Income account payment options
How much could I get paid?
You can choose your income payment amount to suit your needs — as long as you receive at least the legislated minimum. Your minimum amount will depend on your age. It’s calculated as a percentage of your account balance at the start of the financial year.
| Your age as at 1 July | Minimum annual payment (% of your account balance) |
|---|---|
| Up to age 65 | 4.00% |
| 65–74 | 5.00% |
| 75–79 | 6.00% |
| 80–84 | 7.00% |
| 85–89 | 9.00% |
| 90–94 | 11.00% |
| 95+ | 14.00% |
When can I get paid?
You can choose to receive your payments fortnightly, monthly, quarterly, six-monthly or yearly. For each option (except fortnightly), your payday will be the 15th of the month. You can change your payment frequency whenever you like through Member Online or by completing a Request to vary your income stream payments form.
How do I get paid?
Payments are made electronically to the bank account of your choice, noting that it must be a personal account held solely or jointly in your name. You can change your nominated bank account by completing a Request to vary your income stream payments form.
Can I withdraw lump sum payments?
Yes! You can request lump sum payments from your NGS Income account whenever you need to. This option comes in handy at times that you need more than your regular income, like for a holiday or renovations. You can request lump sum payments through Member Online or by completing a form.
How do I update my investment options online?
It’s easy to update your investment options for your NGS Transition to retirement or Income account. You can update your current investment strategy and your drawdown strategy, the investment options your income payments are drawn from, through Member Online or by completing an Investment switching form. Download our Guide to updating your investments for information to assist you when updating your investments online.
