Vision Super Retirement Wage
The Retirement Wage is an estimate of how much you can draw down from your Account based pension each year. Calculated annually, it’s designed to help you manage your retirement income with greater confidence me with greater confidence.
How is the Retirement Wage calculated and when will I receive mine?
Each year in July, unless you opt out, you’ll usually be sent an annual Retirement Wage calculation in your annual pension drawdown letter. In summary, the calculation will include the following information as of mid-June the previous financial year:
Designed to be flexible
The Retirement Wage calculation is a numerical calculation only and you are under no obligation to draw down the amount shown.
You still get to choose your income level. You can select the Retirement Wage amount or set your own (subject to government limits).
Your estimated Retirement Wage may change each year due to account balance fluctuations, withdrawals, or investment changes.
The calculation is provided once at the beginning of the financial year and does not update if you make changes later in the year.
If you decide you no longer want to see your annual Retirement Wage calculation, you can opt out at any time by using the details below.
Your Retirement Wage amount will change every year
Because it’s a yearly calculation based on your account information each June, your estimated Retirement Wage will change each year. This may be due to market fluctuations, lump sum withdrawals, alterations to your investment choice or changes to your pension drawdown rate throughout the year. Remember, the Retirement Wage calculation is a numerical calculation only, and optional for you to receive. If you do receive a Retirement Wage calculation, it’s up to you whether you adopt the calculated income level for your annual pension payment.
How do I opt out?
If you do not want to see an annual Retirement Wage calculation (using personal information we hold about you) in your annual drawdown letter, you can opt out at any time by contacting us on 1300 300 820 or at memberservices@visionsuper.com.au
We're here to help
If you have any questions about the Retirement Wage, or you’d like to opt-out, please contact us on 1300 300 820 or at memberservices@visionsuper.com. You can also contact us if you would like to access personal financial advice to help you make your decision about your annual pension payment.
Retirement wage calculation details
The Retirement Wage is a numerical calculation only. It is the result of a numerical calculation performed by or on behalf of Vision Super Pty Ltd Vision Super Pty Ltd ABN 50 082 924 561, Australian Financial Services License 225054, as the Trustee of the Local Authorities Superannuation Fund ABN 24 496 637 884. The calculation is derived from a superannuation modelling tool and is based on certain information and assumptions as at mid-June of the previous financial year. It does not account for any transactions (such as withdrawals, investment changes) made after the calculation date and before the Retirement Wage is provided to you. Although this calculation is targeted to you (using information we hold about you) it is not a recommendation or opinion about the income level you can or should receive each year, taking into account all your relevant personal circumstances. This means it is not intended to be relied on (by itself) for the purpose of making a decision in relation to a financial product and you should consider obtaining advice from a financial services licensee before making any financial decisions.