Opening a Pension

Eligibility

To start a NSF Super Pension or NSF Super Pre-Retirement Pension, you need to have a minimum amount of $10,000.

The following eligibility criteria also apply to be able to access your super benefits through a pension:

Age Work Status
Still Working Permanently Retired
Under 55 X X
55* – 64 NSF Super Pre-Retirement Pension NSF Super Pension
65 and over NSF Super Pension NSF Super Pension
*Age 55 represents the preservation age for those people who were born before 1 July 1960. The preservation age changes for those born on or after this date, as follows:
Date of Birth Preservation Age
 Before 1 July 1960   55
 From 1 July 1960 to
30 June 1961
  56
 From 1 July 1961 to
30 June 1962
  57
 From 1 July 1962 to
30 June 1963
  58
 From 1 July 1963 to
30 June 1964
  59
 On or after
1 July 1964
  60

You should read the NSF Super Pension Division Product Disclosure Statement (PDS) for information on the features, costs, benefits and risks of the Pension accounts.

You should consider seeking advice from a licensed financial planner to determine whether a Pension account is right for you and how to get the most out of your Pension account.

To join the NSF Super Pension Division, you will need to complete and submit an application form (found at the back of the PDS). You will need to choose your investment options, payment frequency, and amount and nominate beneficiaries or a reversionary beneficiary and provide your bank account details. You will then be able to manage these details online through a Pension MemberAccess account.

To open your pension account, you need an initial deposit of at least $10,000, which can be sourced from your NSF Super account or other super funds. Provided you are eligible, you can also make a voluntary contribution to your super before starting your pension.

Your pension must be started with one lump sum, therefore all funds will firstly need to be consolidated before NSF Super is able to open your pension account. If you are not already an existing member of NSF Super, a Personal Division account will be opened to accept your contributions and superannuation rollovers. This account will incur the applicable fees and costs and you should refer to the NSF Super PDS (Personal Division) for more information.

When you transfer from an existing NSF Super account, you can choose to keep your super account open, so you can still receive contributions. Please note that you will need to leave at least $1,000 in the account to cover the cost of future fee and insurance premium deductions.


Next steps

You should contact the NSF Super team if you have any questions about pensions or your available options.