The Fund offers a choice of two flexible pension solutions for your retirement needs, a Term Allocated Pension and an Allocated Pension. Both offer tax efficiencies and the full range of investment options available.
To download a copy of the Product Disclosure Statement and Information Guide go to
The Basic Rules
MAP Term Allocated Pension
The MAP Term Allocated Pension is a complying pension with the potential to help you access the higher pension RBL. This allows more of your retirement income to be concessionally taxed and you may also qualify for the 50% assets test exemption which enables you to access higher Centrelink and Veterans' Affairs benefits. The MAP Term Allocated Pension can only be purchased with unrestricted non-preserved superannuation or ETP monies.
You will receive payments for a fixed period based upon life expectancy. Annual payments will be calculated at the start of each financial year based upon your account balance and the remaining term of your pension. You will be able to choose the term of the pension from within a specified range. This will be a period in whole years no less than your life expectancy on the commencement date and no greater than your life expectancy on the commencement date as if you were five years younger. In the case of a pension that reverts to your spouse on your death, the term can be based on a period in whole years no less than your spouse's life expectancy on the commencement date and no greater than your spouse's life expectancy on the commencement date as if they were five years younger.
There will be no residual capital value at the end of the pension term, except in limited circumstances. You will not be able to access capital in your account other than by way of regular pension payments, except in limited circumstances. The capital value of your MAP Term Allocated Pension or any associated income received will not be able to be used as security for borrowing.
MAP Allocated Pension
The MAP Allocated Pension offers you a regular tax-effective income stream with a choice of levels of pension payments within the broad minimum and maximum levels set by Commonwealth Government regulations. These levels are adjusted annually, effective 1 July each year, based on your age and your account balance. The MAP Allocated Pension can only be purchased with unrestricted non-preserved superannuation or ETP monies. MAP Allocated Pension gives you the option to make lump sum withdrawals at any time. You are able to nominate a beneficiary to receive the balance of your account in the event of your death.
Your pension payments will be made until your account is reduced to nil or until the date of your death. You can elect to automatically index your pension payment amount to the Consumer Price Index (CPI) or another discretionary fixed percentage each year (provided that this is within your minimum and maximum annual pension amounts for the year).
How to Invest
You can commence your pension by transferring funds from your account in the Employer or Personal Divisions of the Fund. You can also rollover benefits from another superannuation provider. The minimum investment is $30,000.
How Often Are Payments Made
Your pension can be paid:
- monthly;
- quarterly;
- half yearly; or
- yearly.
Your payments are made until the date of your death or when your account is reduced to nil.
Lump Sum Withdrawals (commutations)
The option to make lump sum withdrawals is only available in the MAP Allocated Pension. A $3,000 minimum applies to pension commutations. Where you make more than one additional lump sum withdrawal per financial year, apart from your regular pension payment, a fee of $133.25 will be charged for each additional withdrawal.
Taxation of Your Pension Account
Earnings
Investment earnings on pension assets are tax-free.
Withdrawals (commutations)
A lump sum withdrawal that is not rolled over or transferred to another complying superannuation fund, rollover or pension fund will be treated as an ETP and subject to tax. How your ETP is taxed will depend on its components and your age. Lump sum withdrawals may also affect social security entitlements.
Pension Payments
Pension payments, less what is deemed to be tax-free (deductible amount), are treated as personal income and are assessable for taxation purposes. Tax will be deducted from each pension payment on a PAYG withholding basis plus Medicare Levy and Medicare Levy Surcharge (if applicable). Please read the notes on the reverse of the Tax File Number Declaration form regarding the claiming of the tax-free threshold. A PAYG Payment Summary will be issued each year. You may also be entitled to a 15% tax offset on the amount of your annual pension payments.
This tax information provided is a brief summary only. It is based on taxation laws that were current at the time of printing the Product Disclosure Statement.
Further information is available from the Australian Taxation Office (ATO). It is strongly recommended that you seek advice from a licensed taxation adviser.
