Type of benefit plan

Account-based pension

Who can join?

Anyone who has retired and has access to an unrestricted non-preserved superannuation benefit of at least $10,000.

Minimum investment

$10,000

Fee structure

VicSuper provides a range of benefits and services for a low fee structure. There are no fees charged on entry or exit, to make contributions, to roll over or withdraw funds, or to change investment options. For more information on VicSuper's fee structure and other costs affecting your super see Fee structure.

Initial contribution

You can roll over your unrestricted non-preserved super money from VicSuper Fund or other complying superannuation funds to start your commutable pension.

Other contributions

Once your pension starts you cannot make contributions into your account, so you may like to consider combining all your superannuation benefits at the outset, for example using VicSuper Beneficiary Account. If, after you open your account, you have other superannuation funds from which you want to draw a pension, you can open a second VicSuper Commutable Pension (as long as the starting amount is at least $10,000).

Pension payments

Choose twice-monthly, monthly, quarterly, half-yearly or yearly income payments, paid into a financial institution of your choice. Choose to receive payments on either the 15th day and/or the last business day of each month; and choose to receive the minimum pension payment amount prescribed by the Government.

Partial withdrawals or 'commutations'
(in addition to income payments)

A minimum of $1,000 per withdrawal (excluding funds invested in the Term Deposit Option).

Pension amount

You select your pension amount each year above the minimum limit, which must be at or above the minimum limit for your age. Use VicSuper's calculator to estimate the income you can receive from a VicSuper Commutable Pension, as well as how long it may last.

Age 60 and over

Tax-free pension payments and lump sum withdrawals.

Under age 60

Lump sum withdrawals: will be taxed based on your tax components.

Pension payments: will have PAYG tax withheld from to the taxable component.

100% assessed under the Assets Test

Assessed against the Income Test, however Centrelink will apply a deductible amount.

Investment options

Choose one or a mix of options from VicSuper's range of investment options.

If you do not make a choice when you join, your account will be invested in the Growth Option, VicSuper's default option.

Nominate a representative

You can nominate a representative (eg your spouse) to make enquiries or obtain information about your account such as your contact details, payment amounts and your account balance. Your representative cannot change your account details.

You can choose what happens to your superannuation benefit by making a death benefit nomination.