Product Disclosure Statement

Maritime Super pensions
The Allocated Pension and Working Income Support Pension are
account-based pensions for members moving into retirement,
whether gradually or fully. Both pensions allow you to keep your
super with Maritime Super while providing a tax-effective regular
income payment.
Both pension options offer a range of great features:
• no tax is deducted when you transfer your super account to an
Allocated Pension or Working Income Support Pension
• if you are aged 60 or over, all pension payments are tax free
• if you are under age 60, you may be entitled to a tax rebate of
up to 15% on the taxable part of your pension payments
• investment earnings are tax free
• you determine the amount you wish to receive each year,
subject to the minimum (and maximum for the Working Income
Support Pension) level set by the Government
• choice of investment options
• choose the frequency of payments from monthly, quarterly,
half yearly or annually
• nominate how you wish your benefit to be paid in the event
of your death, with a choice of a lump sum or a reversionary
pension to a dependant.
The two pension options serve different purposes:
Working Income Support Pension (WISP)
Some people choose to ease into retirement by reducing
their working hours. Others continue to work full-time beyond
retirement age.
If you want to cut back your working hours to ease into retirement,
you could use a WISP to supplement your reduced salary or wages.
A WISP is designed to facilitate your transition to retirement.
Alternatively, you may be working full-time but want to boost your
super before you retire. You could do this by combining a WISP
with increased contributions to your super.
Or perhaps you’ve never been in the workforce (for example, a
spouse member) and can’t access your super until age 65. A WISP
could help you do this.
Allocated Pension
While we’re working, most of us receive a regular income. An
Allocated Pension can be a tax-effective investment that allows
you to convert your super into a regular income payment once
you retire.
Purchasing a pension
Purchasing a Maritime Super pension is easy. Follow our simple
eight-step process.
Step 1:
Step 2:
Step 3
Step 4:
Step 5:
Step 6:
Step 7:
Step 8:
Consider which pension best suits you
Determine your eligibility
Consider the risks
Work out the pension amount you wish to receive
Choose the frequency of pension payments
Make an investment choice
Nominate how you want your benefit paid on death
Complete the relevant application form
Step 1: Consider which pension best
suits you
Which pension best suits you will depend on your retirement plans
and your eligibility for each option.
If you wish to:
• ease into retirement by reducing your working hours but want
to supplement your reduced salary or wages; or
• boost your super before you retire by combining a pension with
increased contributions to your super,
a Working Income Support Pension (WISP) could be the answer.
A WISP is an account-based pension that provides a regular
income to members who have reached their preservation age
(see Glossary on page 28 for definition) and are still working.
If you wish to receive a regular income once you retire just like you
did when working, an Allocated Pension could be the answer.
An Allocated Pension is an account-based pension that provides a
regular income to members once they retire.
Step 2: Determine your eligibility
To be eligible to open a Maritime Super pension you must:
• be a member of Maritime Super; and
• have a minimum investment amount of $30,000 using only
super monies (including any rollovers to Maritime Super).
To be eligible for a WISP, you must also have reached your
preservation age and still be in the workforce.
To be eligible for an Allocated Pension, you must use unrestricted
non-preserved benefits (see Glossary on page 28) to purchase
your pension.
You cannot use benefits you have invested in the Fixed Term
investment prior to the end of the 12-month term or a defined
benefit interest in the Fund to purchase either pension.
2 • PDS • Maritime Super Division • Allocated Pension and Working Income Support Pension • 1 July 2015