Pensions

QIEC Super offers an Account Based pension (previously known as an Allocated Pension) which is designed to provide a regular income for your retirement.

Account Based Pensions are investments that give retirees and those nearing retirement, but at least age 55, regular superannuation benefit payments as income.

The QIEC Super Account Based Pension can be taken before you finish working if certain conditions are met (Pre-Retirement) or after retirement (Post Retirement).

The QIEC Super Account Based Pension offers you:

FLEXIBILITY – You can choose how much and when your pension is paid (eg. Monthly, Quarterly, Half-Yearly, Yearly) and if by cheque or direct debit to your bank account.

CHOICE OF INVESTMENT OPTIONS

The best value for money funds. Well balanced across all key assessment criteria - investment methodolgy, fees, insurance, administration and advisory services in a robust, secure and proven governance/risk framework. Provides features that should assist most individuals to meet their retirement goals.
  • Conservative Growth
  • Balanced Growth
  • High Growth

TAX-FREE – Investment earnings are tax free, plus pension payments are tax free from age 60.

ACCESS TO YOUR SAVINGS – As a lump sum in the Post-Retirement Pension option.

When can I start taking my superannuation?

To be eligible to commence an Account Based Pension with QIEC Super in Pre-Retirement you must:

  • Be aged between 55 and 65
  • Have a minimum Account Balance of $10,000.

To be eligible to commence an Account Based Pension with QIEC Super in Post-Retirement  you must:

  • Have reached age 55 and permanently retired from the workforce; or
  • Have reached age 60 and left your employer; or
  • Have reached age 65; or
  • Have been assessed at Totally and Permanently Disabled (TPD); and
  • Have a minimum Account Balance of $10,000.

What is a Pre-Retirement Account Based Pension?

The Pre-Retirement Account Based Pension is a transition to your retirement measure.  It is designed to allow you to lessen your full-time workload.  If you decide to work, say, 3 days per week, your reduced salary can be augmented by means of a Pre-Retirement Account Based Pension.  You may use some or all of the balance in your superannuation account to fund the Pre-Retirement Account Based Pension.

However, in taking up the Pre-Retirement option you cannot withdraw (or commute) any benefits as a lump sum unless you satisfy a Condition of Release.  eg. die, became Totally and Permanently disabled or permanently retired.

What is a Post-Retirement Account Based Pension?

The Post-Retirement Account Based Pension allows you to invest your superannuation savings and to receive regular income payments until the total account balance is exhausted.

The balance of your pension is not locked away, so you can access your savings as a lump sum at any time should an unexpected expense arise.

So, whether you are still working and want access to your superannuation benefits to supplement your income, or you have fully retired and want an income during retirement, QIEC Super has superannuation pension options to suit you.

Download the Account Based Pension Handbook for further information.