Term Allocated Pension

Details on the Website regarding Catholic Super's Term Pensions are currently being updated.  For accurate information refer the Catholic Super Pension Product Disclosure Statement

(1 July 2007).

As a result of the Government ’s announcements in February 2004 regarding superannuation and retirement, a new investment product called a ‘Term Allocated Pension’ was introduced in September 2004.

Term Allocated Pensions have similar features to Allocated Pensions in that they:

• are a superannuation sourced income stream
• are account based
• offer full investment choice
• can be transferred on the death of the recipient.

In addition to the above, Term Allocated Pensions:

• are payable for a fixed term which is determined at the commencement of the Pension in accordance with Government Regulations
• qualify for the social security Assets Test exemption (refer Centrelink website).

However, whereas an Allocated Pension allows an investor to access their funds as a lump sum, a Term Allocated Pension will not. This means that once started, a Term Allocated Pension will pay an annual income (which may vary from year to year) for the specified term but you will not be able to have access to lump sum amounts (except in very limited circumstances).

More Information?

To find out all the details on the term allocated pension arrangements in the fund visit the retirement section of this website.

You can also find out more in the Catholic Super Pensions Product Disclosure Statement or contact us.