The Pension Product Disclosure Statement (Pension PDS) offers a NESS member the opportunity to transfer funds from their NESS account to fund a tax effective pension, that may be taken from age 55 with an account balance of $50,000 or more.
A superannuation pension provides regular income from your NESS Pension account, with tax benefits when compared to non-super income. Please read the current NESS Pension PDS for full information. The NESS Pension provides you with a choice of options in which to invest your superannuation money. Your pension payments are drawn from your pension account either monthly, quarterly, half yearly or yearly and paid into your nominated bank account. They will continue to be made as long as there is enough money to fund the payments until you die or request payment of the balance.
Quarterly pension payments are made in January, April, July and October.
Half yearly payments are made in January and July.
Yearly payments are made in June.
Please read the current NESS Pension PDS and the NESS PDS carefully, where appropriate, to ensure that you are fully informed of all the product’s features and the rules applying to certain situations.
Carefully read the Pension PDS. If the NESS Pension suits your needs, the next step is to complete the following forms:
Pension application form consisting of:
Your personal details
Amount of money to be transferred from your NESS account into your pension account
Amount of your pension payment
Frequency of the payment
Bank account details
Beneficiary or reversion information
Investment option choice(s).
Tax File Number (TFN) Declaration form – to be completed regardless of age or intention of claiming tax-free threshold.
Member Authority to NESS to Rollover Benefits from Other Superannuation Funds – to be completed when you want to combine your other superannuation funds into your NESS account to fund your pension payments.
All requested rollovers must be received into your NESS account prior to the commencement of your pension. You must return the fully completed forms to NESS together with a certified copy of proof of age. This can be in the form of a birth certificate or driver’s licence certified by a Justice of the Peace or any other person authorised to sign a statutory declaration, verifying that they are true copies of the originals.
If you have chosen a reversionary beneficiary (see the Pension PDS) please also provide certified proof of age/ID for that beneficiary.
Once all completed forms and documentation are received, together with any requested rollovers, your pension payments will commence on the next due date.
Send all documents to:NESS Pension Locked Bag 5042 Parramatta NSW 2124
A person who is 55 years old or more and wishes to receive a pension while still working, can transfer money from his or her NESS account to a Transition to Retirement pension as long as a minimum amount of $5,000 remains in their Super account. This allows members to receive pension payments from what would normally be preserved superannuation benefits, prior to full retirement. The intention of this is to allow a person to reduce working hours by using part of their superannuation to fund their foregone income. This option, especially if combined with working full time and salary sacrificing, may have significant tax benefits.
Each year, following 30 June, you will receive a Member Statement that will confirm:
Your account balance at 30 June
Investment returns applied to your account
Pension payments paid to you during the year
Tax deducted (where applicable)
List of any lump sum (commutations) payments made
Fees deducted from your account.
For all members under the age of 60, a PAYG Payment Summary – Superannuation Income Stream form, will be issued shortly after 30 June. This is required for tax return purposes. Pension payments for members over the age of 60 are not classed as assessable income so no PAYG is required.
The NESS Annual Report is available to download from the NESS website following your annual statement. It provides up to date information about NESS, its performance for the year and other topical items of interest to members of super funds.