Payment amount

Change your payment amount

You can choose how much annual income you are paid from your CSCri account.

There are limits set by law. How much you can choose depends on the minimum annual amount for your age, your account balance and if you are retired or still working (ie in transition to retirement).

Your income payments will be tax-free from age 60.

You can change your payment amount by using the form.

How it works

If you’re a standard retirement income stream member

You can choose an annual payment amount (excluding ad hoc withdrawals) equal to or more than your minimum annual payment amount for your age.

There is no maximum amount for you.

Your minimum amount is calculated using your balance on commencement in your first financial year of membership and your balance on 1 July for each financial year onwards.

For example, John is age 62 and his CSCri account balance on 1 July 2014 was $250,000. That means his standard annual minimum payment percentage is 4%.

His minimum annual amount for 2014/15 is $10,000 (his balance of $250,000 on 1 July multiplied by 4%). John must therefore elect to be paid $10,000 or more in annual CSCri income.

If you’re a transition to retirement income stream member

You must choose an annual payment amount between your minimum and maximum annual payment amount.

Your minimum amount is calculated using your balance on commencement in your first financial of membership and your balance on 1 July for each financial year onwards.

Your maximum amount is 10% of your balance at the start of your retirement income stream (not pro-rated) and at 1 July each year thereafter.

For example, Mary is age 56 and her CSCri account balance on 1 July 2014 was $100,000. That means her standard annual minimum payment percentage is 4%.

Her minimum annual amount for 2014/15 is $4,000 (her balance of $100,000 on 1 July multiplied by 4%). Her maximum annual amount is $10,000 (her balance of $100,000 multiplied by 10%).

Mary must therefore elect to be paid between $4,000 and $10,000 in annual CSCri income.

Annual minimum amount

To work out your annual minimum payment amount, multiply your balance on 1 July (or your starting balance if in your first financial year) by the relevant percentage for your age:

Your age  Standard annual minimum payment %          
Under 65  4%
 65-74  5%
 75-79  6%
 80-84  7%
 85-89  9%
 90-94  11%
 95+  14%