Retirement FAQs - BUSSQ

Retirement FAQs

Have you got a question about retirement? Find the answer on this page or contact us on 1800 MY BUSSQ (1800 692 877).

Does BUSSQ offer Binding Death Benefit Nominations?
Yes. Binding Death Benefit Nominations means that you can request BUSSQ, in the event of your death, to be bound by the nomination you make on your form when they are paying out your death benefit.
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What happens to my pension account if I die?
You have two options as to how your BUSSQ pension will be paid if you die before your account balance runs out:
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What happens when I make withdrawals from my account?
When payments are made from your pension, you are really withdrawing a number of units.
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How is the unit price determined?
The unit price is determined by taking into account the overall change in value of investments within the relevant investment option and deducting the investment management charges and tax (where appl ...
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Can I switch investment options?
BUSSQ gives you the flexibility to switch your investment option or mix of options at no extra cost.
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How are my earnings applied to my account?
When you invest in a BUSSQ Retirement, Transition to Retirement Pension or Term Allocated Pension, you buy a number of units in the investment option of your choice.
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How is my money invested?
An Investment Committee, appointed by the Trustee, makes recommendations to the Board about where the Fund’s monies should be invested.
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What happens if I do not make an investment choice?
If you do not wish to make a choice, the Trustee will invest your funds in the BUSSQ Balanced Growth Investment Option, known as the default option.
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Is there a cost to move from my BUSSQ account into a pension account?
There is no fee to transfer to a BUSSQ pension product.
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How often is my Term Allocated Pension payment made?
Payments need to be made at least annually.
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Can I withdraw extra money from my Term Allocated Pension (TAP)?
Generally, lump sum withdrawals cannot be made from a TAP.
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How much will I receive from a Term Allocated Pension?
Annual payments will depend upon your life expectancy.
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How is my payment taxed?
If you are age 60 or over you will not pay tax on your pension payments. If you are under 60, some tax may apply.
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How often is my Retirement or Transition to Retirement pension paid?
You can have your Pension payments deposited directly into your bank, building society or credit union account twice monthly, monthly, quarterly, half yearly or yearly.
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How much can I receive from my Retirement or Transition to Retirement pension?
The Federal Government has set annual minimum income levels for Retirement and Transition to Retirement Pension payments, and a maximum level for Transition to Retirement Pensions.
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How do I know which pension product is right for me?
BUSSQ provides a Financial Planning Service to help you make these decisions.
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