A message from our CEO about COVID-19
Australian Ethical CEO John McMurdo discusses our response to the COVID-19 pandemic.
In response to COVID-19, the Federal Government has temporarily reduced the minimum Pension payment requirements by 50%. This reduction applies for the 2019/2020 and 2020/2021 financial years.
From 1 July 2020, if you had previously nominated the minimum amount, your Pension payments may be reduced.
Below is an overview of the new minimum drawdown rates for 2019/20 and 2020/21 financial years.
TEMPORARY NEW RATE
|65 to 74||5%||2.5%|
|75 to 79||6%||3%|
|80 to 84||7%||3.5%|
|85 to 89||9%||4.5%|
|90 to 94||11%||5.5%|
|95 and over||14%||7%|
Market performance and updated drawdown requirements may prompt you to reconsider your pension strategy. However, it’s important to understand how your money is invested before making any changes. Which is why it can be helpful to speak to a financial adviser.
If you’d like to update your pension payment amount (set a new minimum OR set an amount) you can do so by following these steps:
Your updated pension payment amount will apply when your next pension payment falls due. If we are due to make your next payment within 10 working days, we may update your payment amount after this payment.
You can also complete a Change of Details form - Pension form (available on our website) and upload it to the member portal or mail it back to us.
AUSTRALIAN ETHICAL SUPERANNUATION
LOCKED BAG 20013
MELBOURNE VIC 3001
Almost anybody can start an Australian Ethical Pension provided they have immediate access to their superannuation benefits in the form of unrestricted, non-preserved money of at least $30,000.
To open a pension account, click here.
No. Once you’ve opened a pension account you won’t be able to make any additional contributions to this account.
Pension payments are made directly into your nominated bank account. These can be paid monthly, quarterly, half-yearly or annually and the payment is made on the 15th of every month.
Your nominated account must be held either in your name or if the account is held jointly, you must be one of the account holders. You’ll need to provide a copy of your bank statement at the time you set up your payment.
You can make a partial withdrawal (over and above your pension payments) or a full withdrawal at any time by completing and returning our withdrawal form.
You can also make withdrawals online through your member portal.
Note: a minimum of $1,000 and a maximum of $10,000 apply to online withdrawals. One withdrawal is allowed per day, and it takes up to 3 working days to process your online withdrawal request.
Call us on 1300 134 337 if you need more information or you’d like us to send you a copy of our withdrawal form.
Centrelink needs to know some details about your Australian Ethical Pension to calculate payments, such as the age pension.
We communicate this information directly to Centrelink electronically every February and August. Call us to request a Centrelink schedule.