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 July | Minimum annual payment (% of your account balance) |
|---|---|
| Up to age 65 | 4.00% |
| 65–74 | 5.00% |
| 75–79 | 6.00% |
| 80–84 | 7.00% |
| 85–89 | 9.00% |
| 90–94 | 11.00% |
| 95+ | 14.00% |
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.
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.
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.
How do I update my investment options online?
It’s easy to update your investment options for your NGS Transition to retirement or Income account. You can update your current investment strategy and your drawdown strategy, the investment options your income payments are drawn from, through Member Online or by completing an Investment switching form. Download our Guide to updating your investments for information to assist you when updating your investments online.
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 moreFunding retirement
You know where your income is coming from today but do you know where it will come from in retirement?
Find out moreIncome 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
