Grow your nest egg, while receiving a regular income stream.
An ‘allocated’ pension is an easy way to access a tax effective regular income stream from your super when you retire.
An Allocated or Account-Based Pension as it is also known, is one of the most popular methods used by Australians to manage their income in retirement.
You'll benefit from tax savings and competitive investment options designed to make the most of your nest egg.
How does it work?
- A super pension account is opened in your name.
- The account works on an accumulation basis, which means that the value may go up or down depending on investment performance, payments made to you, and any fees and charges deducted from it.
- You choose the amount and frequency of your income payments (subject to government minimum limits).
- These payments will be credited to your bank account, building society or credit union.
- Upon death, income payments can continue to be paid to your surviving spouse or the remaining balance can be paid in full to your estate or to beneficiaries nominated by you.
- Once your account is exhausted, no further payments will be made.
- You can also make lump sum withdrawals at any time.
What are the features of the Pension?
- No entry fees
- No contribution fees
- No withdrawal fees
- No switching fees
- Competitive ongoing management fee
- Selection of investment options
- Investment earnings are tax free
- Pension payments are tax free from age 60
- Under the age of 60, some of the pension may be tax free and the remainder may be eligible for a 15% tax offset
- Regular tax effective income in retirement
- Flexible pension payments, twice monthly, monthly, quarterly, half yearly or annually
- Access to your account balance at any time
- Regular member statements; half yearly and an annual statement
- Online Access to your account via our secure portal MyLife Online
How to apply for a Pension
Full details on our Pension and all the forms you'll need to apply are contained in the Product Disclosure Statement (PDS), which you should consider before making any decision.
Consider consulting a financial planner before you invest. MyLife MyPension has a team of professional financial planners who can assist you. Our financial planners are salary based and do not receive any commissions or bonuses based on recommendations they make.
Please call us on 1300 963 720 to make an appointment or learn more about MyLife MyAdvice.