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Pension Summary

Summary Pension Pre-Retirement
Pension (transition to retirement)
$10,000 $10,000
Under government rules, a maximum of $1.6 million can be transferred to pension phase. Any super balance held over $1.6 million must be retained in accumulation.
Who can join ♦ People who have permanently retired on or after reaching age 56;
♦ People who have stopped working for an employer on or after reaching age 60; or
♦ People who are age 65 or over
People who are age 56 and over and still working; but are not yet 65

how often
payments are
You can choose to have your pension paid fortnightly, monthly, quarterly, semi-annually or yearly to your nominated bank account/s
Making extra
lump sum
You can make a lump sum withdrawal (commutation) request at any time, for any amount Under government legislation, lump sum withdrawals cannot be made until you permanently retire or reach age 65
How much you
can receive
from your
You can choose how much you receive from your pension account, as long as it is at least the minimum limit set by government legislation You can choose how much you receive from your pension account, as long as it is within the minimum and maximum limits set by government legislation
into Nationwide Super
You cannot make additional contributions to your pension account; however, you can maintain or open a separate super account in our Employer Sponsored or Personal Divisions to receive employer or personal contributions
Insurance cover The Nationwide Super Pension Division does not offer insurance cover. Insurance cover is only offered in our Employer Sponsored and Personal Divisions
How your
account will be
If you wish to make an investment choice, you can choose how your pension account will be invested, from the following options: Cash, Prudent, Diversified (Default), SRI / Ethical, High Growth. If you don’t make an investment choice, your pension will be invested in the Default option. All investment options (including the Default option) come with the tailored Cash Top-up facility for pension members, to meet both short-term income and long-term growth needs, which works as follows:
♦ An amount equal to the first two years’ of your nominated pension payment amount will initially be switched to the Cash option from the Default option or your selected investment option/s
♦ Each year, on the anniversary of the commencement of your pension, an additional amount will be switched to the Cash option as a Cash Top-up, to ensure that an amount equal to two years’ of nominated pension payments is held in cash
♦ Your pension payments will be deducted from the Cash option (unless exhausted)
Unless you opt-out from the Cash Top-up facility, this will be put in place as the default arrangement