Managing my pension

Need to make a withdrawal or change your pension payments?

What is it?

You have a lot of flexibility with your NGS Super Pension. You can make lump sum withdrawals at any time, unless your pension is a transition to retirement pension. (For this type of pension, if you are under age 65 then the maximum amount you can withdraw is 10% of the balance of your account at the beginning of that year). You can also change the frequency and amount of your regular pension payments at any time, but make sure you remain above the minimum for the year.

How it works

Please note that tax may be payable on your lump sum withdrawal if you are under age 60 and the tax-free amount (if any) of your pension may be affected. There is also a $30 withdrawal fee for each lump sum withdrawal (this fee does not apply to regular pension payments). There is more information about tax in the Pension Guide and Tax and your pension fact sheet.

How to do it

You can make a withdrawal from your pension (if it is not a transition to retirement pension) by completing a Request for withdrawal form.
You can change your pension payments by completing a Request to vary your pension payment form.