Managing my income account
Need to make a withdrawal or change your income account payments?
What is it?
You have a lot of flexibility with your NGS Super Income account. You can make lump sum withdrawals at any time, unless receiving 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 starting balance of your Income account for that financial year). You can also change the frequency and amount of your regular income account 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 income account may be affected. There is more information about tax in the Investment Guide and Fees, costs & tax fact sheet.
How to do it
You can make a withdrawal from your Income account (if it is not a transition to retirement pension) by completing a Request for withdrawal form.
You can change your Income account payments by completing a Request to vary your income account payment eForm.