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 withdrawals1at 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.