IMPORTANT INFORMATION

Regular Pension Withdrawals

This important information relates to many members’ super accounts; their circumstances may be different from yours. If you are in doubt about whether or not a particular provision applies to you or if you simply would like further information, please call us on 1300 133 177.

It is important for you to consider your own personal financial circumstances, objectives and needs (your needs). We provide general information only and it may not be right for you. If you would like someone to help consider your needs before you start regular pension payments from your Income account or Transition to retirement account you should consider speaking with a licensed or appropriately authorised financial adviser. To speak with an NGS Super financial adviser please call us on 1300 133 177.

To start an Income account or Transfer to retirement account and receive regular income payments, please use the relevant application form in the NGS Income Account Guide or NGS Transition to Retirement Guide as appropriate. You should also read and consider the following before you decide to start regular pension payments:

  1. Proof of your Identity;
  2. Your Pension Commencement Date;
  3. Your Annual Pension Amount;
  4. Minimum and Maximum Annual Pension Amounts;
  5. Next Payment Date;
  6. Your Relevant Number;
  7. Submitting your request;
  8. 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, this will be required in order for your request to be processed. For further information about proving your identity, please visit the NGS Super website and read the Income Account Guide or Transition to Retirement Guide as appropriate.

Your Pension Commencement Date

Your first regular pension payment will be processed on the next available date (generally the 15th of the month unless you wish to receive payments fortnightly which will be paid every second Thursday). We will provide you with confirmation of the details generally in 3-5 business days.

Annual Payment 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 and are set to receive payments monthly, your payment amount will be adjusted to $2,000 per month).

The amount received for the complete financial year must be between the minimum and maximum permitted (a maximum applies only to payments made from a Transition to retirement account) gross of any 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 133 177 (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 133 177.

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 you have a Transition to retirement account, 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 for members who have an Income account.

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. (ie. the 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 133 177.

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 page for more information. Alternatively, please call us on 1300 133 177.

Your Relevant Number

Your Relevant Number is a number calculated to determine the expected term of the pension account, which is used for Centrelink purposes.

Submitting your request

Privacy Policies

By submitting this request to start regular payments from an Income account or Transition to retirement account, you understand and consent to your information being collected, disclosed and used in the manner set out in our Privacy Policies.