Centrelink needs to know some details so they can calculate payments such as the age pension. We provide this information directly to Centrelink electronically, on your behalf, every February and August. You can request a Centrelink schedule from Vision Super at any time.
No. Once you have opened an account you cannot make any additional contributions. However, you can close your existing account and open a new account, combining any additional contributions with your existing balance.
Important to know: Government changes to deeming rules could affect you if you choose to close your current account and open a new one. To find out whether your entitlements – including the age pension – could be reduced, so we recommend seeking financial advice first.
Eligibility for the government age pension depends on your age, residency status, and the income and assets tests. How much you receive is subject to the income you receive from other sources (including your superannuation) plus the value of your assets. If you are eligible, for all or part of the government age pension, then combining it with your Vision Super pension can work well. You can use the age pension to meet basic living costs and spending money can come from your Vision Super pension.
When you open your account, you’ll have the option of nominating your spouse as a ‘reversionary beneficiary’. This means that if you die, the Income Stream will change ownership to your spouse and regular payments from your account will be paid to your reversionary beneficiary. Your spouse will then have the option of withdrawing the funds if he/she meets preservation age and rules. Alternatively, you can nominate a binding or preferred non-binding beneficiary or legal personal representative.
How long it will last depends on the amount of money you start with, the rate at which you withdraw income (or lump sums), and other factors such as investment returns and fees. There is no guarantee your Retirement Income Stream will provide an income for the rest of your life and payment will only continue to be made until your account balance is exhausted. Ensuring you plan and budget appropriately may assist with helping your money last. Our future lifestyle calculator may be able to help see if your super is on track and plan where you would like to be
Our online Retirement Guide can help you understand the steps you need to take to start planning for your retirement. You can:
You can also enter your current super balance into the Super Modeller calculator and receive a projection of the estimated annual retirement income you could receive once you stop working. Try it now to see what you might be able to achieve using a few basic strategies.