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Before you start your pension application
You can only open a Mercer SmartRetirement Income pension account using funds from your Mercer Super account.
If you wish to use money from more than one super account, you will need to combine them into your Mercer Super account before starting the application process.
Once you open a pension account, you cannot add any new money to it.
You can combine all your super by logging into your Mercer Super online account and selecting "Find My Super" from the drop-down menu.
Before you decide to combine your super, you should carefully consider how this may impact your existing insurance cover, contributions, and tax arrangements.
Frequently asked questions
What do I need to complete the digital application form?
Your bank account details where you want your regular pension payments to be made.
Two forms of identity from the below list:
- Australian passport,
- Australian driver's licence,
- Medicare card
- Services Australia – Centrelink card
- Australian visa – Foreign passport
- Australian Citizenship Certificate
What information do I need to have?
What decisions do I need to make?
You will need to make a few key decisions when completing your application:
- Which type of pension account you want to start - Allocated Pension or Transition to Retirement
- How you’d like to start your pension account – Smart Bundle or customise your own account options
- How much you want to transfer from your super account - full balance or a partial amount
If you do not choose the Smart Bundle option, you will need to make additional decisions such as:
- How often you want to receive payments
- How much you want each payment to be
- Where you want your money invested
Can I transfer money from outside of my Mercer Super account when completing the online application?
The online pension application can only transfer money from your current Mercer Super account. If you have money outside of Mercer Super that you want included in your Mercer SmartRetirement Income account, you should consider first combining them into your Mercer Super account before starting your pension account as you can’t do this once your pension account is already open.
You can also use the paper form to start a Mercer SmartRetirement Income account which allows you to enter other super funds that you wish to transfer into your new pension account.
Do I have to complete my application online?
How long will it take to complete an application online?
Can I save my application and return to it later?
Where can I get help to complete my application?
Do I need to complete the Eligibility Check to open a Mercer SmartRetirment Income Product?
Do I need to complete the Identity Verification to start a Mercer SmartRetirment Income product?
Is there any limit on how much I can transfer from my super account to a pension account?
There is a limit (Transfer Balance Cap) on the amount of money you can transfer into the retirement phase of superannuation. If you exceed the Transfer Balance Cap you will be required to remove the excess and may be liable for additional tax. Further information is available on the ATO website, ato.gov.au.
If you wish to keep your Mercer Super accumulation account open, there may be a minimum balance you need to leave in your Mercer Super account. Refer to your Mercer Super PDS to check if your Mercer Super account has a minimum balance at mercersuper.com.au/pds.
Will my Mercer Super account be closed if I transfer to a Mercer SmartRetirment Income Product?
If you transfer the full amount in your Mercer Super account into a pension account, your Mercer Super account will be closed.
This means you will no longer be able to receive employer contributions or make personal contributions into you Mercer Super account. Any insurance cover that you had with your Mercer Super account will be cancelled (unless you are able to apply for a continuation of insurance outside of super).
Do I need to choose new investments for my Mercer SmartRetirment Income account?
In most cases you can retain the same investments you have in your Mercer Super. If the exact options aren’t available, we will select a new investment for you that is closely aligned to how you’re currently invested.
You can also choose to select new investments for your Mercer SmartRetirment Income Product.
How often will I receive pension payments from my Mercer SmartRetirment Income account?
When will my pension payments commence?
Can I get my pension payments indexed so that they increase each year automatically?
Why must my nominated bank account be in my name or joint names?
Before we get started, let’s check that your:
Here’s what you’ll need to set up your account:
The bank account details where you want your regular income payments to be made.
Two forms of identity from the below list:
- Australian passport
Australian passport
Passport needs to be valid or expired less than two years.
- Australian driver's licence,
- Medicare card
- Services Australia – Centrelink card
- Australian visa – Foreign passport
- Australian Citizenship Certificate
A Mercer Super account with at least a $10,000 account balance (the minimum balance to open a Mercer Smart Retirement Income account)
Some good things to know
- If you have all the information ready, the application should take around 15-20 minutes to complete.
- You can save and exit the application at any time and come back to it when you’re ready.
Welcome back, #Firstname
Thank you for choosing Mercer, #Firstname!
What’s next?
- You’ll receive a confirmation email with your application details in the next hour or so.
- It takes about 7 days to create the new account.
- You’ll receive a Welcome letter in the next 7-10 days detailing your account information.
Once your account is created, you can change your pension payment online, anytime.
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Please quote your reference code if you enquire about your application