Funding your retirement

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, we recommend seeking financial advice first.

You have access to make lump sum withdrawals (over and above your pension (income)) payments from a retirement pension however, with a transition to retirement pension lump sum withdrawals are limited and you can only commute your pension by transferring your account balance into an accumulation product.

Your regular pension income payments will be paid directly to a personal or joint bank account nominated by you in your application form. You can choose to receive payments twice monthly, monthly, bimonthly, quarterly, four-monthly, six-monthly or annually.

You need to have met preservation age and have a minimum investment amount of $10,000. Other eligibility conditions apply. Refer to the Vision Super Income Streams PDS for further details.

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.