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.
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.
- Hardest thing
Get certified copies of your IDs
There's no set up cost
- What to consider
How much and how often to draw money
You’ll have an account set up ready for retirement
What you’ll need
- Certified proof of identification for your date of birth
- A copy of a recent bank statement
- Certified proof of identification for your reversionary pensioner’s date of birth
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.
5. Provide your personal details
These details include your member number, name, date of birth and your contact details.
You can find your member number on any statement you’ve received from us.
6. Get certified copies of your ID documents
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
7. Work out your retirement date
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
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
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
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.
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’.
You can choose from three investment types:
- A Readymade plan - Choose from our range of Readymade plans.
- 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.
- 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%.
12. Plan for the future of your account
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
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
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.
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.
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.
Thank you for printing this page. Remember to come back to gesb.wa.gov.au for the latest information as our content is updated regularly. This information is correct as at 16 June 2019.