Timing of pension payments

Pension payments for Grow Wrap accounts are transferred to your client’s nominated account on or around the 15th day of the month (not including fortnightly payments).

Pension payments for Voyage accounts are transferred to your client’s nominated account on or around the date you have selected (not including fortnightly payments). The available monthly payment dates for Voyage accounts are:

• 7th of the month
• 14th of the month
• 21st of the month
• 28th of the month.

You and your client can pick a timeframe that best suits their needs. Pensions can be paid:

• fortnightly 
• monthly
• quarterly
• half-yearly
• yearly.

Please note clients must take at least one payment per financial year in line with their minimum pension payment obligations.

You can change your client’s pension payment frequency online. Any changes to pension payments should be made before the start of the month for it to be effective for that month.

If you miss a payment because of insufficient cash, you don’t need to wait until the next period. You won’t need to request a payment either. 
 
You just need to sell down assets until there is enough cash in the account to make the payment. We’ll automatically make the payment to your client’s chosen account once there is enough cash. 
 
Note if the account doesn’t have enough cash to meet the annual minimum pension requirements, we may need to sell down the assets on your behalf to ensure the minimum is met. Please refer to the relevant PDS for more information.