The Christian Super Pension allows you to nominate the monthly pension you wish to receive in any year, subject to the legislated minimum limits. You can also change the amount during the year. This gives you the flexibility to alter your pension to meet specific needs from one year to the next.
The Government specifies age based minimum limits as shown in the table. These are applied to your account balance at the start of your pension (pro-rata for a partial year) and at each subsequent 1 July to determine the required minimum for your pension payments each year.
| Age at 1 July | Minimum Limit |
|---|---|
| Under 65 | 4% |
| 65 to 74 | 5% |
| 75 to 79 | 6% |
| 80 to 84 | 7% |
| 85 to 89 | 9% |
| 90 to 94 | 11% |
| 95 or over | 14% |
Note: The limits are subject to change as the government makes legislative changes.
Example:
Jenny is 66 years old. She is starting a Christian Super Pension on 1 October with a total account balance of $240,000.
- Her annualised Minimum Pension is $12,000 pa (=5% of $240,000).
- The first year is only 9 months, so her pro-rata Minimum Pension is $9,000 (= 9/12 x $12,000). This equates to $1,000 per month over the 9 months.
- Jenny can choose any pension amount equal to or greater than $1,000 per month.
You should nominate your monthly pension amount when you apply for a Christian Super Pension. The legislated minimum amount will apply if you do not make a selection.
We will send you a statement shortly after 1 July each year that shows your new limit and allows you to change your payment amount for the following year.
