Though before you jump on in, there are some things you need to consider first.
If you’re considering a NESS Pension, make sure you start your research by reading the NESS Product Disclosure Statement (PDS). The PDS contains loads of information, including the fee structure.
Pension Product Disclosure Statement (PDS)Opens in new window
It’s always a good idea to consult a financial expert before making decisions about your super.
NESS Super works closely with Link Advice Opens in new window which can provide you with a range of financial advisory services.
You can invest in a NESS Pension if:
If you are still working, you can choose the Transition to Retirement Pension (TRP). If you have retired, you are eligible for our Account Based Pension (ABP).
If you are not a NESS Super member, you may still be eligible to open a NESS Pension account with us. Please call us on 1800 022 067 to find out how to open a NESS Pension account.
When you set up your NESS Pension you will need to decide how much to withdraw twice monthly, monthly, quarterly, half-yearly or yearly.
On the 22nd of March 2020, the Government announced that the minimum annual payment rate would be halved for the 2019/20 and 2020/21 financial years.
The minimum annual payment rate reflects this temporary halving and is based on your age and will be calculated as a percentage of your account balance at 1 July.
They are set out below.
With the TRP, you have a maximum annual pension amount as well. This is 10% of your account balance at the Commencement and then at 1 July each year, regardless of your age.
You can vary your pension amount over time. With an ABP, you can also make lump-sum withdrawals.
Once you start drawing a pension from your account, you can’t top it up. It may be a good idea to consolidate any super or other money you want to invest in your NESS Super account before transferring it to your new pension account. It is important that you consider the effect on your insurance if you consolidate your superannuation.
We can help you consolidate your super – just contact us.
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Your NESS Pension is invested, like any other super account.
For NESS Transition to Retirement Pension (TRP) a choice of seven investment options . You can choose to invest in one or any combination of the seven options. From 1 July 2017, investment earnings in TRP’s will be taxed up to 15%.
For NESS Account Based Pension, a choice of seven untaxed investment options . You can choose to invest in one or any combination of the six options
An Account Based Pension reverts to your beneficiaries or forms part of your estate if you die while there is super in your account. That’s why it’s important that you nominate beneficiaries when applying for your pension and to keep this nomination up to date.
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Your NESS Pension will usually be counted in Centrelink’s assets and income tests. However, Centrelink currently allows a substantial offset in the income test.
The rules for Centrelink entitlements are fairly complex. We strongly recommended that you contact Centrelink or speak to a financial planner to review your situation before applying for a NESS Pension.
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If you are age 60 or over, your pension payments are tax-free. If you are under age 60, your pension payments may be partly taxed but with a 15% tax offset.
Tax is always a complex area, so we would recommend that you discuss your tax situation with a financial adviser before deciding to invest in a NESS Pension.
Pension products in NESS Super do not include insurance. You should consider keeping at least $2,000 in your NESS Super Member account if you want to maintain insurance cover through the fund.
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Download and complete a NESS Pension application form. To complete the form you’ll need your Tax File Number, NESS Member number and supporting documentation such as proof of age and identity.
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