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Opening a Pension

Eligibility

To start a Nationwide Super Pension or Nationwide Super Pre-Retirement Pension, you need to have a minimum amount of $10,000.

Eligibility criteria

The following eligibility criteria also apply to be able to access your super benefits through a pension:

Age Work Status
Still Working Permanently Retired
Under 55 X X
55* – 64 Pre-Retirement Pension Super Pension
65 and over Super Pension Super Pension
*Age 55 represents the preservation age for those people who were born before 1 July 1960. The preservation age changes for those born on or after this date, as follows:
Date of Birth Preservation Age
Before 1 July 1960 55
From 1 July 1960 to 30 June 1961 56
From 1 July 1961 to 30 June 1962 57
From 1 July 1962 to 30 June 1963 58
From 1 July 1963 to 30 June 1964 59
On or after 1 July 1964 60

 

Starting a pension

You should read the Pension Division Product Disclosure Statement (PDS) for information on the features, costs, benefits and risks of the Pension accounts.

You should consider seeking advice from a licensed financial planner to determine whether a Pension account is right for you and how to get the most out of your Pension account.

Current Nationwide Super members can apply to open a new Pension account online through the ‘Start a Pension’ tab within MemberAccess. See below for more details.

Otherwise, to join the Pension Division, you will need to complete and submit an application form (found at the back of the PDS). You will need to choose your investment options, payment frequency, and amount and nominate beneficiaries or a reversionary beneficiary and provide your bank account details. You will then be able to manage these details online through a Pension MemberAccess account.

Opening a pension account

To open your pension account, you need an initial deposit of at least $10,000, which can be sourced from your Nationwide Super account or other super funds. Provided you are eligible, you can also make a voluntary contribution to your super before starting your pension.

Your pension must be started with one lump sum, therefore all funds will firstly need to be consolidated before we are able to open your pension account. If you are not already an existing member of Nationwide Super, a Personal Division account will be opened to accept your contributions and superannuation rollovers. This account will incur the applicable fees and costs and you should refer to the Nationwide Super PDS (Personal Division) for more information.

Pension Join Online – information for existing members

Current Nationwide Super members can apply to open a new Nationwide Super Pension account online through the ‘Start a Pension’ tab within MemberAccess.

This process reduces the paperwork and time needed to start your Pension account, it automates the account consolidation process, and there is online Proof of Identification verification.

You must meet the following criteria to be able to access the online application facility:

  • Have reached your preservation age
  • Have an online account in MemberAccess, or register for one before completing the online pension application
  • Your existing Nationwide Super account balance is at least $10,000. If your balance is less than this and you wanted to add additional money in order to start your pension, you should arrange this before starting your Pension Join Online application, or alternatively complete a paper Pension Division Application Form

Keeping an existing Nationwide Super account open

When you transfer from an existing Nationwide Super account, you can choose to keep your super account open, so you can still receive contributions. Please note that you will need to leave at least $1,000 in the account to cover the cost of future fee and insurance premium deductions.

You can now also access information for both accounts online with a single MemberAccess login. Simply contact the Nationwide Super team to organise the ‘linking’ of your two MemberAccess profiles.

Next steps

Login to MemberAccess

OR

Download the PDS and Application form

Get in touch with us if you have any questions about pensions or your available options.