Starting a Pension (Under 60)

Summary of the steps involved, the documents needed and the timing necessary.

  1. Ensure that the member is retired or otherwise entitled to start a pension.
  2. Determine a likely date for the pension to start (allow time for all steps involved).
  3. Advise Supercorp.
  4. Examine fund investments, particularly to ensure there is sufficient cashflow to pay the pension.
  5. Seek advice on appropriate strategies such as withdrawal-and-recontribute, designed to maximize benefits and minimize tax.
  6. Contact Supercorp to calculate the minimum and maximum pension amounts, as well as the tax payable on the pension selected.
  7. Register the fund for PAYG withholding purposes.
  8. Have trustee minutes prepared, as well as a pension request from the member.
  9. Complete a TFN declaration form. This needs to be signed by the member and by a trustee and lodged with the ATO immediately the pension commences.

Print Fact Sheet