How to manage your pension payments

You can update your pension payments either online through our portal, or by downloading a form to complete and return.  

You can update your pension payments online in just four steps.

You can request changes to your pension payments but certain government rules apply:

• You must receive at least one payment in each financial year (1 July – 30 June).
• You must withdraw a minimum pension amount, which changes each year based on your account balance and age.
• If you’re age 60 or over, you generally don’t pay any tax on your pension payments.
• For some people, changing your level of pension payments may impact your entitlement to social security payments and other government benefits so it’s a good idea to talk to a financial adviser before taking action. 

If you’re aged 60 or over, any pension payments or lump sum withdrawals from your pension are generally tax free. In other cases, tax may vary depending on a number of factors including whether you elect to receive an additional pension payment or lump sum withdrawal.

The choice to receive an additional withdrawal and whether it’s a pension payment or lump sum could also impact your entitlement to social security payments and other government benefits, so it’s a good idea to talk to a financial adviser before making a withdrawal. 

Remember, too, that we can’t reverse a withdrawal request (or change the withdrawal type) once we’ve processed it. 

How would you like us to pay your withdrawal?

You can receive your payment as:

• a lump sum
• an additional payment on top of your regular one
• a rollover to an account at another financial institution.

If we receive your correctly completed withdrawal request form before 3pm on a business day, we’ll use the exit unit price calculated at the close of business on that day. 

Unit prices represent the value of one unit in a fund. Unlike share prices, which fluctuate in real time while the market is open, unit prices are calculated once daily by dividing the value of a fund’s assets (minus fees, expenses and taxes) by the number of units on issue. 

Making your withdrawal

To complete the withdrawal request form you’ll need:

• your CFS pension account number
• the names of the investment options where your pension is invested
• your bank account details if you want to receive your withdrawal as a bank deposit
• your account details at another financial institution if you want your withdrawal paid there.

If you need to update your mobile phone number

For security reasons, you need to call us to do this on 13 13 36 (8:30am – 6pm, Monday to Friday, Sydney time).

If you want to update your name

Please complete a change of details form, making sure to attach the certified documents requested when you return it to us. 

What happens now?

Thank you. We’ve updated your details. You’ll be able to see the changes live in your online account, and we’ll also send you a confirmation letter.

Need to reset your online account password?

Need to find your account number?