Pension Payments
Pension Division allows you to receive regular payments within prescribed limits from your account, whilst retaining access to your investment and choice of the underlying investment options.
Your pension payments will be drawn from your Cash Account or funded from selected managed investments you hold.
Approved ASX listed securities and non-daily transacting managed investments cannot be used to fund pension payments. However, aside from this restriction, you may choose to have your pension payments funded from a single managed investment or across all eligible managed investments.
Your pension may be established once you meet the relevant rules to access your superannuation benefit, or by rolling over an unrestricted non-preserved amount to your pension account.
If you have reached your preservation age, you may choose to commence a pension with either restricted non-preserved or preserved amounts. This is known as a transition to retirement account based pension.
Pension Division allows you to receive pension payments monthly, quarterly, half-yearly or annually. Your adviser can amend your pension frequency online.
Pension payments will be transferred electronically to your nominated Australian financial institution account, on or around the 15th day of the month. If you invest before the first day in any calendar month, your first pension payment can generally be made on the 15th day of that month.
In the first year the payments you are required to take annually will generally be pro-rated based on the number of days between your pension commencing and the end of the financial year.
Part A of the Avenue Retirement Service PDS