NGS Super will be introducing a Retirement Bonus

NGS Super will be introducing a Retirement Bonus for all eligible members who transfer an amount from an NGS Accumulation or Transition to Retirement account to an NGS Income account. The Retirement Bonus represents the member’s portion of what the Fund has previously withheld from earnings for capital gains tax on unrealised gains.

This capital gains tax is no longer payable by the Fund when the member commences an Income account.

The Retirement Bonus Rate will be 0% where NGS Super has no taxable unrealised gains.

Am I eligible?

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

  • commence a new NGS Income account on or after 1 July 2017
  • had an NGS Accumulation or Transition to Retirement account for at least 12 continuous months immediately before transferring an amount from one or more of those accounts to your NGS Income account
  • have not previously received the Retirement Bonus, and
  • have a current NGS Income account on the day your Retirement Bonus is to be paid.

The Retirement Bonus will apply to all available NGS investment options with the exception of Cash and Term Deposits, Diversified Bonds and NGS Self-Managed.

How much will my Retirement Bonus be?

The amount of the Retirement Bonus you may receive will depend on a range of factors and will be determined on an individual basis.

The Retirement Bonus Rate will be determined by the Fund annually following the end of the financial year, based on the level of deferred tax liabilities held.

How and when will the Retirement Bonus be paid?

NGS Super will make the payment to eligible members following the end of the financial year of transfer from their other NGS Super account to their NGS Income account.

Your bonus will be paid into your Income account, and will be visible on Member Online and any future statements you receive.

The units purchased will be based on the unit prices applicable on the process date of the payment of the Retirement Bonus.

The Retirement Bonus Rate in respect of a financial year will generally be declared by the following October. NGS Super has updated the calculation design of bonus payments for the 2017/18 and 2018/19 financial years and this has been approved by the ATO. These bonuses are currently being processed and confirmation will be sent to recipients once payments are finalised.

The ATO has also advised that the bonus payment will count towards a recipient’s transfer balance cap.

Get advice for every stage of your life

Call us on 1300 133 177 if you would like to speak to an NGS Financial Planner about setting your retirement goals. For more information, please view Your super and the age pension fact sheet.

Book a consultation Download your super and the age pension fact sheet.

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