Open an RI Allocated Pension 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 $1.9 million cap applies on the total amount of super you can transfer to or hold in a tax-free retirement account.

A convenient way to fund your retirement lifestyle

Here are some reasons an RI Allocated Pension might be right for you:

• Transferring your super to an RI Allocated Pension means you could pay less tax compared with taking your super as a lump sum - see Paying tax when taking your super money out 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.

RI Allocated Pension account features

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 beneficiary.

Visit proof of identification page

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 are providing an internet bank statement, it must show your bank name and logo. If it doesn't, you must add your signature, printed name and date to the page. We are unable to make payments to a credit card account.

Apply to open an RI 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.

Apply now