How much pension
Our Pension product allows you to nominate the monthly pension you wish to receive in any year, subject to the legislated minimum withdrawal limits. You may change the withdrawal amount during the year which gives you the flexibility to alter your pension to meet specific needs from one year to the next. You may also make lump-sum withdrawals. Withdrawals between $1,000 and $10,000 can easily be made online through MemberAccess.
The Government specifies age based minimum limits are:
|Age at 1 July||Minimum Limit (% of account balance at 1 July)|
|65 to 74||5%|
|75 to 79||6%|
|80 to 84||7%|
|85 to 89||9%|
|90 to 94||11%|
|95 or over||14%|
These are applied to your account balance at the start of your pension (pro-rata for a partial year) and at each subsequent 1 July to determine the required minimum for your pension payments each year.
Note: The government specified age-based limits are correct as of March 2014. These limits are subject to change as the government makes legislative changes.
You should nominate your monthly pension amount when you apply for a Christian Super Pension. The legislated minimum amount is applied as the default if you do not make a selection.
We will send you a statement shortly after 1 July each year showing your new limit and allowing you to change your payment amount for the following year.
Jenny is 66 years old. She is starting a Christian Super Pension on 1 October with a total account balance of $240,000.
Her annualised minimum Pension is $12,000 pa (=5% of $240,000).
The first year is only 9 months, so her pro-rata Minimum Pension is $9,000 (= 9/12 x $12,000). This equates to $1,000 per month over the 9 months.
Jenny can choose any pension amount equal to or greater than $1,000 per month.
Please note that the information contained on this website is a summary and general in nature. It does not take into account any personal objectives, financial situation or specific needs of individual members. We strongly recommend that you refer to our Pension Product Disclosure Statement (PDS) for the full terms and conditions, and obtain professional financial advice to determine the appropriateness of the information, taking into account your own personal circumstances.