Pension recalculations

In the first half of July every year, we recalculate the pension amounts for the new financial year. During this time, which we also refer to as ‘the pension freeze’ or ‘pension escalation’, you won’t be able to make any changes online to pension payments.

What happens when pensions get recalculated?

Pensions are calculated based on your age, account balance as at 1 July, payment frequency and indexation election. Following the recalculations, you may notice that the amount of your regular pension payments has changed.

This may impact how much you receive in your next pension payment. Therefore, it’s important that you review your first pension payment of the new financial year.

What you need to do

  1. Before 1 July 2024

    • Review your pension payment details and contact us if you’d like to make any changes

  2. During pension recalculations

    • No changes can be made to pension accounts during the pension freeze. Any pension payments or lump sum payment requests received during this time will be processed after the pension recalculations have been finalised
    • A pension payment won’t be made to you in the first week of July, except if you have a fortnightly payment due during ‘the pension freeze’, while recalculation is occurring. If your fortnightly pension payment is due during ‘the pension freeze’, the pension payment will be processed on time, but the amount will be same as the preceding pension payment.

  3. After the recalculations

    • The pension payments will be adjusted according to your pension indexation option and payment frequency for the new financial year.
    • Review your first pension payment in the new financial year.
    • If you’re getting a pension payment in July, you may only have a few days to review the amount and make changes if required.

This information is issued by Oasis Fund Management Limited (Trustee) (ABN 38 106 045 050, RSE L0001755, AFSL 274331), OnePath Custodians Pty Limited (Trustee) (ABN 12 008 508 496, RSE L0000673, AFSL 238346) and IOOF Investment Services Ltd (Operator) (ABN 80 007 350 405, AFSL 230703). The Trustees and Operator are members of the IOOF group of companies comprising IOOF Holdings Ltd (ABN 49 100 103 722) (IOOF) and its related bodies corporate. IOOF, the Trustees, the Operator, and its related bodies corporate and associated entities do not guarantee the repayment of capital, the performance of, or any rate of return of an investment in the products issued by the Trustees and Operator. Such an investment is subject to investment risk and other risks, including delays in the repayment of capital and loss of income and principal invested. Past performance is not an indication of future performance.

The information provided is of a general nature and does not take into account your personal needs, financial circumstances or objectives. Before acting on this information, you must consider the appropriateness of the information, having regard to your needs, financial circumstances and objectives. You must also read the relevant PDS or IDPS Guide, this information and any other current disclosure documents which are available by calling Customer Services on 1800 893 141 or emailing Customer Services at service@wrapinvest.com.au before making any investment decision.

The Wrap Cash Account and Wrap Invest Cash Account are issued by Macquarie Bank Limited (ABN 46 008 583 542 AFSL 237 502).

The information on this website is current as at the date of publication and may be subject to change. For further information, please contact your financial adviser or Customer Services on 1800 893 141.