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.