Each year we review certain types of income streams using data matching.
What we collect
We collect information about these income stream products:
- account-based pensions, or allocated pensions
- account-based annuities, or allocated annuities
- market-linked pensions, or term-allocated pensions
- defined benefit income streams
We also collect information about lifetime, life expectancy and term income streams. Personal information we collect includes:
- date of birth
- financial information about the income stream product
We’re authorised to collect this information under section 195 of the Social Security (Administration) Act 1999.
If you have questions about the Income Stream Reviews process, you can email the Income Streams team.
Why we collect it and how we use it
We collect this information so we can check if you’re:
- still eligible for a payment
- getting the right payment amount
- eligible for concession cards
We’ll update your records as part of the income stream review, so you don’t have to. However you must keep your information up to date.
We’ll only use your personal information for the reason we collect it.
We won’t use or disclose your personal information without your consent, unless we're authorised or required by law.
Where we don’t need your personal information we’ll permanently destroy it within 13 weeks of receipt. For example, we’ll destroy the information if you or your partner aren’t getting a payment or hold a concession card.
How we collect it
We collect information from your income stream provider electronically. In some cases, we may also collect it directly from you.
We match the data from income stream providers to information we have about you and your partner. You would have given us this information before.
How to access and correct your personal information
You can also get personal details we hold about you under our administrative access scheme. Read more about personal information releases.
If you notice a mistake, contact us to correct it.
Where to find more information
The policy tells you how to make a complaint about a breach of your privacy. It also outlines how we deal with complaints.