Product Disclosure Statement

Lump sum withdrawals
(commutations)
Maritime Super gives you the option to withdraw (or commute –
see Glossary on page 28) all or part of an Allocated Pension at any
time, provided you have received your minimum annual pension
up to that time. Payment will generally be made within 10 days of
Maritime Super receiving your completed withdrawal form.
The WISP is a non-commutable pension. This means that you
generally cannot convert a WISP into a cash lump sum. However,
there are some limited circumstances where your WISP can be
commuted which are:
• to cash an unrestricted non-preserved benefit
• when you:
––
permanently retire from the workforce
––
reach age 65
––
finish employment on or after age 60, even if you go on to
another job
• to effect a payment split under Family Law (see ‘Effect of
Family Law on your benefit’ on page 24)
• to pay surcharge tax
• to pay a release authority for excess concessional and/or
non-concessional contributions tax
• in the event of your death, Permanent Incapacity or Terminal
Illness (see Glossary on page 28)
• you stop working for your employer and your preserved benefit
(see Glossary on page 28) at the time is less than $200
• you were a ‘lost’ member who is ‘found’ and your benefit in
the Fund is less than $200
• to roll back to a superannuation accumulation account; or
• to purchase another non-commutable pension.
Where you partially commute your Allocated Pension (or WISP in
the circumstances listed above), the account balance remaining
after commutation must be sufficient to meet your minimum annual
pension. In relation to a full commutation, the minimum annual
pension must be paid before the full commutation and is pro-rated
for the number of days you have held the pension in the financial
year.
Closing your Allocated Pension account
Your Allocated Pension account will close when the balance in your
account has been exhausted. You can close your account by:
• withdrawing the account balance as a lump sum; or
• rolling your account balance back into your Maritime Super
accumulation account or to another super fund.
If you close your account, you must first take at least the minimum
annual pension for the year which is proportioned over the number
of days in the payment period.
Closing your WISP account
Your WISP account will close when the account balance has been
exhausted, including under the following circumstances:
• you exhaust your account balance with pension payments and
withdrawals
• you satisfy a condition of release and fully withdraw your
account balance; or
• you roll your account balance back into your Maritime Super
accumulation account or to another super fund.
If you close your account, you must first take at least the minimum
annual pension amount for the year which is proportioned over the
number of days in the payment period.
Any pension account balance that you have invested in the
Fixed Term Investment option cannot be commuted prior to
the end of the 12-month term, except in situations required by
superannuation law or in exceptional circumstances such as
death, Permanent Incapacity, Terminal Illness and to satisfy a
Family Law payment split.
16 • PDS • Maritime Super Division • Allocated Pension and Working Income Support Pension • 1 July 2015