Making new minimum payments easier for pension members

This financial year (2019–20), Pension and Transition to Retirement members will benefit from an easier and more accurate approach to managing their new minimum draw–down amounts.

In summary, members will have their minimum amount automatically adjusted after 6 July.

If pension members want to learn, or change, their new amount, they can log in, call the Helpline (1800 640 886) or fill in a form.

We are sending letters and emails to pension members about this change and what, if any, steps they need to take in the next few days.

The details

By 6 July, pension payments will be automatically adjusted to a member's new minimum amount, if their payment type is listed as 'minimum'.

If a member's payment type is listed as a 'nominated' amount, and this amount falls below their new minimum, the system will automatically bring it up to the minimum amount.

Members that have their payment type as a 'nominated' amount may want to change this figure and they can do so online or by calling the Helpline (1800 640 886) or by filling in a form which the Helpline will send them.

If members need a Centrelink Schedule, they can request one online or by calling the Helpline; however, Mercer advise Centrelink of details relating to a member's pension account twice a year.

How is this different from last year and why the change?

Previously we would write to members with their estimated amount, which caused some members some issues. Our new approach means members can make a decision based on actual information.