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Pension income payment options

Pension income payment options

So, your pension account is all set up and ready to go... but how much of your money can you withdraw? And how often can you access it?

When it comes to your pension payments (that we sometimes refer to as your income stream), it’s up to you how much you want to receive each year, as long as you take the minimum level required by the government.

How does the government determine what the minimum is? Basically, they multiply your pension account balance by a ‘payment amount’. This amount is determined by your age each 1 July. If you start an income stream part way through a year, the minimum is pro-rata based on the remaining days in the financial year.

You can check these out in the table below:

Your age on commencement or 1 July
Minimum pension factors for TTR and Account-Based income stream^
Under 65
4%
65 – 74
5%
75 – 79
6%
80 – 84
7%
85 – 89
9%
90 – 94
11%
95 or over
14%

^ These factors can be increased or reduced by the Government

Amount of payments

We offer two different pension products, and depending on which one you have, your payment amount options will be slightly different.

1. Transition to Retirement (TTR) account

If you have a TTR account, then the income stream payment amount must be at least the minimum level (as mentioned above) but also not more than the maximum level set by the government. The maximum level is 10% of your account balance on 1 July of that financial year. If you opened your account later than 1 July, the 10% figure will be calculated from that date instead. So, basically you need to pick an amount somewhere between the minimum and maximum levels that works for you. If you’re not sure, speak to a licensed financial adviser for recommendations about an amount that’s right for you, based on your personal circumstances.

Read more about TTR accounts

2. Account-Based income stream

It’s a little simpler with Account-Based income stream accounts. There is no maximum payment for an Account-Based income stream, but you still need to meet the minimum level we spoke about earlier. Again, speaking to a licensed financial adviser for recommendations about an amount that’s right for you is a good idea if you’re not sure.

Read more about Account-Based income stream accounts

Regardless of account type, it’s important to know that if you don’t select a pension payment amount, you’ll be paid the minimum amount.

For more information, check out our Pension PDS.

Frequency of payments

Regardless of which pension product you’re in, GuildPension members can choose to take pension payments:

  • twice monthly

  • monthly

  • quarterly

  • half-yearly, or

  • yearly

If you don’t choose a payment frequency, you’ll be paid monthly. And if you change your mind and want to swap your payment frequency you can do that anytime by logging into your online account or calling us on 1800 060 215.

Bonus tip: If you’re in an Account-Based income stream account, you also have the option of making a lump sum cash withdrawal on top of your regular payments.

Page last updated 1 December 2023