Allocated Pension

Maritime Super's Allocated Pension offers a way to use your superannuation savings in the form of an income. It provides the opportunity to convert your lump-sum benefit into a regular tax-effective income stream, so that you can receive regular income payments for as long as there are funds in the account.

You can access an Allocated Pension if you:

• are an existing member of Maritime Super; and
• have unrestricted non-preserved amounts over $30,000.

You may also be able to start a Maritime Super Allocated Pension if you are a beneficiary of a deceased member of Maritime Super who is a 'dependent' of the deceased (i.e. includes a spouse, de facto partner, child under 18 years, financial dependent or a person with whom the deceased had an interdependency relationship).

Flexible payments

You can change the level of income (within payment limitations) and frequency of payments.

You are free to make lump sum withdrawals.

Furthermore, you can close your allocated pension and take the remaining amount as a lump sum.

Tax effective

If you are 60 years or over, the income you receive from an allocated pension is tax free and not assessable. Additionally, the investment earnings you receive on your allocated pension are tax free.

Help with budgeting

If you are used to receiving a regular income, an allocated pension can continue to provide you with regular payments.

Range of investment choices

You can decide where your pension is invested from Maritime Super's range of investment options.

Social security friendly

The balance of an Allocated Pension is fully assessed by Centrelink as an asset. The income, however, is only partially assessed – contact Centrelink to learn more.

Peace of mind 

Get on with enjoying your retirement knowing that your savings are in good hands.

Learn more about the Allocated Pension in the Allocated Pension and Working Income Support Pension Member Guide