You've got plenty of flexibility within your NGS Income account around how you receive your income payments. There are some conditions to meet, but generally, how much you receive and how often is up to you.

How much could I get paid?

You can choose your income payment amount to suit your needs — as long as you receive at least the legislated minimum. Your minimum amount will depend on your age. It’s calculated as a percentage of your account balance at the start of the financial year.

Your age as at 1 July2019/20 and 2020/21 financial years only — minimum annual payment
(% of your account balance)
Subsequent years — minimum annual payment
(% of your account balance)
Up to age 652.00%4.00%
65–742.50%5.00%
75–793.00%6.00%
80–843.50%7.00%
85–894.50%9.00%
90–945.50%11.00%
95+7.00%14.00%

This table reflects measures introduced by the government in response to COVID-19 — minimum payment requirements have been temporarily reduced. The idea here is to ease concerns about drawing on your investments at a time of market volatility. As such, you may wish to drawdown less and leave more of your funds invested.

Change your payment amountsCheck your balance

When can I get paid?

You can choose to receive your payments fortnightly, monthly, quarterly, six-monthly or yearly. For each option (except fortnightly), your payday will be the 15th of the month. You can change your payment frequency whenever you like through Member Online or by completing a Request to vary your income stream payments form.

Change your payment frequencyMember Online

How do I get paid?

Payments are made electronically to the bank account of your choice, noting that it must be a personal account held solely or jointly in your name. You can change your nominated bank account by completing a Request to vary your income stream payments form.

Vary your paymentsCheck your account details

Can I withdraw lump sum payments?

Yes! You can request lump sum payments from your NGS Income account whenever you need to. This option comes in handy at times that you need more than your regular income, like for a holiday or renovations. You can request lump sum payments through Member Online or by completing a form.

Member OnlineRequest withdrawal

Accessing your super in retirement

Retirement is an opportunity to focus on doing the things you love. You've been working hard and saving your super for precisely this time of your life — so, here's how to make the most of it.

Nominating beneficiaries

Under Australian law, your super isn’t automatically included in your estate, so making a will isn’t enough. That's why it's important to nominate beneficiaries — it can help ensure your super ends up in the right hands.

Learn with NGS MoneyCoach

Retirement basics

The decision to retire permanently largely depends on whether you have the financial resources available to see you through the rest of your life.

Find out more

Funding retirement

You know where your income is coming from today but do you know where it will come from in retirement?

Find out more

Income streams

We are spending longer periods of time in retirement and circumstances can change over time. This makes planning for your retirement more difficult.

Find out more

Get advice for every stage of your life

NGS Super members have access to qualified and non-commission based financial planners, including over-the-phone limited advice* about your account, at no additional cost. Enquire now

* Limited financial advice covers one or two issues in isolation on topics such as investment selection and contribution levels. It does not take into account the member’s entire financial situation.

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