NESS for Pension MembersWhat is a pension?
A pension is a regular periodic payment, made either by the Government or via a superannuation fund. And the types of pensions paid by NESS are referred to as account-based pensions.
NESS can help you enjoy your retirement by looking after your hard-earned retirement savings and ensuring you get the most out of them.
An account-based pension gives you access to your super as a flexible and regular income during, or leading up to, retirement.
What are the benefits of a pension?
- You continue to receive a regular income paid directly to your bank account
- Keep your money in the super system and are eligible to receive tax-free investment earnings and other tax benefits
- Pay no tax on your pension payments if you are aged 60 or over
- Have the option to make lump sum withdrawals on top of your regular pension payments
- May improve your eligibility for the Government age pension, as the income received in an account-based pension is favourably treated under the income test for Centrelink purposes
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