With the Statewide Pension, you have the flexibility to choose how often your payments are made to your bank account, as well as how much you receive.
You can choose to receive your payments:
- Half yearly
If you have a Retirement Pension, you can also withdraw a lump sum at any time. The minimum amount you can withdraw is $2,000 and there is no fee for this.
There’s a legal requirement that a minimum payment be made to you at least annually regardless of what type of pension you have. This amount is based on your age and is expressed as a percentage of your account balance at the start of the financial year, or when you opened your account, if it’s the first year of your pension.
The minimum payment requirements for 2012-13 are:
|Age||Minimum annual payment requirements|
|65 – 74||5.0%|
|75 - 79||6.0%|
|80 – 84||7.0%|
|85 – 89||9.0%|
|90 – 94||11.0%|
There’s no maximum limit on the payment you can receive from your Retirement Pension but if you have a Transition to Retirement (TTR) Pension, the maximum amount you can receive is 10% of your account balance.
When deciding your payments each year, it’s important to consider your personal circumstances and how long you want your StatewideSuper Pension to last.
Call our friendly Client Services team on 1300 65 18 65 if you have any questions.
For more detailed information, download the Statewide Pension Product Disclosure Statement.
For personalised advice tailored to your needs, consider talking to a Financial Planner*.
The information provided is of a general nature. In providing this information we have not taken into account your objectives, financial situation or needs. Further, we recommend that professional financial advice should be sought from a qualified adviser with regard to your objectives, financial situation and needs before considering or acting on the appropriateness of the information given.