Income Stream Reviews

Each year in August and February we may review your account-based pension, account-based annuity and market-linked income streams.

In August, we also review your asset test exempt lifetime or life expectancy income streams sourced from self-managed superannuation funds or small APRA funds.

Complete your Income Stream Review online:

Review details

Each year in August and February, we may review your income streams if they are:

  • an account-based pension, also known as an allocated pension
  • an account-based annuity, also known as an allocated annuity
  • a market-linked pension, also known as a term-allocated pension

In August each year, we will review your income streams if they are:

  • an asset test exempt lifetime or life expectancy income stream sourced from a self-managed superannuation fund or small APRA fund

These reviews do not replace your obligation to tell us within 14 days of any changes to your income stream products. This includes where you make a commutation - a lump sum withdrawal other than your normal regular payment—from your income stream. You must also notify us of any income streams you hold not included in the review letter.

August review

The August review applies if you receive an income support payment, and you or your partner have:

  • an account-based or market-linked income stream, including those sourced from a self-managed superannuation fund or small Australian Prudential Regulation Authority (APRA) fund
  • an asset-test exempt lifetime or life expectancy income stream, sourced from a self-managed superannuation fund or a small APRA fund

The August review does not apply if you only:

In some cases, if we get your details directly from the provider, you will not receive a review letter.

February review

The February review applies to customers receiving:

If you are receiving any of these payments, you may receive a letter if you or your partner:

  • have an account-based or market-linked income stream purchased from a retail provider that is not paid from your self-managed superannuation fund or small APRA fund, and your payments are asset tested, or
  • have been income tested and are within $10,000 of the assets test changeover point

In some cases, if we get your details directly from the provider, you will not receive a review letter.

Information you need to provide

If you need to provide us with information to complete your Income Stream Review in August and February, you will receive an Income Stream Review letter.

August review

We will send you a letter in early August asking you to complete the Income Stream Review. If you choose to get letters from us online, we will send you an SMS or email to let you know when the letter is available in your online account.

The August review letter lists the account-based or market-linked income stream products held by you and your partner if you have one. You need to tell us:

  • the account balance of your listed income streams as at 1 July, and
  • the new nominated annual income amount for the current financial year and any commutations—lump sum withdrawals other than the normal regular payments—made in the previous financial year

If you have an account-based income stream that commenced on or after 1 January 2015, you only need to tell us the current account balance for that product.

You do not have to provide us with a new income stream schedule.

The August review letter also lists the asset test exempt lifetime or life expectancy income stream products from a self-managed superannuation fund or a small APRA fund, held by you, and your partner if you have one. You will be asked to provide:

  • an actuarial certificate to verify that your fund can continue to pay this income stream. The actuarial certificate must be certified between 1 July and 31 December of the current year. If you do not provide the actuarial certificate by 31 December of the current financial year, your income stream may lose its asset test exemption

You can submit this document online using the Document Lodgement Service.

February review

We will send you a letter in early February asking you to complete the Income Stream Review. If you choose to get letters from us online, we will send you an SMS or email to let you know when the letter is available in your online account.

The review letter lists the account-based or market-linked income stream products held by you, and your partner if you have one. You need to tell us:

  • the account balance of each of the 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

We will accept balances dated after 31 December if you have received this information from your product provider.

If you have an account-based income stream that commenced on or after 1 January 2015, you only need to tell us the current account balance.

Completing your review

The date your review must be completed differs depending on the income stream. If you do not complete your review on time, your payment may be stopped.

Income streams from superannuation funds

You must complete your review within 21 days from the date on the letter.

Income streams from self managed superannuation funds or small APRA funds

You must complete your review by 31 December of the current year.

The quickest and easiest way to complete your Income Stream Review is online using your myGov account.

Using your myGov account

  1. sign in to my.gov.au and select Centrelink. A list of all your reminders will be displayed in the Reminders section
  2. select the Income Stream Review reminder. This will take you through the process step by step

If you don’t have a myGov account, you can create one at my.gov.au

To link your Centrelink online account to your myGov account, select Services and then the link icon.

Use the online guide or video tutorial if you need help completing the review online.

Using your unique One Time Access Code

If you can’t complete the review using your myGov account, a unique One Time Access Code (OTAC) is provided in the letter. The OTAC is secure, simple and easy to use. It allows you to complete the review online and ensure the right person is providing Income Stream Review information.

The OTAC also allows your nominee or an authorised third party to complete the Income Stream Review for you, and your partner if you have one.

You can also provide your Customer Reference Number (CRN) and the OTAC to your financial adviser, product administrator, or any other person, to complete your Income Stream Review online on your behalf. Using the OTAC will only give them access to complete your and your partner’s Income Stream Review. You should only ask a person to complete your Income Stream Review if you do not have any concerns about disclosing your CRN to them.

Once you have submitted your review you will be presented with a receipt page that includes a receipt ID number for your records.

Supporting documentation, including an actuarial certificate, can be submitted by completing the review online and following the links to upload documents.

Over the phone

If you cannot complete an Income Stream Review online, we can help you through the process over the phone. Please make sure you have the information about your income stream products ready before calling. The information you need will be listed in your Income Stream Review letter.

Once you have the information about your Income Stream products, you or your nominee can call us on 132 300. Call charges may apply.

Help to manage your income

The Financial Information Service helps people 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.

Page last updated: 17 August 2016

This information was printed Friday 9 December 2016 from humanservices.gov.au/customer/enablers/income-stream-reviews It may not include all of the relevant information on this topic. Please consider any relevant site notices at humanservices.gov.au/siteinformation when using this material.