NGS Income account

An NGS Income account pays you a regular income during your retirement. You could look at it like a replacement for your salary. You can choose how much you get and how often — as long as you receive at least the legislated annual minimum. Plus, you have the freedom to withdraw lump sum amounts whenever you need them — your money isn’t locked away.

If you're over age 60, your income payments will be tax free.

You can choose your own investment option(s) or go with our default investment strategy. Your investment earnings are tax free.

Members over 60 benefit from tax-free income payments and investment earnings are tax-free, regardless of age. Keeping your money invested means your money continues to work for you.

Though your savings are still in a super environment, your money is no longer locked away. You can withdraw cash as you need it — for instance, to fund larger expenses like holidays or renovations. 

Many find it easier to manage their retirement savings via an Income account. Regular payments act as a salary replacement that you can set and forget or change when you need to. It's a simple solution, without the complexities of trying to handle and sustain a large lump sum.

Also, by staying with NGS, you'll continue to benefit from our:

• low fees
• fund sustainability initiatives
• member services like free seminars and webinars and low-cost financial planning.

You'll need to meet a 'condition of release' before opening an NGS Income account. Generally, you're eligible if you can answer 'yes' to one of the following:

• Have you reached your preservation age (as set out in the table below) and permanently retired?²
• Have you ended a gainful employment³ arrangement after reaching age 60, even if you didn't retire?
• Are you over age 65?
• Do you have a permanent disability?

² Permanently retired means never being gainfully employed again for more than 10 hours per week.
³ Gainfully employed means employed or self-employed for gain or reward in any business, trade, profession, calling, occupation or employment.

To apply for an NGS Income account, you'll need to:

• read our Product Disclosure Statement (PDS) and the Target Market Determination
• fill out the application form (at the back of our NGS Retirement Product Disclosure Statement).

Within your application, you’ll need to indicate where your initial account balance will come from.

You can open an NGS Income account through either one or a combination of the following:

• transfer all or part of the balance in your NGS Accumulation and/or Transition to retirement account (you may be eligible to receive the Retirement Bonus)
• roll over your balance from another super fund.

If you'd like to use money outside of super, you'll need to contribute⁴ it to an Accumulation account first. Once done, you can transfer your Accumulation account to an Income account.

You'll need an initial balance of at least $20,000 to open an account.

You can also choose to set up your account with Easy Default, a quick way to set up your account with a default payment amount, payment frequency, investment and drawdown strategy.

⁴ Personal contributions are subject to limits. Please visit Maximise your super for more information.