How to open an RI Allocated Pension account

If you’ve explored your options and decided that an allocated pension is best for your situation, here you’ll find the steps you need to take to open an account.

Before you get started, please note there’s a fee of $52 to open an RI Allocated Pension account. This fee gets indexed on 1 July annually.

We aim to process your application for an account within 10 working days of receiving your form and all the necessary details, including information from your employer. Sometimes this can take longer, depending on your situation.

1. Read the Retirement Income Pension Product Information Booklet.

In the Product Information Booklet, you’ll find:

  • A summary of the benefits, options and features that are available in the RI Allocated Pension, including your investment options
  • The minimum and maximum drawdown amounts
  • Details of other important documents that relate to the RI Allocated Pension

Please read this booklet and the other documents recommended in the booklet before you apply to invest in an RI Allocated Pension.

2. Roll your super into one account.

You can only transfer money into your RI Allocated Pension account from one super account. If you have more than one super account that you want to turn into an income stream through your allocated pension account, you’ll need to roll it all into one super account first.

A $1.6 million cap applies on the total amount of super you can transfer to or hold in a tax-free retirement account. Find out more about the $1.6 million transfer balance cap.

For each super fund you want to roll in, you can choose to either:

If you need help to roll in your other super using Member Online, please see our Member Online help guide or call us on 13 43 72.

3. Download your Retirement Income Pension application form.

First, click the hyperlink for the Retirement Income Pension Product Information Booklet and go to page 43 for the application form. You will only need to print pages 43 to 47 for the form.

When you complete your Retirement Income Pension application form, you’ll need to take 13 steps. You might like to print the form first then use this page as a guide as you complete each step.

4. Select your pension option

Confirm if you are applying to open an RI Allocated Pension or Transition to Retirement Pension.

This image shows the ‘Step 1 - Select your pension option’ section of the Retirement Income Pension application form. In this section, you need to tick the relevant box to confirm which Retirement Income Pension option you are applying for - either the RI Allocated Pension or Transition to Retirement Pension. For a summary of the differences between the two pensions, see gesb.wa.gov.au/differences. If you don’t know which Retirement Income Pension account you can open, please contact your Member Services Centre on 13 43 72.

5. Provide your personal details

These details include your member number, name, date of birth and your contact details.

This image shows 'Step 2 - Your details' section of the Retirement Income Pension application form. In this section, you need to provide your GESB member number and personal details, including your title, surname, given name or names, date of birth, gender, address, email and telephone numbers.

You can find your member number on any statement you’ve received from us.

6. Get certified copies of your ID documents

This image shows the ‘Step 3 - Proof of identity’ section of the Retirement Income Pension application form. In this section, you need to tick the appropriate box to confirm you have attached certified copies of your proof of identity. Select the first box if you have attached an original certified copy of your current driver’s licence or passport. Select the second box if you have attached certified copies of both of your birth or citizenship certificate or Centrelink pension card AND an Australian Taxation Office (ATO) notice of assessment issued within the last 12 months or a local government rates notice issued within the last three months, showing your name and address.

For your security, we need to confirm your identity before you can withdraw any of your super benefit. You could provide:

  • A certified copy of your passport only
  • A certified copy of your driver’s licence only
  • Certified copies of your birth/citizenship certificate or Centrelink pension card AND an Australia Taxation Office (ATO) notice of assessment from the last 12 months or your local government rates notice from the past three months with your name and address

For more details on providing certified identification, please see page 39 of the Product Information Booklet or read our proof of identity page.

7. Work out your retirement date

This image shows the ‘Step 4 - Retirement date’ section of the Retirement Income Pension application form. If you would like your application to be processed after your retirement, you need to provide your date of retirement in this section.

Provide your date of retirement at this step.

As you continue completing the form, you’ll need to make some decisions about how you’d like to access your super.

8. Choose the amount you’d like to transfer

This image shows the ‘Step 5 - Transfer to a Retirement Income Pension account’ section of the Retirement Income Pension application form. In this section, you need to indicate which GESB accounts - Gold State Super, West State Super and/or GESB Super - you would like to transfer to your Retirement Income Pension. For each account, you can choose from three options on the form: Option 1: ‘Transfer all’ of the balance in your account Option 2: ‘Leave’ a dollar amount in your account Option 3: ‘Transfer’ a chosen dollar amount (gross or net) or percentage to be transferred from your account into your Retirement Income Pension If you are transferring more than one GESB account, your funds need to be consolidated in your West State Super or GESB Super account before being transferred to your Retirement Income Pension. If you would like to keep these funds separate, you will need to complete another application form to open a separate Retirement Income Pension account. If you are transferring amounts from external funds only, please contact your Member Services Centre on 13 43 72 for more information. If you want to open an RI Allocated Pension account, as well as receive a lump-sum payment or roll over part of your benefit to a complying super fund, you’ll need to complete the relevant ‘Benefit access’ form at gesb.wa.gov.au/forms.

For your first RI Allocated Pension, you need a minimum of $30,000 (gross). If you already have an allocated pension with us, you’ll need $10,000 (gross) to open another account.

You’ll need to indicate if you want to transfer the entire balance of your super account or just part of your account. You can also choose to transfer a specific amount or a certain percentage of your account.

If you want to keep your super account open, you need to write on the form how much you would like to leave in the account. This amount needs to be at least $1,000 to keep your account open.

9. Provide your bank account details

This image shows the ‘Step 6 - Financial institution details’ and ‘Step 7 – Payment frequency and amount’ sections of the Retirement Income Pension application form. In Step 6, you need to provide the details of the account you would like your pension to be paid into. This includes your bank, building society or credit union name, BSB number, account number and account name. In Step 7, you need to determine your payment frequency and amount.

We need to know the details of the account you’d like your income to be paid into. For your security, we’ll need a copy of your bank statement showing your full name, the name and BSB of your bank and your account number. If providing an internet bank statement, please add your signature, printed name and date to the page. Credit card accounts, overseas accounts and any third party account (such as a business or ‘trading as’ accounts) are not allowed.

10. Choose monthly, quarterly or annual payments

This image shows part of the ‘Step 7 - Payment frequency and amount’ section of the Retirement Income Pension application form. This section refers to page 7 of our ‘Retirement Income Pension Product Information Booklet’ for information to help you decide how much pension you will need. You will find this Product Information Booklet at gesb.wa.gov.au/brochures. If you choose a pension amount that falls outside of the limits set by the Commonwealth Government, this will be adjusted to the minimum or maximum amount, accordingly.

You can choose to receive the minimum pension drawdown amount or apply for another amount (gross or net). You can alter payments to meet your changing lifestyle needs, subject to minimum limits set by the Commonwealth Government.

This image shows part of the ‘Step 7 - Payment frequency and amount’ section of the Retirement Income Pension application form. This section provides a tick box to choose your preferred payment frequency – either a monthly, quarterly or annual payment – and indicate your pension amount in dollars. You can also nominate the month and year you would like your pension to start, and select either the minimum or maximum pension amount, or specify another pension amount (before or after tax).

Please see page 7 of the Product Information Booklet for the minimum and maximum drawdown amounts which apply to your situation.

11. Choose your investment plan

At this point in completing the form, you’ll need to choose how you would like to invest your money. Please note: the Transition to Retirement Pension investment plans are also listed here. For example, if under Readymade plans you tick ‘Growth plan/Growth plan TTR’ and you are applying for an RI Allocated Pension, you will be invested in the ‘Growth plan’.

This image shows part of the ‘Step 8 - How I want my money invested’ section of the Retirement Income Pension application form. You can choose option A - Readymade plans, option B - combination of Cash or Cash TTR and Readymade plans, or option C - Mix Your plan. Once we have accepted your ‘Retirement Income Pension application’ form, we can’t change your initial investment choice. You can make investment plan changes in the future using the relevant ‘Investment choice’ form at gesb.wa.gov.au/forms. However, these changes will only take effect once we have completed your previous request.

You can choose from three investment types:

This image shows part of the ‘Step 8 - How I want my money invested’ section of the Retirement Income Pension application form. It shows ‘Option A - Readymade plans’. Here you can choose one of our four Readymade plans: Growth plan, or Growth plan TTR, if you’re a Transition to Retirement Pension (or TTR) member; Balanced plan or Balanced plan TTR, Conservative plan or Conservative plan TTR, or Cash plan or Cash plan TTR. This image shows part of the ‘Step 8 - How I want my money invested’ section of the Retirement Income Pension application form. It shows ‘Option A - Readymade plans’. Here you can choose one of our four Readymade plans: Growth plan, or Growth plan TTR, if you’re a Transition to Retirement Pension (or TTR) member; Balanced plan or Balanced plan TTR, Conservative plan or Conservative plan TTR, or Cash plan or Cash plan TTR. If you don’t nominate an investment plan, the default investment option - ‘Balanced plan’ or ‘Balanced plan TTR’ – will be chosen for you.

  • A Cash plan and another Readymade plan - You can decide to invest your money in two Readymade plans, one of which will be the Cash plan. You can also allocate from which investment plan your income payments will be made by percentage or in what order.

This image shows part of the ‘Step 8 - How I want my money invested’ section of the Retirement Income Pension application form. It shows ‘Option B - Combination of Cash or Cash TTR and Readymade plans’. Here you can nominate the percentage you would like invested in the Cash or Cash plan TTR, and nominate the plan you would like the remainder invested in. Your pension will be paid in the same proportions as it is invested. Alternatively, if you want to have your pension paid in different proportions or in a debit order, you will need to complete the percentage or order boxes provided.

  • The Mix Your plan option - You can build your own investment mix by choosing 5% multiples in one or more Mix Your plan asset classes to total 100%.

This image shows part of the ‘Step 8 - How I want my money invested’ section of the Retirement Income Pension application form. It only shows ‘Option C - Mix Your plan’. Here you can build your investment mix by choosing 5% multiples in one or more of the asset classes listed to total 100%. You can nominate your investment mix percentage and the percentage of payment or the order you would like your pension to be paid. You can select from five asset classes, which are: Cash or Cash TTR, Fixed Interest or Fixed Interest TTR, Australian Shares or Australian Shares TTR, International Shares or International Shares TTR, Property or Property TTR.

12. Plan for the future of your account

This image shows part of the ‘Step 9 - Reversionary pensioner’ section of the Retirement Income Pension application form. This section is optional. It allows you to nominate a reversionary pensioner and provide their personal details, including their GESB member number, surname, given name or names, date of birth, and gender. You must provide certified proof of identity for your nominated reversionary pensioner, including their date of birth and relationship to you. Proof of identity requirements are outlined on page 1 of the form.

You can choose to nominate what is known as a reversionary pensioner for your account. This could be your spouse, defacto partner, child or someone who is financially dependent on you or who has an interdependency relationship with you.

It’s optional but nominating someone means they will receive your pension in the event of your death.

If you want to nominate someone as your reversionary pensioner, you need to do this when you apply for your account. It can’t be done at a later date.

If you’re not sure if someone is financially dependent or has an interdependency relationship with you, read section 12 in the Product Information Booklet or contact your Member Services Centre on 13 43 72 for help.

13. Complete this if you’ve received a Surcharge Assessment notice

This image shows the ‘Step 10 - Surcharge liability’ section of the Retirement Income Pension application form. In this section, you need to indicate if you would like us to retain a portion of your total benefit for the future payment of your Surcharge Liability (if applicable), and indicate the amount in the box provided. We will deduct this amount from your gross benefit (before tax is deducted). When you receive your ‘Notice of final liability’ please send us a copy. We will close your surcharge liability account and send you a cheque, which you can then pay to the ATO. If the amount is not enough to cover the liability, you will need to pay the shortfall. Any remaining balance in the surcharge liability account will be paid out to you and subject to any applicable tax.

If the Australian Taxation Office (ATO) has sent you a Surcharge Assessment notice, you can use this step to choose an amount of your benefit that we can hold for you. This means you can later pay your final assessment to the ATO from your pre-tax benefit.

14. List any other related super funds

This image shows the ‘Step 10 - Surcharge liability’ section of the Retirement Income Pension application form. In this section, you need to indicate if you would like us to retain a portion of your total benefit for the future payment of your Surcharge Liability (if applicable), and indicate the amount in the box provided. We will deduct this amount from your gross benefit (before tax is deducted). When you receive your ‘Notice of final liability’ please send us a copy. We will close your surcharge liability account and send you a cheque, which you can then pay to the ATO. If the amount is not enough to cover the liability, you will need to pay the shortfall. Any remaining balance in the surcharge liability account will be paid out to you and subject to any applicable tax.

If you intend transferring your money from any another super funds into your GESB Super or West State Super account, please list those external funds in Step 11.

Remember, you’ll need to roll in your other super to an existing GESB Super or West State Super account before transferring to an RI Allocated Pension.

15. Sign the declaration

As you finish the application process, you’ll need to read and agree to the declaration, confirm that you’ve read the relevant information and sign and date the form.

This image shows part of the ‘Step 12 - Declaration and signature’ section of the Retirement Income Pension application form. In this section, you need to read and agree to the declaration and tick one or more of the relevant boxes under ‘Transition to Retirement Pension only’, ‘Gold State Super benefits’, ‘West State Super and GESB Super benefits’ and ‘Other’ sections.

16. Post your form and other relevant documents to us

At the end of the form, you’ll find a checklist of the documents that you need to send into us with your form. Please note:

  • We can only process your application once we have all of the details and documents.
  • Your member number needs to appear on all supporting documents.

This image shows the ‘Step 13 - Post your form to us’ section of the Retirement Income Pension application form. It shows the list of supporting documents you need to post to us, including your completed application form; tax file number declaration (if under age 60); certified proof of identity, and if applicable, a certified proof of identity for the reversionary pension and proof of your bank account details. Please post these documents to us at GESB, PO Box J 755, Perth, WA 6842.

Once your form has been submitted, we aim to process your application within 10 working days. Sometimes it can take us longer to process, depending on your situation. If you’re opening an allocated pension to access your Gold State Super, please allow some extra processing time before your application is finalised.

17. Complete your tax file number (TFN) declaration.

If you’re under age 60, and we don’t have your TFN, tax may be deducted at the highest marginal rate from your income stream or lump-sum payments, and you’ll need to complete the ATO’s tax file number declaration. You can provide your tax file number through Member Online, by completing the tax file number form or by calling us on 13 43 72.

We’re here to help

If you have questions about setting up your RI Allocated Pension or need more help with the application form, please call us on 13 43 72.

Page last updated 02 January 2019