Payments
Your Cbus Super Income Stream payments are paid into your nominated Australian bank, building society or credit union account. Your nominated account must be held either in your name or, if the nominated bank account is held jointly, you need to be one of the account holders. Cbus Super Income Stream payments cannot be paid to you by cheque.
Payment Frequency
You can opt to have your payments paid fortnightly, monthly, quarterly, half yearly or yearly. For payment frequencies other than fortnightly, you can nominate to receive payments on the 15th day, or the last day, of the month.
If you have more than one Cbus Super Income Stream Investment Portfolio, you can choose:
- the proportion of your payment to be drawn from each option;
- the order in which your payments are to be drawn from each option; or
- the proportion of the balance in each option at time of payment.
If you do not make a selection, then payment will be in the same proportion as your initial investment allocation.
Calculating your minimum payments
The Federal Government has set a minimum limit on the income that must be paid to you each year from your Super Income Stream. The limit is simply equal to a percentage of your account balance at the beginning of each financial year. The percentage is linked to your age at the beginning of that financial year, as follows:
Age Percentage Factor
|
Age |
Percentage Factor |
|
Under 65 |
4% |
|
65-74 |
5% |
|
75-79 |
6% |
|
80-84 |
7% |
|
85-89 |
9% |
|
90-94 |
11% |
|
95 and over |
14% |
Provided your income stream is not operating under the 'Transition to Retirement' facility, this is the only restriction on the amount of income you can draw from your Super Income Stream (subject to the available balance).
Note: If you access a Cbus Super Income Stream under the 'Transition to Retirement' facility you will be subject to a maximum annual payment amount equal to 10% of your account balance.
