|
Allocated pension
|
|
An allocated pension plan (APP) is a product used for funding your retirement and is managed so that you can enjoy your retirement lifestyle without the need to be concerned about ongoing management issues. CSRF's APP is provided in the spirit of how the superannuation fund is managed, low-cost and not-for-profit, no commissions and no dividends paid to shareholders.
Moneys accumulated in other superannuation and rollover funds can be transferred into CSRF's APP. Tax-free investment earnings are allocated to the account from which regular pension payments are made. From 1 July 2007 and for members over the age of 60 years, the Government has announced that all income received from an APP will be totally tax-free!
What are the key features of CSRF’s Allocated Pension Plan?
- Your money is invested with a number of investment managers (dependent upon your choice of investment option(s)).
- Your administration costs are a fixed annual amount. The fee is not based on a percentage of your account balance.
- No entry fee is charged.
- There are no penalties imposed by the Fund for early withdrawal of your account balance, other than a withdrawal processing fee of $35.
- You receive half yearly and annual reports, benefit statements and regular newsletters.
- Your benefit stays within the Fund that has managed your account while you were working, so you do not need to transfer out of CSRF.
- Your investment choice can comprise one or a combination of any of the investment options available.
- If you are between the ages of 55–64 and have not retired from the workforce, you can access your superannuation through a non-commutable allocated pension.
- If you are over 60 years of age, from 1 July 2007 your income will be tax-free.
Allocated Pension Plan Product Disclosure Statement.
