Income Stream investors update25 May 2022
Extension to existing Income Stream minimum drawdown amounts in 2022-23
In response to COVID-19, the Federal Government passed legislation in 2020 to halve the minimum pension drawdown rates on account-based super pensions. This impacted Super SA’s Income Stream investors. The Federal Government announced in the latest budget that these minimum drawdown rates will be extended for the 2022-23 financial year. Payments will be based on the investor’s account balance as at 1 July 2022.
Those investors who previously nominated to receive the minimum drawdown amount, will continue to have this applied from 1 July 2022.
If an investor wishes to change their nominated payment amount, they will need to update their payment details via the Income Stream Payment Details section of the Member Portal. Changes will be processed in the next applicable pay period.
Investors will receive confirmation of their new payment amount once their account has been updated.
Changes to payment pay date for Income Stream investors in June 2022
If you are a Super SA Income Stream investor, your monthly payment for June will be made before the scheduled payment due date. This is due to our system upgrade over the June long weekend.
Members receiving Income Stream (IS) payments will be paid the following date:
|Payment type||Payment due||Payment process||Variation|
|IS Fortnightly payment||16th June 2022||15th June 2022||
No change to payment process date
|IS Monthly payment||15th June 2022||10th June 2022||Payment will be processed 2 business days earlier|
All payments will then return to their regular scheduled payment dates.
There are no changes to the payment process date for all other Super SA regular payments.
The date your payments are available in your bank account is affected by your bank’s processing schedules and times.
For further information or assistance, contact our local Member Services team on 1300 369 315 or via email at email@example.com
Thinking of applying for an Income Stream for Early Access to Super (EATS) or Transition to Retirement (TRIS)?
If you're considering opening an Income Stream for EATS or TRIS and require a payment in June 2022:
- Income Stream application forms are required by 6 June 2022 (payment date being 15 June for the monthly cycle) or 8 June 2022 (payment date being 16 June for the fortnightly cycle)
If you're considering opening an Income Stream for EATS or TRIS and require your first payment in July 2022:
- Income Stream application forms are required by the 15 June 2022 at the latest to guarantee the account is set up by 30 June 2022.