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.
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).
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:
- Quarterly (September, December, March and June)
- Half-yearly (December and June)
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.
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.)
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).
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.
Minimum annual income limits for both the full pension and transition to retirement pension are based on your age and the minimum limits change as you get older, as shown below. The government has now removed the temporary reduction in income limits that was put in place during covid.
We’ve shown the current income limits in the table below.
|Percentage of account balance|
|65 to 74||5%|
|75 to 79||6%|
|80 to 84||7%|
|85 to 89||9%|
|90 to 94||11%|
|95 and over||14%|
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.