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The following information has been provided by Synergy Capital Management
Limited in its capacity as RSE Licensee of:
On 18 February 2009, the Federal Government announced relief for
those who are receiving pensions from income streams and term
allocated pensions. The Government has implemented a 50%
reduction to the minimum annual pension payment amount for the
2008-09 financial year.
If you have already received half of the current minimum payment
for the 2008-09 financial year, you may elect to cease your
income stream payments until 1 July 2009 if you wish to preserve
your capital and do not require income payments until post 30
June 2009.
If you wish to reduce your pension payments for the 2008-09 year
in accordance with this relief announcement, please contact your
financial adviser or our Client Service Centre on 1800 245 636.
You will need to notify us in writing by the 6th day of the
month you wish this change to take effect.
If you are commencing a new income stream and wish to select the
reduced minimum payment for the 2008/09 year, please ensure that
you note this clearly in the payment details section of the
application form that accompanies the PDS. If you just tick
"minimum", we will pay the legislative minimum annual income
stream payment percentage rates.
From 1 July 2009, the legislative minimums will apply. If you
reduce your income stream payment for 2008/09, it will be
adjusted back to the legislative minimums for 2009/10 and if you
have specified an amount which is below the minimum annual
amount required to be paid and do not provide us with further
instructions, the default of "minimum payment paid quarterly"
will be applied to your income stream payments.
You should seek financial advice about the impact of this change
if you intend to reduce your pension payments.
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