Want to withdraw funds from your Flexi Pension, change your investment options, update your address and contact details, or complete another transaction? Here’s what you need to know.
How long transactions take
Most transactions take three to five working days to process, depending on whether we need more information from you and how straightforward your request is.
When your switch becomes effective
If we receive your switch before 2pm on a Melbourne working day, we will apply investment returns to your account using the UniSuper crediting rates applicable to your existing investment options for both that day and the next Melbourne working day.
From that point onwards, you will be exposed to the investment returns of your newly selected option(s) and we will apply investment returns to your account using the UniSuper crediting rates applicable to your updated investment options. Where your investment options include international assets, these rates reflect the close position of the relevant international market on the applicable day.
For example, if you submit a switch request on Monday morning to switch out of the High Growth option and into the Cash option, you will continue to earn High Growth option returns (positive or negative) until close of global trading on Tuesday.
From close of global trading on Tuesday onwards, the investment return subsequently applied to your account will reflect the earnings on the Cash option.
This example assumes Tuesday is a working day in Melbourne.
Applications received after 2pm will be deemed to have been received on the next working day.
You can also submit a switch by completing and returning the Investment choice form.
We will process forms as soon as possible from the date we receive them. Upon processing your Investment choice form, your switch will be applied to your account in the same way and in within the same times as described for MemberOnline.
In short, switches submitted through MemberOnline are processed more quickly than paper-based switches. You should consider this before deciding to switch.
Flexi Pension transactions
CAN I ADD FUNDS TO MY FLEXI PENSION?
You can’t make contributions to your pension once it‘s been opened. If you want to add extra funds to your pension, you can either:
- maintain a small balance in a super account like Accumulation 1 and make contributions (if you’re eligible)1 or transfer other super to this account
- open another Flexi Pension account, or
- close your existing Flexi Pension account and open a new Flexi Pension with the combined money (if you have at least $25,000 to invest). We recommend you speak to a financial adviser first as your eligibility for the Age Pension or Commonwealth Seniors Health Card may be affected. See Receiving the Age Pension for more details.
Transactions for all pension types
Find out more about managing your pension payments.
1 If you’re aged 65 or over but under 75, you must satisfy a ‘work test’ to make salary sacrifice or after-tax contributions—i.e. you must have worked for at least 40 hours in a period of not more than 30 consecutive days in the financial year the contribution is made.