How to open a pension account

 

Opening a pension account is easy

While the process is straightforward, we do recommend that your first step is to talk to one of our financial planners. They can help you make sure you get everything right and there are no nasty surprises down the track.

1. Make sure you’re eligible

To open a pension account you need to have at least $30,000 in your super account to put in your pension account. To open an Allocated Pension you need to have reached your Preservation Age and retired, turned 65 or turned 60 and terminated employment. To open a WISP account you need only to have reached your Preservation Age. Your Preservation Age is based on when you were born.

 

Date of birth Your Preservation Age
Before 1 July 1960 55 years
1 July 1960 to 30 June 1961 56 years
1 July 1961 to 30 June 1962 57 years
1 July 1962 to 30 June 1963 58 years
1 July 1963 to 30 June 1964 59 years
After 30 June 1964 60 years

 

2. Download the PDS

The Pension PDS has all the information you need to know about setting up a pension account. It also includes the application forms for both a Working Income Support Pension and an Allocated Pension.

3. Decide how much and how often you want to be paid

Use the Pension Drawdown Calculator to see how long your pension might last, based on the amount you want to be paid and the investment option you choose. If you find your money won’t last as long as you hoped, you can see exactly how much longer it would last if you reduce your payment amount, or changed the length of time you want it to last.

4. Decide how you want your money invested

You can decide the investment option, or options, for your money. And, you can also choose which option is used for your payments.

5. Nominate your beneficiaries

Unlike your other assets, your Pension does not automatically form part of your estate. We need you to tell us who you want to get the money in your account if you die, by nominating your beneficiaries. If you don’t nominate your beneficiaries, it’s left to the Trustee to decide how the money in your account gets distributed. Learn more about nominating beneficiaries.

6. Complete the form

Complete the Application Form in the Pension PDS and make sure you attach the required certified copies of your identification documents, before you send it in to us.

 

We’re here to help

If you’re not sure where to start, or want some advice to help you make these decisions, our planners are here to help you. Call us on 1800 757 607, or make an appointment now.

 

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