Retirement with Concept One

Do you need help understanding your retirement options?

Call our Business Relationship Manager, Glen Van Ooran, on 0407 100 203. Glen can't give you financial advice, however, he can point you in the right direction or help you to complete any of our forms.

Please click here if you need Financial Advice.

Would you like to set up a pension?

Concept One has a pension suitable for both retirement and transition to retirement strategies.

Please refer to the Pension Product Disclosure Statement (PDS) prior to proceeding with your Pension Application.

Commencing a Pension

You can commence a pension on reaching your preservation age and meeting a condition of release. Your preservation age is based on your date of birth. See the table below for more details.

A condition of release can be one of the following:

  • You have reached your preservation age and have elected to retire.
  • You have reached your preservation age and wish to commence a Transition to Retirement Pension. In this case your superannuation will be paid as an income stream only.
  • You have ceased employment on or after age 60.
  • You have reached age 65.

Please note the above list is not exhaustive and there may be other situations leading to a condition of release.

Benefits of a Pension Account

A pension account can provide the following benefits:

  • A regular income paid to your bank account.
  • Tax-free income from age 60.
  • Access to lump sum withdrawals once you have reached age 60 and have elected to retire.
  • On death, benefit payments to your estate or beneficiaries.

Concept One Pension Online

As a Concept One Pension member, you will have access to a secure online facility that allows you to:

  • View your up-to-date account details at any time
  • Manage your investment options and beneficiaries
  • Update your personal details, and
  • If you are fully retired, arrange to make lump sum withdrawals.

How your Account-based Pension works

Upon commencing a pension, you must draw a minimum amount each year depending on your age. The minimum amounts for each age group are as follows:

Pension Payment Limits

Full Pension

TTR Pension

Age

Minimum % of Account Withdrawal

(no maximum % of Account withdrawal)

Minimum % of Account withdrawal

(10% maximum % of Account withdrawal)

2016/17

2016/17

Under 65

4.00%

4.00%

65 – 74

5.00%

5.00%

75 – 79

6.00%

6.00%

80 – 84

7.00%

7.00%

85 – 89

9.00%

9.00%

90 – 94

11.00%

10.00%

95 and over

14.00%

10.00%

Please note:

  1. For Transition to Retirement Pensions, a maximum of 10% of the account balance as at 1 July of each year applies and you are not able to make lump sum withdrawals from this type of pension account.
  2. If you wish to consolidate other superannuation funds into your Concept One superannuation account prior to commencing a pension, please call 1300 720 182 and we will do it for you while you're on the phone.
  3. You can complete the Pension Member Application Form and the Tax File Declaration Form (required only if you are under age 60) by clicking here .

Remember to -

  • Nominate how you would like your money invested by choosing from our 4 investment choice options.
  • Nominate a beneficiary (in case you die).
  • Choose your pension level (subject to the mandatory minimums and in the case of Transition to Retirement, a maximum of 10%).
  • Choose the frequency of your pension payments.
  • Attach a copy of your certified ID (see the application form for further details).
  • Sign your acknowledgement.

If you need any help completing the form, please call Glen Van Ooran on 0407 100 203.