ABOUT PENSION
Plan your retirement well
Club Plus Pension is a product that lets you invest your superannuation savings to provide you with a regular pension when you retire. It also allows members aged 55 and over to ‘Transition to Retirement’ by using your preserved benefit to commence a pension, while continuing to work reduced hours. Your money is invested in your choice of investment options, with a pension payable to you.
A Club Plus Pension allows you to:
- Receive a regular income in your retirement
- Access your super as an allocated pension whilst staying working if you are 55 and over
- Withdraw additional lump sum amounts at anytime if over 55, and not working, or over 65
- Benefit from a tax- effective use of your Super money
- Choose from a number of investment options
- Nominate the investment option from which pension payments are to be drawn
Details about how a Club Plus transition to retirement pension account can be tax-effective is set out in this article from Club Life magazine, published by ClubsNSW. Further details about the transition to retirement account, including worked examples, are included in the pension and transition to retirement brochure.
The Club Plus Pension has been rated in the top "Platinum" category by SuperRatings, an independent superannuation monitor, so you know that you will receive good value for money.
Commencing Your Pension
To be eligible for a Club Plus Pension you must be an existing member of Club Plus.
To commence a Club Plus Pension you need to complete the application form that can be found in the Club Plus Product Disclosure Statement.
Update - Government Relaxes Pension Drawdown Requirement
Government offers pension relief - halves the pension drawdown requirement for 2008-09 and 2009-10
On 18 February 2009 the Government announced relief from the minimum account-based pension drawdown requirements due to the significant downturn in global financial markets. A further announcement in the Budget extended this relief for one year.
This may be good news for pension account holders – depending on your circumstances you may no longer need to withdraw funds from your account at a time when the value has been reduced.
Minimum payments from an account-based pension – such as the Club Plus Pension and the Club Plus Transition to Retirement Pension - are determined by age and the value of the account balance as at 1 July each year. The minimum annual payment rule is designed so that retirees draw down on their superannuation capital over their retirement. The rule recognises that superannuation is designed as a retirement savings vehicle with substantial tax concessions.
The old and new drawdown requirements are as follows:
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Minimum Annual Payments from Account-based Pensions
Club Plus Pension and
Club Plus Transition to Retirement Pension
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Member Age
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Standard Percentage Factor for Minimum Payment
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Temporary Percentage Factor for 2008-09 and 2009-10 Financial Year
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55-64 years
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4%
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2%
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65-74 years
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5%
|
2.5%
|
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75-79 years
|
6%
|
3%
|
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80-84 years
|
7%
|
3.5%
|
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85-89 years
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9%
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4.5%
|
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90-94 years
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11%
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5.5%
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95 years and older
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14%
|
7%
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The relief announced only applies to the 2008-09 and 2009-10 financial years.
To discuss how this change may affect you please call the Club Plus Pension Hotline on
1800 204 194