Term Allocated Pensions

Term Allocated Pensions (TAPs) provide you with a regular income stream over a fixed term. The fixed term is set when you start your TAP.

If your TAP is expiring this financial year, there may be some things you need to do before it ends, which we’ve outlined below.

What you need to do if your TAP is ending

If your holdings are invested, you’ll need to arrange a sell-down of your assets to the cash account to fund any future pension payments for this financial year.

Please note, if a sell-down hasn’t happened approximately three weeks before the account closure date, we may need to sell down your holdings. This will be reflected in your recent transaction history.

How the pension payments are calculated

For expiring TAPs, we calculate pensions to ensure your account balance is fully paid by the term end date, or in June of the following year, using your account balance on 1 July.

Any account balance movements due to investment performance and/or fees may mean that your final pension payment could be more or less than previous ones.