Non-Commutable Allocated Pension Plan

Members aged between 55-64 who have not retired from the workforce can access their super through a non-commutable income stream whilst still working (via a non-commutable Allocated Pension Plan).

A non-commutable Allocated Pension Plan has all the same features of an Allocated Pension Plan except that there is a maximum 10% of the account balance for the non-commutable Allocated Pension Plan and commutations (lump-sum withdrawals) can only be made in the following circumstances:

• To pay for a surcharge assesment
• For a family law payment split
• To cash in any unrestricted non-preserved amount
• Upon satisfaction of another condition of release
• If you have reached preservation age (55-60) and ACSRF is satisfied that you have retired from gainful employment
• Upon termination of any employment arrangement after 60
• Upon reaching age 65
• Upon becoming permanently incapacitated
• Upon death

The non-commutable Allocated Pension Plan can be rolled over and transferred back to the super fund.

Upon reaching age 65, your non-commutable Allocated Pension will automatically become commutable, which means that you will be able to make lump sum withdrawals from the pension.

Prior to turning 65, you can commute your non-commutable Allocated Pension, in the other circumstances listed above.

For more information regarding this product, please refer to ACSRF’s Allocated Pension Plan Product Disclosure Statement.