Flexi pension

Is a Flexi Pension right for you? Find out more about this retirement option.

What is a Flexi Pension?

Our Flexi Pension is a flexible and tax-effective income that lasts as long as you have money in your account. You choose your annual income (subject to a government-specified age-based minimum) which you receive as regular payments, and you decide which investment option your balance should be invested in.

Plus our Flexi Pension also gives you ongoing access to your capital - perfect if you need the odd lump sum in your retirement – and it lets you nominate who you would like to receive any remaining balance of your pension account when you die.

It can also be used to transition to retirement. Under the government's transition to retirement (TTR) rules, if you have reached your preservation age and are under 65, you can move gradually from full-time work to retirement by taking some or all of your benefit as a non-commutable Flexi Pension while you are still working.

Here's what you need to know about UniSuper's Flexi Pension.

• Minimum deposit
• Choosing your level of annual income
• How the Flexi Pension is paid
• Investing your Flexi Pension
• Making lump sum withdrawals
• Applying for a Flexi Pension

Minimum deposit

The Flexi Pension requires a minimum investment of $25,000. You can use all or part of your UniSuper benefit, or even roll over any benefits from other super funds to finance your pension.

Choose your level of annual income

With a Flexi Pension, the government sets a minimum amount of annual pension income that you must receive from your account. A maximum income limit also applies to transition to retirement Flexi Pensions.

The annual minimum is based on your age and your account balance, measured at the start of your pension and then on each following 1 July.

Each financial year, you choose the level of annual pension income you want as long as it is at or above the minimum amount.

How your Flexi Pension is paid

You can choose when you receive your pension payments - monthly, quarterly, six-monthly or annually - and your payments continue for as long as you have money in your Flexi Pension account.

Pension payments are made into your nominated financial institution account by the 28th day of the month.

Investing your Flexi Pension

You get to decide how your pension account is invested, and UniSuper provides a range of different investment options for you to choose from.

When deciding how to invest your pension account, it's important to choose investments that you feel comfortable with and which are best suited to your investment needs. To do that, you’ll need to understand how the investment options work.

Our Investing for the future booklet provides important information about UniSuper's Pre-Mixed and Single Asset Class investment options, including how they are invested, the different asset mixes and the different levels of risk associated with each option. You should also read the Your guide to pensions product disclosure statement (PDS).

Making lump sum withdrawals

You can make lump sum withdrawals of $2,000 or more from your Flexi Pension at any time.

Any cash withdrawal you make will be subject to tax if you are under age 60.

Applying for a Flexi Pension

To apply for a UniSuper Flexi Pension:

1. Tell us when you intend to retire and we'll send you a Retirement Kit, which includes a Benefit Entitlement Statement showing the total value of your benefit and your payment options.
2. Complete your Benefit Instructions form, together with
   • Flexi Pension application form,
   • a Rollover form if you wish to roll over any benefits into your pension account from other funds, and
   • if you are under 60, a Tax file number collection form.
3. Return all of these to UniSuper

Fees

There is no entry fee, and the other fees and costs that apply to UniSuper's Flexi Pension are very competitive.