NGS Income account - keep your money working
The NGS Income account will help you convert your super savings into an income with possible tax and Centrelink advantages. To commence a full account based pension Income account where investment earnings are tax-free, you must have:
- reached your preservation age (currently age 57 for members born between 1 July and 30 June 1962), and
- have met a condition of release.
If you have not met a condition of release, you may still be able to commence a Transition to retirement account, however, investment earnings are taxed from 1 July 2017.
How it works
The NGS Income account is available either as an account-based pension (for retirees and people aged 65 and over) or as a transition to retirement pension (for people between their preservation age and age 65 who have not yet met a condition of release). If you start a transition to retirement pension, you will need to let us know if you meet a condition of release such as:
- permanently retire
- ceased employment after turning age 60
and you wish to transfer from the Transition to retirement account (where investment earnings are taxed) to the full account based pension (where investment earnings are not taxed).
For more information read our:
- Product Disclosure Statement
- Understanding income accounts fact sheet
- Transition to retirement fact sheet
How to do it
To open an NGS Income account please read the Product Disclosure Statement and complete the application form in either:
If you need assistance with establishing your pension:
- our Customer Service Team is available on 1300 133 177
- our phone advice line provides personal advice limited to single issues relating to your NGS Income Account, such as your investment options
- our Client Relationship Managers in our state offices are available to provide general advice and assist you with any questions you may have (there is no cost for this service)
- you can access financial advice through NGS Financial Planning – call 1300 133 177 to make an appointment
- compare the NGS Income Account with other pension providers.