Allocated Pension
CLOSED TO NEW MEMBERS
How it works
An Allocated pension provides you with a regular pension income in
retirement. ESI Super's Allocated Pension has been replaced by the
ESI Super Income Stream. An ESI Super Allocated Pension can be
converted to an ESI Super Income Stream at any time.
Features of your Allocated Pension:
- You have some say in how much income is paid to you (within
Government limits - upper and lower) each year
- There is no guarantee how long your pension will continue to be
paid. It can only be paid while you have funds remaining in
your account
- On your death, money remaining in your account is available to
be paid to your dependants or estate or you can nominate a
reversionary beneficiary to receive your pension.
Your Allocated Pension account
Your initial investment was converted into units in the
investment option you selected. Units are used to track the value
of your account. Every working day, the unit price is adjusted to
reflect the actual performance of the investments.
Your account increases or decreases depending on the investment
performance of your chosen investment option. Your account balance
is also reduced by fees and payments (either lump sum withdrawals
or pension payments) made to you.
Each year you will receive a detailed Annual Statement
showing your account activity and balances.
If you leave the Allocated Pension, the amount you get back will
be the balance of your account at that time less any tax
payable.
How is my account invested?
You decide how your money is invested by choosing from a number
of investment option offered
by ESI Super. Each option has different objectives and
strategies.
If you do not make an investment selection, your Allocated
Pension will be invested in the Balanced
option (this is the 'default' option).
Investment options are invested through investment funds managed
by carefully selected specialist investment managers. The managers
have responsibility for the investment of the assets within
specific constraints.
The Annual Report to Members provides details of
current investments.