Term Allocated Pensions

Term Allocated Pensions (TAP) 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 a cash account, to fund any future pension payments for this financial year. 

Please note, if a sell down doesn’t happen before the account closure date, we may need to sell down your holdings. This will be reflected in your recent transaction history.

How are the pension payments calculated

For expiring TAP’s, we calculate pensions to ensure your account balance is fully paid by the term end date, or in June of the following year, using the 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 preceding pension payments.