To start your ACSuper Pension, first check your eligibility. When you have confirmed you can invest, complete the application form accompanying a current PDS and advise how much of your super you’d like to transfer over. 

Remember, you have to be a member of ACSuper, so if you are not, you will have to join before you can invest in your pension.

Your investment amount must be super money – and it must come directly from the ACSuper fund. You cannot use ordinary savings like money from a bank account. You can invest all of your super or just part of it, this is up to you.  

If you have super money in multiple super funds, it is usually advantageous to consolidate all your benefits in the ACSuper fund prior to rolling over to the ACSuper Pension.

Once your ACSuper Pension commences you cannot add further deposits to your account. If you have additional super money and you’d like to invest in a pension, you will have to start a separate ACSuper Pension. 

When we receive your application and money, we will open an account in your name.

Who can invest in ACSuper Pension?

To invest in ACSuper Pension you need superannuation money, so there are a couple of things to consider.

First, you need to be able to access your super, which by law means you must satisfy a condition of release.

Second, you must be a member of the Australian Christian Superannuation Fund (‘ACSuper’). 

If you are not a current member of ACSuper, you will need to open an ACSuper superannuation member account first and have your employer registered with the fund as well, before you can invest. You can join ACSuper online by downloading a  ACSuper PDS and your employer can register as a participating employer by downloading the Employers Booklet. Alternatively, you can call Client Service on 1800 856 653. Once you are a member, you can then rollover your super monies.

Third, you must invest at least $20,000, which is the minimum investment amount for the pension account.

Condition of release

To be eligible to invest in the ACSuper Pension you must be able to access your super benefits by satisfying a ‘condition of release’. These conditions include the following: 

§         You have reached your ‘preservation age’ and retired from work.

§         You have terminated some form of employment on or after reaching age 60.

§         You are age 65 and over.

§         You are permanently incapacitated.

§         You are over 18 and have ‘unrestricted non-preserved’ benefits (e.g. you received death benefits from a super fund as a dependent beneficiary).

Transition to retirement option

The ACSuper Pension is designed primarily for retirees to provide income in retirement. But the Government not long ago introduced new rules which allow people who have reached their preservation age and still working (part-time or full-time) to take out account based pensions under what is called the Transition to Retirement rule. 

If you are age 55 or over and wish to invest in ACSuper under the Transition to Retirement rule, you can do so by ticking the specific box in the application form.

Preservation age

Example: 

1)     John was born in March 1963, so his preservation age is 58. This means he won’t be eligible to take his super until he turns 58 and retired, so will not be able to start an ACSuper Pension until that time.

2)     Mary was born in November 1955, so her preservation age is 55. Mary can take either an ACSuper Pension if she is retired or an ACSuper Pension Transition to Retirement option if she continues to work.

Completing your application

Step one - make sure you are eligible to invest:

To be eligible to invest in ACSuper Pension you must:

1.      Be able to access your super benefits by satisfying a condition of release.

2.      Be a member of the ACSuper fund. If you are not already member of ACSuper, you will need to
      open an ACSuper superannuation member account first and have your employer registered
     with the fund as well, before you can invest. Once you are a member, you can then rollover/transfer
     your super monies across.

3.      Consolidate your super. If you have super money spread across multiple funds, you might want to
     consolidate your entire super into your ACSuper fund account first. This will ensure you maximise your
     deposit and ensure you gain the most from available tax concessions.

4.      Have at least $20,000 to invest (the minimum investment).

Step two – complete application accurately

To apply, please read the PDS carefully. If you are unsure of any aspects, consult a professional adviser or call our Client Service on 1800 856 653.

Complete the form accurately especially regarding the following items:

§         You must be a member first

     If you are not currently a member of ACSuper fund, you can join by downloading a PDS from the website
     at  www.acsuper.com.au or call 1800 856 653.

§         Transition to Retirement (TTR) selection

     Tick this box if you are under age 65 and still working.

§         Tax File Number (TFN) declaration

      Fill in the TFN declaration form. ACSuper is not able to open your account if this is not completed.

§         Funding your pension account

     Indicate how you will be funding your pension account. The money has to come from an ACSuper
     superannuation account. Please note that once you have opened a pension account you cannot add
     further amounts to it. If you have additional money to invest, you will have to start a new account by
     repeating the application process.

§         Payment amount and frequency

     Indicate the amount you would like to receive and the frequency. The default payment is the minimum
     government required amount and will be paid annually. 

§         Death benefit nomination

     Indicate who you want to receive your account balance if you die.

§         Declaration and signature

     Read the declaration carefully and sign and date the form.

Step three - provide identification

You will need to provide properly certified identification documents before we can open your account. We are legally required to carry out this function. 

A list of suitable IDs (e.g. driver’s licence or passport or birth certificate) is attached to the application.

Keeping track of your ACSuper Pension

You can easily keep track of your ACSuper Pension by going online at www.acsuper.com.au and registering as a member. Here you will be able to:

§         Check your account balance and transactions

§         Update your personal details

§         Change the frequency of your pension payments

§         Review your nominated beneficiaries

§         Calculate benefit payments

§         Download the current PDS, annual report, fact sheets and newsletters

§         Use calculating tools

§         Find educational information on superannuation

§         Check latest investment returns and performance figures.