Did you know...
With an Allocated Pension you can nominate the frequency of the payments you want to receive.
Ann Hill
QSuper member since 1993
An Allocated Pension account allows you to choose how your super is invested while drawing a regular pension in a tax-effective way.
Key features
- Regular income
You nominate the frequency and amount of payments you want to receive, which gives you access to a regular income (minimum limit applies).
- Tax benefits
Transferring your QSuper benefit to a QSuper Allocated Pension is tax free. No tax is payable on investment returns and part of your pension may be tax free.
- Investment choice
Continue to receive investment market returns by selecting one of our nine investment options.
- Flexibility
You can change the amount and frequency of your pension payments and make lump sum withdrawals (except if transitioning to retirement) when you need to.
Who can open an Allocated Pension account?
To be eligible to open a QSuper Allocated Pension account you need to:
To get started you need to roll over into an Allocated Pension account at least $30,000 of your QSuper benefit, or any other superannuation benefit you are entitled to as cash.
You cannot roll monies from other accounts to an Allocated Pension account after it has been opened. You can, however, open a new Allocated Pension account at any time with an additional rollover or lump sum deposit of at least $30,000.
How much can I receive as a pension income?
The Commonwealth Government regulates the minimum pension amount to be nominated for yearly withdrawal. There is no maximum, except if transitioning to retirement. To find out the minimum pension amounts you can receive, check our Allocated Pension calculator.
Can I make lump sum withdrawals?
Yes, you can. The minimum lump sum withdrawal is $5,000 (unless you are withdrawing the balance of your account) and withdrawals can be made up to four times over a financial year. These types of withdrawals may have tax and social security implications.