QIEC Super Income Stream Accounts offer you the flexibility to control the amount (subject to minimum and maximum limits) and the frequency you want to receive your income stream payments.
To help you determine the minimum and maximum annual payments for your Transition to Retirement Account or your minimum annual payment for your Retirement Income Account, we have created Transition to Retirement Account and Retirement Income Account worksheets.
Payment options for QIEC Super’s Income Stream Accounts are outlined below:
|QIEC Super’s Income Stream Payment Options|
|Transition to Retirement Account||Retirement Income Account|
|Payment frequency||You can choose to be paid fortnightly, monthly, quarterly, six-monthly or yearly. The frequency of your payments can be changed at any time by notifying QIEC Super in writing.||You can choose to be paid fortnightly, monthly, quarterly, six-monthly or yearly. The frequency of your payments can be changed at any time by notifying QIEC Super in writing.|
|Payment amount||There is a minimum annual payment that is dependent on your age and a maximum annual payment of 10% of your account balance.*||There is a minimum annual payment that is dependent on your age. There is no maximum annual payment amount.*|
|Lump sum withdrawals||Lump sum withdrawals can only be made from Transition to Retirement Accounts upon meeting a condition of release.||You can make lump sum withdrawals. There is a minimum withdrawal amount of $1,000 or your total account balance if your balance is under $2,000.|
For more information on payment options, please refer to the QIEC Income Stream PDS or call our Client Contact Centre on 1300 360 507.
*If you commence your Transition to Retirement or Retirement Income Account part way through the financial year, your minimum annual payment will be a proportion of the annual amount.