IMPORTANT INFORMATION

This important information is of a general nature only and has been prepared without taking account of your objectives, financial situation or needs. Before acting on this information or making an investment decision about whether to acquire, hold or sell a financial product, you should consider its appropriateness having regard to your objectives, financial situation and needs and read the relevant Product Disclosure Statement available on the EISS Super website or by calling us on 1300 369 901.

You should read and consider the following before you decided to make a pension withdrawal:

  1. Proof of Identity;

  2. Your Annual Pension Amount;

  3. Minimum and Maximum Annual Pension Amounts;

  4. Next Payment Date;

  5. Centrelink/Social Security

  6. Submitting your request;

  7. Confirmation of your request;

Please note: Information relating to your drawdown can be found on the Your Withdrawal Details page.

Proof of your identity

If you have not previously provided an acceptable certified copy of a document that proves your identity, you will need to do so in order for your withdrawal to be processed. For further information about proving your identity, please visit the Documents & Forms section.

Annual Pension Amount

If you elect a nominated annual amount, this will be applied from the next available payment date, without taking into account payments already received in the current financial year (e.g. If you enter a nominated annual pension of $24,000.00 and are set to receive payments monthly, your payment amount will be adjusted to $2,000.00 per month).

The amount received for the complete financial year must be between the minimum and maximum permitted (where applicable) Gross of Tax. If you select a pension amount that is outside the legally defined range, we  will adjust this amount so that it falls within this range, either by increasing your pension amount (if your selected amount is below the minimum) or reducing your pension amount (if your selected amount exceeds the maximum). 

If you would like to amend your pension payment for the remainder of the financial year, please call us on 1300 369 901 (at least 15 days prior to your nominated pension payment date).

Please note: If you have altered your pension payment within the current financial year, the Annual Pension Amount displayed may not be a true reflection of the Annual Pension you will receive this financial year. For confirmation of your Annual Pension, please call us on 1300 369 901. 

Minimum Annual Pension Amount and Maximum Annual Pension Amount

Your Minimum Annual Pension Amount is calculated based on your age and your pension account balance at 1 July each year.

If your pension is a Transition to Retirement Pension, your annual pension payments must be no more than the maximum level set by the Government and shown under the Maximum Annual Pension Amount. No government limits apply for once off lump sum withdrawals from Account Based Pensions.

If you elect the minimum or maximum, this will be applied as the total amount paid to you for the current financial year. This means that payments you have already received in the current financial year will be taken into consideration in calculating your pension payments for the rest of the financial year. (i.e. Minimum or Maximum amount minus payments received to date divided by the number of payments remaining to the end of the financial year).

The minimum amount shown is the full year minimum. This means that if you have joined part way through the current financial year, the minimum shown will be greater than your legislative minimum for the financial year, which will be pro-rated. If you wish to nominate the pro-rated minimum, you will be required to submit the request via written instruction. Please refer to the documents and forms page for more information. Alternatively, please call us on 1300 369 901.

Next Payment Date

Your updated payment amount will be paid on the first available pay period after your instruction is received and processed, provided it is valid.

Any changes to your next payment date, bank account details or your payment amount can be submitted via written instruction. Please refer to the Documents and Forms section for more information. Alternatively, please call us on 1300 369 901.

Centrelink/Social Security

If you are currently receiving a Centrelink/Social Security payment you must update them about this withdrawal.

 

SUBMITTING YOUR REQUEST

By submitting your request for a pension withdrawal, you:

  1. understand there will be no change to the way in which your pension payments will be drawn down from your investment options.

  2. understand that you have had the opportunity to obtain financial advice before making changes to your pension income.

Confirmation of your request

Your transaction will only be processed if you have received a Receipt Number. If you tried to edit your withdrawal details but you haven't received a Receipt Number, please call us on 1300 369 901.

Your change will not be visible on this site until it is processed by us.

Privacy Policy

By submitting this request to update your withdrawal details, you understand and consent to your information being collected, disclosed and used in the manner set out in our Privacy Policy.

Terms and Conditions