| Key Features | Personal Superannuation Service | Personal Retirement Service |
|---|---|---|
| Who can invest? | Individuals under 75 years of age and employed (or self-employed) full-time or part-time | Individuals: • Who have reached their preservation age, are under age 65, and have permanently retired (working less than 10 hours per week) • Who have reached their preservation age and are still employed at least 10 hours per week (for transition to retirement pensions) • Aged 60 to 64 years and have ceased an employment arrangement after turning 60 years • Aged 65 years or over • Who are permanently incapacitated |
| Minimum initial contribution | Not applicable | $10,000 |
| Minimum additional contributions | No minimum | Not applicable |
| Minimum Regular Investment Plan | $200 per month | Not applicable |
| Types of contributions accepted | Concessional contributions: • Compulsory employer contributions • Voluntary employer contributions (e.g. salary sacrifice contributions) • Personal contributions for which you claim a tax deduction Non-concessional contributions: • Personal contributions from your after tax salary which are not claimed as a deduction • Spouse contributions made to your account with the Service | Not applicable Generally pensions can only be commenced using superannuation benefits payable from a superannuation fund including benefits payable from an account in the Freedom of Choice Employer Superannuation Service or Personal Superannuation Service |
| Contribution payment options | • BPAY • Direct credit • EFT • Clearing house facilities (employers only) | Not applicable |
| Automatic Rebalancing | Available (managed funds only) | Available (managed funds only) |
| Cash Sweep | Available | Available |
| Access to benefits | Unrestricted non-preserved benefits can be withdrawn at any time. All other benefits are subject to regulatory restrictions. | Pension payments can be paid: • Monthly • Quarterly • Half-yearly • Annually |
| Minimum withdrawals | No minimum, subject to a minimum balance of $2,500 or $5,000 for members with insurance cover (withdrawals are subject to government preservation requirements). | Pension payments are subject to government age-based minimums. For irregular payments – no minimum transaction amount applies. Please note: Stricter rules apply to Transition to Retirement Pensioners. Annual pension payments are subject to a government age based maximum and irregular payments in excess of this maximum cannot usually be made. |
| Investment options | • AMG MySuper (the Service’s MySuper default option); • Managed funds (diversified pre-set multisector options and single sector options) • Direct Choice (listed securities including approved ETFs) • Term deposits | • Managed funds (diversified pre-set multisector options and single sector options) • Direct Choice (listed securities including approved ETFs) • Term deposits |
| Minimum investment amounts | • $200 per Managed fund investment (certain underlying funds may have higher minimum investment requirements); and • $1,000 per share (minimum parcel size requirements may also apply) | • $200 per Managed fund investment (certain underlying funds may have higher minimum investment requirements) • $1,000 per share (minimum parcel size requirements may also apply) |
| Minimum Cash Account requirement | 1% of your account balance, plus three months of insurance premiums (where applicable). | 1% of your account balance, plus three months of pension payments. |
| Member communications | • Annual member benefit statement • Annual trustee report • Online access • Change of investment and member details confirmations. | • Annual member benefit statement • Annual trustee report • Online access • Change of investment and member details confirmations • Annual PAYG summary (if applicable) • Annual pension review |
| Insurance options | • Death cover (including terminal illness cover) • Total and permanent disablement (TPD) cover • Income protection (IP) cover | Not available |
| Related accounts (fee aggregation) | Available | Available |
| Death Benefit nominations | • Non-binding • Binding (lapsing and non-lapsing) | • Reversionary • Non-binding • Binding (lapsing and non-lapsing). Note: not available where a reversionary pension is selected. |
| Adviser authority | Available | Available |
