| What age must I be to purchase AXA’s allocated pension products? | All three products can be purchased at any age, however, the Summit and Generations plans provide a non-commutable allocated pension option which can be purchased with preserved benefits after age 55. |
| What money can I invest? | You must invest with superannuation benefits (ie unrestricted non-preserved benefits). You cannot contribute personal savings. The only exception is the non-commutable pension option in the Summit and Generations plans. Non-commutable pensions can only be purchased with preserved benefits after age 55. |
| What is the minimum initial investment? | $20,000 |
| Market linked balance? | Yes |
| Is there an investment risk? | Yes, linked to the performance of your chosen investments. |
| Can I make additional deposits? | No |
| What is the term of the pension? | Your pension ceases when the account balance reaches zero. |
| How frequently can I receive income payments? | You can choose monthly, quarterly, half-yearly, or yearly income payments. |
| What is the balance at the end of the term? | There is no specific term for any of our allocated pension products; the product ceases when your account balance reaches zero. |
| What is the impact on social security benefits? | Your pension may be eligible for favourable income test treatment, depending on your circumstances. |
| Are there any potential tax benefits? | Yes. If you’re over 60 pension payments (and lump sum withdrawals) are tax-free. If you’re aged 55 to 59, a tax offset may be available on the taxable portion of your income payments. |
 | Summit | Generations | Retirement Directions |
| Is a non-commutable pension option available? | Yes | Yes | No |
| Can I withdraw a lump sum (i.e. commute the pension or a part of the pension to a lump sum)? | Yes – at any time – minimum amount of $2000 unless you choose a non-commutable allocated pension | Yes – at any time – minimum amount of $500 unless you choose a non-commutable allocated pension | Yes – at any time – minimum amount of $1000. |
| Can I choose investment options? | Yes you can choose between Summit Select and Investor Select options.
.More Info.. | Yes, you can choose from a range of multi-manager and single manager options
More Info.. | Yes, you can choose from a range of multi-manager and single manager options
More Info.. |
| What income options will I have? | Annual income amount must meet minimum limit set by Government. Payments from a non-commutable allocated pension also have a maximum annual income payment. | Annual income amount must meet minimum limit set by Government. Payments from a non-commutable allocated pension also have a maximum annual income payment. | Annual income amount must meet minimum limit set by Government |
| What insurance is included | Death (available up to age 65 but can continue up to age 70) | Death, Total and Permanent Disablement and Salary Continuance | None |
