Retirement pension

Our pension accounts are designed to help give you financial peace of mind in your retirement.

Get to know your pension account

Default investment strategy

The Pension default strategy is designed to nurture your money after you retire. 

Our default strategy invests some of your money conservatively, and the remainder in one or more investment options with a higher risk and potential for a higher return, with the aim of making your pension last as long as possible. You can find out more about the default investment strategy in the MyLife MyPension Product Disclosure Statement.

You can opt into or out of the default strategy at any time. Please note, unless you choose your preferred investment option(s), your money will be invested using the Pension default strategy.
 

Minimum pension payment rates

You can choose how much income you draw from your pension each year, with minimum amounts set by the Government.

The Government has temporarily reduced the minimum annual payment required for account-based pensions by half until the end of the 2021/22 financial year. This measure has been introduced to help minimise the impact of market volatility due to COVID-19. It also offers you more flexibility to manage your money.

Please refer to the table below for the standard minimum payment percentages, and those applicable to you in the 2021/22 financial year:

Age at 1 July Standard rate Temporary rate
for 2021/2022
Under 65 4.0% 2.0%
65 to 74 5.0% 2.5%
75 to 79 6.0% 3.0%
80 to 84 7.0% 3.5%
85 to 89 9.0% 4.5%
90 to 94 11.0% 5.5%
95 and over 14.0% 7.0%

The minimum percentage varies based on your age on 1 July each year, and you can vary your pension payments at any time.

To choose an income level above the minimum, log into your online account and edit your current withdrawal details on the 'Withdrawals' page.

Alternatively, you can download, complete, and return the Request to vary your pension payment form and we can make the change for you.

Are you eligible?

Access to super benefits is generally restricted to members who have reached preservation age.

Your preservation age ranges depending on your date of birth.

Date of birth Preservation age
Before 1 July 1960 55
1 July 1960 – 30 June 1961 56
1 July 1961 – 30 June 1962 57
1 July 1962 – 30 June 1963 58
1 July 1963 – 30 June 1964 59
From 1 July 1964 60

Pension account benefits

Pay less tax

If you are 60 years or older, your pension account payments are tax-free.

Keep investing

Keep growing your money by investing your funds and enjoy our proven history of strong investment returns. MyLife MyPension offers you a range of investment options to suit your needs, objectives and appetite for risk.

Flexibility

You can also choose the amount and frequency of your income payments throughout the year -- as long as you meet the government’s minimum limits.

Pension account fees

Our pension products offer low fees. Please refer to the Fees and other costs section of the Product Disclosure Statement (PDS) for information regarding fees and charges, and the associated Target Market Determination (TMD) for this product.

View details

Opening an account

Opening a MyLife MyPension account is easy.

If you’re a currently a member of Catholic Super or MyLife MySuper, complete the application form found at the back of the PDS and send it to GPO Box 4303, Melbourne VIC 3001.

Please note the certified identification requirements – you can find more in the associated factsheet.

We're here to help

We can help guide you if you have any questions.