Open a Retirement Income account
Once you’ve retired, setting up an allocated pension means you can receive a tax-effective income stream that’s fast, automatic and convenient.
Your pension income is paid into your nominated bank account monthly, quarterly or annually. You can also withdraw lump sums of $1,000 or more at any time as you need, provided that a balance of at least $1,000 remains.
A fee of $51 will apply for setting up your account, and for each withdrawal you make.
Please note from 1 July 2017, a $1.6 million cap will apply 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.
A convenient way to fund your retirement lifestyle
Here are some reasons a Retirement Income Allocated Pension might be right for you:
- Transferring your super to a Retirement Income Allocated Pension means you could pay less tax compared with taking your super as a lump sum. See our paying tax when taking your super money out page for more details.
- If you’re 60 or over, your payments and lump-sum withdrawals are tax-free, which makes it a tax-effective investment.
- You can choose to receive your income monthly, quarterly or annually.
- You can change your payments to meet your changing lifestyle needs, subject to minimum limits.
- You can choose the investment plan you want your super invested in to ensure the investment meets your retirement goals.
An allocated pension could even affect your Centrelink entitlements less than other investment alternatives because special conditions apply.
First step - combine your super
You can only transfer money into your Retirement Income Allocated Pension account from one super account - and you can’t add more at a later date. 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.
To combine your super, you can:
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.
You’ll need certified proof of ID
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 Australian 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
You’ll need this for yourself, and the person you’re nominating to be your reversionary pensioner.
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 you’re providing an internet bank statement, please add your signature, printed name and date to the page. We are unable to make payments to a credit card account.
Apply to open a Retirement Income Allocated Pension account
If you’ve explored your options and decided that an allocated pension is best for your situation, you need to fill in the application form. To make it as easy as possible for you, we’ve outlined the steps you need to take to open an account.
- Find out about our Retirement Options Service
- 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 28 June 2017.