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Perpetual's WealthFocus Account Based Pension

What are the new pension rules?
Following the Governments ‘Better Super’ reforms announced in the 2006-2007 Federal Budget, the rules for superannuation pensions have changed. The rules introduce a new type of pension called an ’Account Based Pension’. Account based pensions have the following characteristics:-
  • Minimum pension payments have to be made at least annually
  • No maximum pension payment requirements (with the exception of transition to retirement pensions which have a maximum of 10% of the account balance per year)
  • An amount of the pension can not be prescribed as being left-over when the pension ceases
  • The pension can be transferred on death only to a dependant or as a lump sum to the dependant or late pensioner’s estate. Where the dependant is under 18, the pension can only be paid as a pension generally until the person reaches age 25.
Other than the above, account based pensions share the majority of their characteristics with existing allocated pensions. All pensions will also continue to receive the current favourable tax treatment (i.e. no tax on earnings). Additionally, for over 60s, all pension payments will be tax free from 1 July 2007.
When are account based pensions available?
Account based pensions are available now in the WealthFocus Pension Plan.
How do I apply for a Perpetual WealthFocus Account Based Pension?
If you are a new investor or an existing Perpetual WealthFocus Super Plan member you can apply for a Perpetual WealthFocus Account Based Pension by completing the application form contained in the current Perpetual WealthFocus Super Plan & Pension Plan product disclosure statement (PDS).
If you have reached your preservation age and are still employed you can also purchase a transition to retirement pension in the Perpetual WealthFocus Pension Plan as an account based pension. You should carefully consider the information contained in the PDS to determine if the product is appropriate for you. We recommend that you consult your financial and/or tax adviser when considering this product.
Can I convert my existing WealthFocus Allocated Pension to an account based pension?
If you are an existing Perpetual WealthFocus Allocated Pension member you can convert your pension to an account based pension without commuting, that is cashing out your existing benefit.
You should speak to a financial and/or tax adviser when considering this. To convert your existing pension please complete and return the Convert to Account Based Pension form.
You may download the form here, Perpetual WealthFocus Convert to Account Based Pension form or request a copy by calling the Perpetual Investor Service Centre on 1800 022 033 or by emailing investments@perpetual.com.au.
What will happen with Allocated Pensions and Term Allocated Pensions?
The ‘Better Super' changes also mean that new allocated pensions and term allocated pensions will not be available after 19 September 2007. The Perpetual WealthFocus Pension Plan will offer only account based pensions after this date.
Existing Perpetual WealthFocus Allocated Pensions and Term Allocated Pensions will however continue to operate under the pre 1 July 2007 payments rules.