 | Non-commutable allocated pension | Allocated Pension | Lifetime Annuity | Term Annuity | Term Allocated Pension |
| What type of money can be used to purchase my investment? | Super monies only | Super monies only | Super & non-super monies | Super & non-super monies |
| How long will my money last? | Until the account balance is exhausted, which depends on:
- how much you invest
- the returns your investment earns
- the amount of your regular payments in retirement, and
- any lump sums you withdraw.
| For the term, or until the account balance is exhausted | As long as you live (and if selected, as long as your spouse lives – which ever is the longer). | For the selected term |
| Can my money run out? | Yes. If the amount of your regular payments and any withdrawals exceed your capital investment returns, you may exhaust your account balance. All payments would cease and you would not be able to make any withdrawals in this case. | Payments are calculated at the beginning of the term to be paid for the nominated term. However, if your regular payments exceed your capital amount and investment returns, you may exhaust your account balance. | No. This income stream is guaranteed for life. | No. This income stream is guaranteed for the selected term. |
| Can I access my capital readily? | Generally not until you retire or reach age 65, whichever is earlier. | Yes. | Only under limited circumstances; for example, to give effect to a payment split under Family Law, to pay a super surcharge or on death. | If structured as a Centrelink- complying annuity, no.
If not Centrelink-complying and a minimum payment period is in place, access to capital may be possible. | If structured as a Centrelink- complying annuity, no.
If not Centrelink-complying, access to capital may be possible, but penalties apply. |
| Can income levels alter if my circumstances change? | You can re-set income levels yearly within Government guidelines. | Income levels are re-set yearly according to Government guidelines. | Generally no, but you can elect to change your income annually by a fixed percentage amount, or with CPI at the start of the policy. |
