Pensions

You've worked hard for your retirement so it's time for your pension to work hard for you.

All income and investment earnings from superannuation pensions paid from a taxed fund are tax free for over 60's, so pensions are a very tax-effective way to provide you with an income in retirement.

Maritime Super offers two different types of account-based pensions:

  1. a working pension for those who are making a gradual transition to retirement; and
  2. a retirement pension for those people who are fully retired.

Our account-based pensions give you the freedom to choose where your pension is invested from one of Maritime Super's six investment options, giving you greater control over your money. Plus the flexibility to choose how much income you drawn down each year.

We also offer a non-account based pension, the Fixed Term Pension, for members aged 60 and over which offers security and certainty by providing a fixed income+ over a set period of time. This pension is also not affected by interest rate changes or market fluctuations during its term.

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Fixed pension amount will change if you choose to have the pension indexed annually in line with inflation and could also change due to changes to super and taxation laws.

Working income pension

Working income pensions are also known as transition to retirement pensions. Maritime Super's working income pension is known as the Working Income Support Pension (WISP).

These type of pensions are suitable if you haven't yet retired but would like to reduce your working hours and supplement your income with money from your super benefit (including preserved super benefit).

Maritime Super's WISP gives you access to your preserved and restricted non-preserved benefits in the form of regular pension payments, without having to permanently retire from the workforce (or seafaring industry).

As a member of Maritime Super, you are eligible to purchase a WISP if you have reached your preservation age (i.e. 55 years for those born before 1 July 1960) and you have a minimum super amount of $30,000.

Learn more about Maritime Super's Working Income Support Pension.

Retirement income pension

Allocated Pension

Maritime Super's retirement income pension is an Allocated Pension, which offers a way for retirees to receive their superannuation savings in the form of regular income.

Just like when you receive a wage when you are working, you can choose to receive regular Allocated Pension payments paid directly to your bank account.

With an Allocated Pension you invest a lump sum of super monies and then choose a pension amount that suits your individual retirement needs (this amount must meet the minimum limit set by Commonwealth legislation). You have the flexibility to choose how often you will receive your pension payments throughout the year and can vary the amount you receive each year to meet your changing needs. Lump sum withdrawals can also be made at anytime.

To start a Maritime super Allocated Pension, you must have unrestricted non-preserved benefits of $30,000 or more and be a member of Maritime Super or a beneficiary of a deceased member of Maritime Super who is a ‘dependant' of the deceased (includes a spouse, de facto partner, child under 18 years, financial dependent or a person who had an interdependent relationship with the deceased).

Learn more about Maritime Super's Allocated Pension

Fixed Term Pension

Maritime Super’s Fixed Term Pension is a retirement income pension which provides you with peace of mind as you know you will receive fixed monthly^ pension payments that can also increase annually in line with inflation (if you select the CPI-indexed option), for a set period of time depending on the term you select.

You have the option to choose for your pension to be paid for 5-years, 10-years, 15-years and 20-years depending on what suits you (some term restrictions apply to older members, refer to page 4 of the Fixed Term Pension Member Guide for more information).

The Fixed Term Pension is available to all Maritime Super members who:

  • are 60 years of age or over; and
  • have unrestricted non-preserved super benefits in the Fund; and
  • meet the minimum purchase price requirement of $10,000 x pension term chosen.

You can invest up to 80% of your Maritime Super account balance in the Fixed Term Pension.

Investment choice does not apply and it is not possible to roll over other super money or make contributions to add to amount invested in the Fixed Term Pension once it has commenced.

You can apply for the Fixed Term Pension for term start dates on: 1 December, 1 March, 1 June and 1 September.The rates for each term start date are published approximately 3 weeks before on this website. Your completed application form must be received by Maritime Super by 5pm (AEST) on the sixth business day before the term start date.

Learn more about Maritime Super's Fixed Term Pension.

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The fixed pension amount also could change due to changes to super and taxation laws.

Closed pension products

Maritime Super also has a number of pension products that are closed to new members, including the Life Pension, Fixed Term Pension, Fixed Term Income, Short Term Guaranteed Income and the Term Allocated Pension. If you are an existing member of one of these products and have a query or would like more information, please contact Member Services.