Review and update your drawdown

You can choose which investment options your Flexi Pension payments and withdrawals come out of.

Log in to your account to check and update your drawdown method.

You should review and consider whether to switch your investments before setting or changing your drawdown method.

Drawdown methods

There are 3 options:

  • Your choice (Choose your order)
  • Pro-rata
  • Default order

If your account is invested in more than one investment option and you don’t choose a drawdown method, the default drawdown order applies.

Your choice

With the 'Your choice' method, you nominate the order of investment options from which your income payments and lump-sum withdrawals are drawn.

  • Your payment is drawn from your first nominated investment option until the balance in this option runs out.
  • Payments are then drawn from your next nominated investment option until that runs out, and so on.
  • If the balance in a nominated investment option is lower than the payment amount, part of the payment will come out of that investment option and the rest from the next nominated investment option.
  • Once your nominated investment options have been exhausted, the default order applies, until you provide us with a new drawdown instruction.

It’s important to review your drawdown order instructions from time to time.

As your payments are drawn down, the spread of your account balance across your chosen investment options will change, and the number of different assets or asset classes your balance is invested in will reduce.

Over time, your account may reflect a plan that’s different from your original intent. You should consider whether this is appropriate for your financial needs and circumstances.

  • Your choice example

    Ari nominates the following investment option order for their monthly income payments:

    1. Cash
    2. Conservative
    3. Growth
    4. High Growth.

    Ari's payments will be drawn from the Cash investment option until the balance in this option runs out. Payments will then be drawn from the Conservative investment option, until the balance reduces to zero, and so on.

Pro-rata

Your income payments and lump-sum withdrawals are drawn from your account in proportion to the balances held in each investment option at the time of payment.

  • Pro-rata example
    Micah chooses the ‘Pro-rata’ drawdown method. At the time of their fortnightly income payment, 60% of Michah's balance is invested in the Cash investment option and 40% in the Conservative Balanced investment option. As a result, 60% of Micah's payment comes out of the Cash option and 40% from the Conservative Balanced option.

Default order

Your income payments and lump-sum withdrawals are drawn from your investment options in the default order.

  • Your payment is drawn from the highest investment option you have in the default order until the balance in this option runs out. Payments are then drawn from the next highest investment option until that runs out, and so on.
  • If the balance in an investment option is lower than your payment amount, part of the payment will come out of that investment option and the rest from the next highest in the default order.
  • See the default order
    1. Cash
    2. Australian Bond
    3. Conservative
    4. Conservative Balanced
    5. Australian Income1
    6. Balanced
    7. Sustainable Balanced
    8. Growth
    9. High Growth
    10. Sustainable High Growth
    11. Listed Property
    12. Australian Shares
    13. International Shares
    14. Global Environmental Opportunities
    15. Australian Dividend Income2
    16. Global Companies in Asia
  • Things you need to know

    1 The name of the Australian Income investment option changed from 28 September 2023. Prior to this date, the name of this investment option was Diversified Credit Income.

    2 The name of the Australian Dividend Income investment option changed from 28 September 2023. Prior to this date, the name of this investment option was Australian Equity Income.

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