Consider opening a Rest Pension account today

Before you start

1. Check your eligibility

To get started with a Rest Pension account, you’ll need to have a minimum of $10,000 in super and meet one of the criteria below: 

• You are at least 60 years old; and
• You are working; or
• You’ve retired from work; or
• You have left an employer after turning 60.
• You are 65 or over.
• You have unrestricted non-preserved super*. 

*Unrestricted non-preserved super could include Death benefits (from spouse or parent) or benefits from a Total and Permanent Disability claim.

Make sure you read our Pension Product Disclosure Statement

The Rest Pension Product Disclosure Statement (PDS) covers all the details of our pension products so you can understand the ins and outs, and determine if it’s right for you. 

2. Gather your information and decide on the details

You’ll need:

• Your proof of ID and bank account details.
• To know the amount you’d like to receive from your pension account, and how frequently you’d like to be paid.
• An understanding of which investment option/s you’d like your pension account balance to go into.
• If you’re continuing to work, consider the amount you’d like to leave in your super account. The super account is required for contributions and for any insurance you would like to maintain. 

3. Before opening a Rest Pension account

Keep in mind you can’t add to your Rest Pension once it’s started so if more contributions are expected, for example, if you’re continuing to work– you’ll likely want to keep your super account open.

If you’re keeping your super account open (e.g. for further employer contributions):

• Your super account should have at least $6,000 remaining.
• If you need to claim a tax deduction on any personal contributions, make sure we’ve acknowledged your Notice of Intent to Claim before moving your super to a Rest Pension account.
• If you’re keeping the insurance in your super account, make sure you have enough funds in there so you stay covered.

If you’re closing your super account (you plan to retire):

• Consider consolidating and bringing over all your super into one super account, before you open your pension account. You can find lost super by logging in to your MyGov account.
• Make any personal or downsizer contributions prior to establishing your pension account.
• Make sure all your contributions have arrived from your employer.
• If you need to claim a tax deduction on any personal contributions, make sure we’ve acknowledged your Notice of Intent to Claim before moving your super to a Rest Pension account.
• Check how this might affect your insurance as this will be cancelled once the account is closed. 

Choose how to open an account

What to expect once you apply