Choose a NESS Pension

NESS Super can keep your money working for you and take the stress out of retiring.  Our flexible NESS Pensions allow you to continue to invest your super and receive a regular income when you are nearing, or have reached retirement.

NESS Super offers two pension products to help you get the most from your super:

• a Transition to Retirement Pension (TRP), which you can receive while you are still working if you are between your preservation age to 64, and
• an Account Based Pension, which you can receive once you reach your preservation age and stop working.

The NESS TRP has the same features and benefits as the NESS Account Based Pension but with some extra conditions around withdrawals and how investment earnings are taxed.

Your preservation age is determined as follows:

Both types of pension offer a range of great features but, as always, we recommend you seek independent financial advice before making any decisions about your super.

New $1.6 million cap

From 1 July 2017 a ‘transfer balance cap’ of $1.6 million will apply to how much you can transfer from super into a tax-free retirement income account. The cap applies to the total combined amount of superannuation that has been transferred into retirement phase, it does not matter how many accounts these balance are held in.  If you exceed the cap, you will be required to remove the excess (including notional earnings on the excess capital).

A NESS Pension offers you:

• the comfort of letting us manage your investments
• a regular income, with payments to your nominated bank account made either bi monthly, monthly, quarterly, half yearly or yearly (with the Account Based Pension, you can make lump-sum withdrawals too)
• flexible payment amounts, within limits set by the Government
• the potential for tax savings
• a tax-free pension for people aged 60 and over. If you’re aged between the Preservation age to 59, withdrawals are taxed, but with a 15% tax offset
• for NESS TRP a choice of seven investment options, you can choose to invest in one or any combination of the seven options.  From 1 July 2017, investment earnings in TRPs will be taxed up to 15%
• for NESS Account Based Pension, a choice of six untaxed investment options you can choose to invest in one or any combination of the six options
• low fees and no commissions. As an industry super fund, all net investment earnings are returned to members. (See the NESS Pension Product Disclosure Statement for more information)
• access to personalised financial advice
• the peace of mind that comes from knowing that your account balance reverts to your beneficiaries in the event of your death.