Managing your pension

Take control of your retirement

We make it easy to manage your money, with flexible account options, low fees and an easy-to-use online portal. Our Service Centre is also on hand, with dedicated staff to help you manage your pension account.

Changing your investment choice

We offer a number of different investment options with varying degrees of risk. You can change or switch investments at any time. You’re not locked in, and we are here to help if you need more information about these options.

Application to change investment mix

Changing your pension payments

You have the freedom to choose how much income you receive from your retirement account. Each financial year, you set your income amount, but you can change this throughout the year if you need to. Your only obligation is to meet the minimum pension standards set by the government. Note that a pre-retirement pension does have drawn-down limits.

Request to vary your pension payment

Making a withdrawal

There are no restrictions on lump sum withdrawals from your retirement account and you can withdraw funds from your pension at any time. If you’re over 60, all withdrawals from your retirement pension are tax-free. This only applies to retirement pensions.

Application for a lump sum withdrawal

Managing your beneficiaries

Peace of mind is knowing your savings will go to the right people when you’re no longer here.  

When you set up your account with us, you can nominate a beneficiary. MyLife MyPension will always try to identify and pay your pension to the most appropriate beneficiaries. To make sure your money goes to who you want it to, you will need to have a valid beneficiary nomination in place. 

There are 3 kinds of beneficiary:

Binding beneficiary – valid for 3 years

As long as your nomination is valid, MyLife MyPension must give the nominated person (or people) your funds when you pass away. To nominate a binding beneficiary, you will need to complete a form and keep your nomination up to date every three years.

Binding death benefit nomination

Preferred (non-binding) beneficiary

Naming a preferred beneficiary can help MyLife MyPension decide who will receive your pension, but it is non-binding. This means your nomination can be overruled by the Trustee. You can nominate a non-binding beneficiary by calling us on 1300 963 720.

Contact us

Reversionary beneficiary – for pension accounts only

Your reversionary beneficiary will continue to receive your pension payments after you pass away – this is most often your spouse. You can only nominate a reversionary beneficiary when you set up your account and cannot change this once your pension starts.

MyLife Online

Access your super account online whenever it suits you, through our member secure site MyLife Online. You can check your balance, view statements, update your details and more.

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MyLife MyAdvice

Plan a retirement strategy that works for you. Speak with a financial planner.

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