Manage your pension

With CareSuper, you can set up your income account so it meets your needs. You can decide how much and how frequently you receive your payments, make one-off withdrawals, and decide how your money is invested.  

Let’s discover how you can best manage your account.

Make the most of your pension
Manage your pension through your MemberOnline account

From the ease of your computer, smartphone or tablet, you can: 

  • View your membership and account details, including your current drawdown preferences, beneficiaries, and bank details
  • Update your contact details so we can keep you informed
  • Withdraw a lump sum of between $1,000 to $10,000 from your full pension account (conditions apply)
  • Make investment changes
  • Change your pension payment details, including frequency, date, and amount (within minimum and, if applicable, maximum limits)
  • Make a retirement phase declaration (TTR members).
Change your pension payments

Your regular income is based on your chosen income amount and payment frequency, designed to meet your needs. You can choose how often you’d like to receive your income payments:

  • Twice-monthly 
  • Monthly
  • Quarterly (September, December, March and June)
  • Half-yearly (December and June)
  • Yearly 

Pension payment frequency and amount can be changed, within the minimum and maximum amounts (maximum amounts only apply to Transition to retirement) by completing the Pension election form, or my logging in to MemberOnline.

Remember it’s important to consider how much income you’ll need each year to live the lifestyle you want. If necessary, you can always one make one-off withdrawals for major expenses (except from TTR pensions). 
If you need less than previous years, you may be able to lower your income and keep more of your account balance invested to generate investment earnings without being taxed (except for TTR pensions, which are taxed at up to 15%). 

For more information see our Pension Guide. 

Pension payments are made directly into your nominated bank, building society or credit union account. Your nominated account must be held either in your name, or, if the nominated account is held jointly, you must be one of the account holders.

(Note that pension payments can’t be drawn from the Direct Investment option.) 

Minimum and maximum drawdown limits

When deciding how much and how often you pay yourself, keep in mind that it must meet the minimum amount set by the government.

Minimum annual income limits for both full pensions and transition to retirement pensions are based on your age, with the minimum limits changing as you get older.

The current income limits for your age can be found in the table below.

AgeMinimum drawdown rate
(% of account balance on 1 July)
Under 654%
65 to 745%
75 to 796%
80 to 847%
85 to 899%
90 to 9411%
95 and over14%

There is also a maximum annual payment limit for transition to retirement pensions. The maximum payment each year is 10% of your account balance when you commence your pension and at 1 July each following year. Once you meet a condition of release and your transition to retirement pension becomes a full pension, the maximum restriction no longer applies. For more information, read the Pension Guide PDS.  

Make one-off withdrawals

You can make a partial withdrawal (over and above your pension payments) or full withdrawal at any time by:

  • Completing and returning the Pension withdrawal form
  • Logging in to MemberOnline.

Note that a minimum of $1,000 and a maximum of $10,000 apply to online withdrawals. One withdrawal is allowed per day, and it takes up to 3 working days to process your online withdrawal request (special processing rules apply to withdrawals from the Direct Investment option). 

Please note a withdrawal from your Transition to retirement (TTR) pension is only allowed under certain conditions. Refer the Pension Guide PDS or call 1300 360 149 for more information. 

Nominate a pension beneficiary

Nominating your beneficiary lets you have your say about what happens to your account when you pass away.

For existing CareSuper (super account) members, any beneficiaries you’ve previously nominated won’t be automatically applied to your pension account. You’ll need to provide us with new beneficiary nominations for your pension account.

You have the following options when nominating a beneficiary/ies for your new account:  

  • Reversionary nomination – your income stream will continue to be paid to your beneficiary when you pass away. For more information and to nominate a reversionary beneficiary, complete and return the relevant section on the Pension application form at the back of PDS.
  • Non-binding nomination – acts as a guide only. You can make a non-binding nomination when you open your CareSuper Pension account. Once you’re a member, you can make or change your non-binding nomination via MemberOnline and going to the Beneficiaries section, or by calling 1300 360 149.
  • Binding nomination (lapsing or non-lapsing) – provides greater certainty on who and in what proportion your benefit is paid. To make a binding nomination (lapsing or non-lapsing) you’ll need to complete the Binding beneficiary nomination form at the back of the Pension Guide PDS.
Invest for your retirement

Understanding your investment options and choosing the investment mix that’s right for you, is just as important in retirement as it is building up to it. 

Keeping your retirement savings invested will help you to continue to draw an income in retirement. 
Learn more about choosing the investment options that are right for you.

Watch this video

If you decide your current investment options aren’t meeting your needs your MemberOnline account allows you to make an investment switch.

Not confident about choosing the investment options that are right for you? We’re here to help. 

Book call-back with one of our financial planners and they’ll help you explore your options. This initial appointment is at no extra cost to you. If you’d prefer more detailed advice tailored to your needs, your planner will tell you the costs before you proceed with the advice.

For more information on our approach to investing, visit How we invest. 

The government Age Pension

Did you know that if you have a retirement income stream like a CareSuper Pension, you may still be eligible to receive a part of full government Age Pension?

Make the most of your income sources in retirement. Visit super and the government Age Pension for more information on eligibility and how to apply for the Age Pension.  

Find the right investment option for you
We offer 12 different investment options for pension accounts, each with their own level of risk and return objectives, plus a Direct Investment option. Mix and match to suit your needs.
Speak with an expert for advice
If you're planning for life after work, seeking advice through your super fund can be a great option. We offer 3 different types of advice, and the one(s) best suited to you will depend on your individual circumstances.

We’re here to help

If you have a super, retirement or pension related question call us on 1300 360 149, 8am-8pm (AET) weekdays or get in touch online.