Customer Monitoring
  • While there is no legal maximum amount that you can hold in a smartMonday PENSION account, any amount above $1.6 million held by a member in all of their pension accounts, may be subject to additional tax.
  • You decide the amount you receive as regular payments and how frequently you receive them – monthly, quarterly, half-yearly or annually – although the government does set a minimum level of annual income that must be drawn from a pension as listed in the Income payments section below.
  • The money sitting in your account will continue to be invested on your behalf. There are multiple investment options including pre-mixed and sector options to make it super simple
  • Investment earnings in your smartMonday PENSION account are generally tax free.
  • You can withdraw some or all of your balance at any time – to get those one-off expenses out of the way.
  • You can easily track your payment and full account details in your smartMonday Personal Home Page.
  • are permanently retired and have reached your preservation age, or
  • leave employment at or after reaching 60 years of age, or
  • are over age 65, or
  • are permanently incapacitated or terminally ill and rolling in benefits from their super fund.
Age Standard default minimum % drawdown Reduced minimum % drawdown for 2019/20 and 2020/21 FYs
Under 65 years 4 2
65 - 74 years 5 5
75 - 79 years 6 3
80 - 84 years 7 3.5
85 - 89 years 9 4.5
90 - 94 years 11 5.5
95 + years 14 7

These are the standard smartMonday PENSION fees1.

Investment 2 0.45% p.a.-0.92% p.a. depending on the investment options you choose
Administration 2 0.35%
Membership 4 $94.56 p.a. ($7.88 per month)