Helpline (1800 640 886) or by filling in a form which the Helpline will send them.

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.

Maximum payments

Retirement Pension

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 (TTR) 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.

Our team can talk through these considerations with you.

Choose a payment frequency that suits your lifestyle

With Media Super, you can choose the frequency of your payment – monthly, quarterly, six-monthly or yearly – and you can choose the month you’d like your payments to commence. You can change the frequency of your pension payments at any time via your online account or by completing and returning a Request to vary pension payment form.

Our payments are made on the 15th day of the month. If the 15th day of the month falls on a weekend or public holiday, the pension payment will be made on the last business day before the 15th.

Need to make additional withdrawals?

We never know what life's going to throw at us. There may be times when you need extra money to cover unexpected curve balls that come your way, or maybe you're planning a trip or renovations.

Retirement Pension members are able to make lump sum withdrawals in addition to their nominated payment amount.

As Transition to Retirement pension members are still accumulating super by working, they can only make lump sum withdrawals if they meet one of the standard superannuation conditions of release.

Making a withdrawal is simple

You can make a partial or full withdrawal, if eligible, using the Request for full/partial withdrawal form.

Retirement Pension members can make partial lump sum withdrawals online at any time.

Transition to Retirement Pension members will need to complete the preservation declaration on the pension withdrawal form or provide further additional documentation under certain circumstances before you are eligible to access your funds.

Payments will be made, after tax is deducted (if applicable), by cheque or EFT to your nominated bank account.

Members under the age of 60 should be aware that there may be tax implications for making additional lump sum withdrawals.

Adding to your pension

Once you have opened a pension account, you won't be able to add any additional funds to that account. If you want to add funds to your pension you may be able to:

  • open a separate pension account with other money you have invested in super, or
  • roll your existing pension back into a super account, add your additional money, and then transfer the larger balance to a new pension account.

We recommend that you seek advice from a financial advisor before making a decision, so that you understand the potential financial, taxation and social security implications.

Find out more about opening or reinvesting a pension account or call us on 1800 640 886 for assistance.