Pension FAQs

How much money do I need in retirement?

Whatever your retirement plans, you will need income to meet your everyday living expenses, as well as any extras.

To give you a guide on how much money you will need when you're retired, you can use the Retirement Standard Calculator.

Will my social security benefits be affected?

Social security benefits depend on individual circumstances. You should seek advice from Centrelink or a financial adviser about how a pension could affect your social security benefits and/or your spouse’s entitlements.

Centrelink / DVA Test	Centrelink / DVA Treatment
Assets test	100% assessable based on withdrawal balance
Income test	Assessable income = your nominated annual  pension income amount less a Centrelink deduction  amount¹

¹The Centrelink deduction amount is calculated based on your opening pension balance, your age when you started the pension and is reduced for any lump sum withdrawals made.

It is your responsibility to advise Centrelink or the Department of Veterans’ Affairs (DVA) of any changes to your pension (including lump sum withdrawals and any change to your pension income amount) within 14 days, and to provide other details where requested.

Does a cooling-off period apply?

There is a cooling-off period during which you can cancel your pension in writing. The cooling-off period applies:

• Within 19 days of us receiving your application, or
• Within 14 days of us issuing your Welcome Kit advising you of your pension details.

If you cancel your membership during the cooling-off period, we will have to transfer any preserved and restricted non-preserved benefits to another complying Australian superannuation fund or pension. Fees, costs and investment earnings will not be applied to your account; however the amount will be adjusted for any tax payable.