Changes to your pension
Our merger with Spirit Super will take effect from 1 November 2024. We’ll still be called CareSuper and we’ll still be here to help you enjoy your retirement. But we’ll be a bigger and stronger fund, with new and improved services to help you manage your pension.
There will be a few changes to your pension as a result of our merger with Spirt Super.
To get the details of these changes read the Significant Event Notice and watch the video below.
Yes there are changes to pension accounts. These are detailed in your Significant Event Notice and you can watch an overview of the changes here.
Currently, you can nominate the investment option(s) and the method your pension payments are drawn down from your account. The current available methods are percentage, proportionate or sequential.
From 1 November 2024, only the percentage method will be available in the merged fund and your preferences
will be carried across as detailed below:
| Drawdown option | Current | From 1 November 2024 |
| Percentage | Your payment is drawn based on the percentages you have instructed across your investment options. | Your instructions will be continued in the merged fund. |
| Proportionate | Your payment is drawn proportionally from each of your investment options. | You will be moved to the percentage method based on the investment percentages you hold at the time of your first payment. This percentage profile will be used for future payments unless you change it. |
| Sequential | Your payment is drawn in the order you have instructed from your investment options. Once an option is depleted the remaining payment is taken from the next option in the sequence. | You will be moved to the percentage method. Only the first investment option in your sequential instruction will be considered and it will receive an allocation of 100%. This percentage profile will be used for future payments unless you change it. |
| No selection | Default to proportionate. | A percentage profile will be created for you based on the investment percentages you hold at the time of your first payment. This percentage profile will be used for future payments unless you change it |
Each year, you’re legally required to withdraw a minimum amount of pension payments. Your minimum amount will be recalculated based on the balance of your account on 1 November 2024 and as a result, you may see adjustments to the payments you receive.
Your account will be reviewed and assessed to check if the minimum pension payment for the period 1 July – 31 October 2024 will need to be paid to you.
If your account hasn’t met the minimum pro-rated pension payment requirement for this period, a supplementary pro-rata pension payment will be made to you. CareSuper may make adjustments to the payments you receive:
- A pro-rata payment to your nominated bank account to ensure we’ve paid your minimum amount for the period from 1 July 2024 - 31 October 2024
- An adjustment to your payments to ensure you receive the minimum amount for the period from 1 November 2024 - 30 June 2024
If we determine that you will need an additional payment, you will receive it around 22 October 2024.
Payments will be made on the 20th of the month of payment, instead of 22nd of the month.
You can still update how often you want your pension payments to be made. New details below.
| New Frequency | Previous pay day | New pay day |
| Fortnightly | 8th and 22nd day of each month | Every second Thursday commencing 14 November 2024 |
| Monthly | 22nd day of each month | 20th of each month |
| Quarterly | 22nd March, June, September, and December | 20th of every third month |
| Twice-yearly | 22nd June and December | 20th of every sixth month |
| Yearly | 22nd June or the month that you choose | 20th of the month that you choose |
All payment frequencies are staying the same except by-monthly.
The frequency of bi-monthly pension payments will change to fortnightly pension payments in the merged fund. This means instead of receiving 24 payments throughout the year, you will now receive 25 payments throughout the year. Your regular pension payments will change to reflect this additional payment.
| New Frequency | Previous pay day | New pay day |
| Fortnightly | 8th and 22nd day of each month | Every second Thursday commencing 14 November 2024 |
| Monthly | 22nd day of each month | 20th of each month |
| Quarterly | 22nd March, June, September, and December | 20th of every third month |
| Twice-yearly | 22nd June and December | 20th of every sixth month |
| Yearly | 22nd June or the month that you choose | 20th of the month that you choose |