Pension Income Stream Reviews

Income streams of customers who have allocated pensions, allocated annuities and market-linked income streams are reviewed by us in February and August each year.

Each year we review allocated, also known as account-based pension, and market-linked, also known as term allocated pension, income streams.

The February review applies to customers receiving one of the following payments:

  • Age Pension
  • Disability Support Pension
  • Carer Payment
  • Wife Pension
  • Widow B Pension

If you are receiving one of the above payments, you will receive a letter if:

  • you or your partner have allocated or market-linked income streams purchased from a retail provider, i.e. not paid from your self-managed super fund or small APRA fund, and your payments are assets tested, or
  • income tested and are within $10,000 of the assets-test changeover point

The August review applies to most customers receiving a Centrelink payment, except those receiving a Low Income Card, a Commonwealth Seniors Health Card, or Family Tax Benefit, who have, or whose partners have, allocated and/or market-linked income streams.

To provide a better service to customers, we have arranged to get the details directly from some of the organisations that provide these products. These arrangements are in place for some organisations only, so customers may still receive a review letter.

Information you need to provide for Pension Income Stream Reviews

Find out what information you will need to provide for the income-stream reviews in February and August.

The February review letter lists the allocated or market-linked income-stream products held by you or your partner and requests the account balances of your listed income streams as at 31 December of the previous year, and any commutations, lump-sum withdrawals other than the normal regular payments, made in the current financial year.

The August review letter lists the allocated or market-linked income stream products held by you or your partner and requests the account balance as at 1 July, the new nominated annual income amount for that financial year and any commutations, lump sum withdrawals other than the normal regular payments, made in the previous financial year.

You do not have to provide us with a new income stream schedule. The letter will advise you to answer the questions listed in it and to return the questionnaire to us in the reply paid envelope enclosed with their letter.

We must receive your completed questionnaire, as the information requested in this questionnaire cannot be accepted over the phone.

Returning the Pension Income Stream Reviews

The income-stream review questionnaire cannot be accepted over the phone. We must receive your completed questionnaire.

Income streams from retail providers

You should return the review within 21 days from the date of the letter. If you do not return the questionnaire within 21 days, your payment may be stopped. Please contact your nearest Service Centre as soon as possible if you think you may not be able to provide the information within 21 days.

Income streams from self-managed superannuation funds or small APRA funds

You should return the review by 31 December of the current year. If you do not return the questionnaire by 31 December, your payment may be stopped. Please contact your nearest Service Centre as soon as possible if you think you may not be able to provide the information by 31 December.

Manage your income

The Financial Information Service program helps people to make informed decisions about investment and financial issues for their current and future needs.

Call 132 300 and ask to speak to a Financial Information Service Officer.