Allocated Pension
At First Super we understand that starting up a pension isn’t just a decision about money. It’s an important lifestyle choice that often comes with a lot of questions.
The biggest question often being, how can I maintain the comfort and security of a regular income in retirement?
To get you started on your journey, here’s some important things you need to know about how a First Super Allocated Pension account can help you.
- Control your income in retirement. You can choose the amount of payments* and the frequency with fortnightly, monthly, quarterly, half-yearly or yearly payments.
- Access lump sum withdrawals. You can draw down lump sums or even the entire account value when it suits you (minimum payment $1,000).
- Pay less tax. A First Super Allocated Pension has numerous tax advantages, including no tax~ on pension payments and investment earnings.
- Take care of loved ones. A First Super Allocated Pension lets you decide who gets what’s left in your account after you’re gone, by nominating a reversionary beneficiary to continue to receive your pension payments or by making a binding beneficiary nomination.
- Peace of mind. If circumstances change, you can transfer the balance of your Allocated Pension account back into a super account.
If you are unsure about what is best for you, you may like to seek advice from a First Super Financial Planner^. They’ll assess your situation, discuss your goals and help you make the choice that’s right for you.
* You must draw the minimum pension payment based on the table below.
~ Based on current tax regulations for age 60 and over.
^Financial Advice will be provided by First Super financial planners who are authorised representatives of Industry Fund Services Ltd (IFS) (ABN 54 007 016 195, AFSL 232514).
Minimum Age
|
Temporary minimum drawdown for 2022/23 |
|---|---|
| Under 65 | 2% |
| 65–74 | 2.5% |
| 75–79 | 3% |
| 80–84 | 3.5% |
| 85–89 | 4.5% |
| 90–94 | 5.5% |
| 95+ | 7% |
WE’RE HERE TO HELP. SO LET’S TALK.
If you would like to discuss the First Super Allocated Pension, or if you have any other questions, please call our Member Services Team on 1300 360 988 or email us.