IMPORTANT INFORMATION

It is important for you to consider your own personal financial circumstances, objectives and needs (your needs). We do not consider your needs. If you would like someone to help consider your needs before you make a withdrawal from your income account you should speak with a licensed financial adviser.

You should read and consider the following before you decide to make changes to your income payments:

  1. Your Commencement Date;
  2. Your Annual Pension Amount;
  3. Minimum and Maximum Annual Pension Amounts;
  4. Next Payment Date;
  5. Your Relevant Number;
  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.

Commencement Date

Any requests to change your income payments will usually be effective from your next available pay date, subject to your request being received in time. We will provide you with confirmation of the details of changes to your income payments generally in 3-5 business days.

Annual Income Amount

If you elect a specific annual amount, this will be applied from the next available payment date, without taking into account payments already paid to you in the current financial year (e.g. If you enter a nominated annual amount of $24,000 and are set to receive payments monthly, your payment amount will be adjusted to $2,000.00 per month).

The amount you receive for a financial year must be between the minimum and maximum amounts set by the Government, gross of tax. If you select an income payment amount that is outside the minimum and maximum amounts allowed, we will adjust your income payments so that it falls within the limits, either by increasing your income payments (if your selected amount is below the minimum) or reducing your income payments (if your selected amount exceeds the maximum).

Please note: If you have altered your income payments within the current financial year, the Annual Pension Amount displayed may not be a true reflection of the annual amount you will receive this financial year. For confirmation of your annual income, please contact us.

MINIMUM ANNUAL PAYMENT AND MAXIMUM ANNUAL PAYMENT

Your Minimum Annual Payment amount is calculated based on your age and your account balance at 1 July each year.

If you are a Transition to Retirement member, your annual income payments must be no more than the maximum level set by the Government and shown under the Maximum Annual Amount.

If you elect the minimum or maximum amount, 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 income 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 minimum for the full financial year. 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 need to submit the request via written instruction. Please call us if you need help with this.

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 payment frequency, bank account details or your payment amount can also be made by completing the relevant form on our website.

Your Relevant Number

Your Relevant Number is a number calculated to determine the expected term of your income account, which Centrelink may ask you for.

Submitting your request

By submitting your request for a change to your income payments you:

  1.  understand there will be no change to the way in which your income 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 income payments.

CONFIRMATION OF YOUR REQUEST

Your change request will only be processed if a Receipt Number is displayed on your screen after you have submitted your request. If you tried to change your income payments but haven't received a Receipt Number, please call us on 1300 362 967.

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

Privacy Policies

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