If you're planning on opening an NGS Income account, you could be eligible for our Retirement Bonus. Here's how.

What is it?

We've introduced a Retirement Bonus for members who've transferred from an NGS Accumulation or Transition to retirement (TTR) account to an NGS Income account.

Here's how it works:

When your money is in an Accumulation or TTR account, we withhold some of your earnings for capital gains tax (CGT) on unrealised gains. However, when you move this money to an NGS Income account, that CGT is no longer payable by NGS Super (the Fund). So, if you're eligible, your portion of the previously withheld amount is paid to you as a Retirement Bonus.

The Retirement Bonus applies to all available NGS investment options except for Cash and Term Deposits, Diversified Bonds and the NGS Self-Managed Direct Investment Option (DIO).

Am I eligible?

You will be eligible to receive the Retirement Bonus if you:

  • opened a new NGS Income account on or after 1 July 2017
  • had an NGS Accumulation or TTR account immediately before transferring an amount from one or more of those accounts to an NGS Income account
  • have not previously received the Retirement Bonus by resetting1 your NGS Income account and
  • are in the process of opening an NGS Income account on the day your Retirement Bonus is paid.

1 An Income account reset is the process of closing your NGS Income account by transferring the funds back to your NGS Accumulation account, and then moving the consolidated amount into a new NGS Income account.

How much could I get paid?

This depends on a range of factors (including the Retirement Bonus Rate) and is determined on an individual basis.

We calculate the Retirement Bonus Rate for each relevant NGS investment option annually after the end of the financial year, based on the level of deferred tax liabilities held by the Fund. The Retirement Bonus Rate will be 0% where the Fund has no taxable unrealised gains for that NGS investment option.

How and when will I get paid?

If you're eligible, you'll receive your Retirement Bonus amount as soon as practicable after you became eligible. 

We'll pay your Bonus to your NGS Accumulation account before it's transferred to an NGS Income account. You'll be able to see the payment on your termination statement once your Accumulation account has closed.

The Bonus will effectively purchase more units in your account. The amount of units will depend on the dollar value of your bonus and the unit prices applicable on the process date.

The Bonus payment will count towards your transfer balance cap.2

2 A transfer balance cap of $1.6 million applies on the amount of super you can transfer into the retirement phase. This applies as a total across all your super accounts and not per fund.

Open an NGS Income account

Retirement doesn't need to be the end of your super. Opening an NGS Income account can provide you with a regular retirement income. And, you'll continue to enjoy the benefits of keeping your money in a super environment.

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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.

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