Retirement Income Allocated Pension

GESB's Retirement Income Allocated Pension is a flexible and tax-effective retirement income option, which provides a regular income stream from your retirement savings. It can also be used in a Transition to Retirement strategy.

You can choose how much income you're paid each year (subject to limits set by the government), and receive payments directly into your nominated bank account on a monthly, quarterly or annual basis.

There are a variety of benefits of investing in a Retirement Income Allocated Pension for your retirement income:

  • Choose how much income you're paid each year, and make lump-sum withdrawals1 at any time
  • Receive payments directly into your nominated bank account monthly, quarterly or annually (this frequency can be changed at any time)
  • Flexibility to control what assets your money is invested in through your investment plan
  • Tax concessions: no tax on investment earnings and, if you are aged 60 or over, no tax on income payments. If you are between Commonwealth preservation age2 and 59, part of your income stream may be tax-free, the remainder will be taxed at your marginal tax rates and you may receive a tax offset of up to 15%
  • Centrelink entitlements: an allocated pension may affect your entitlements less than other investment alternatives because special conditions apply                      
  • A fee of $513 to open your account and one annual fee covering investment and administration costs

As a GESB member you'll also have convenient access to your account through Member Online, or through your Member Services Centre.

 

1 A fee is deducted from your Retirement Income Allocated Pension account for each full or partial withdrawal (excludes income payments). For more information on fees and other costs read the Retirement Income Allocated Pension Product Information Booklet.

2 Your Commonwealth preservation age is dependent on your date of birth. For more information on your Commonwealth preservation age, read the Accessing your super brochure.

3 This fee is subject to annual indexation, which will be applied on 1 July each year.


Understand your retirement options

Choosing the right retirement product can be difficult. If you have any questions call your Member Services Centre on 13 43 72.

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