Allocated pensions

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What is an allocated pension?

An allocated pension (also called account-based pension and retirement account) is one of the income stream options available to you when you retire.

It is a regular income stream drawn from your superannuation savings, which you can access once you’ve reached preservation age.

Typically, if you are retired there’s no limit to how much you can withdraw from an allocated pension, so in addition to receiving periodic payments, you can choose to withdraw some or all of your money as a lump sum. Periodic payments can be made monthly, quarterly, half-yearly or annually.

You will however need to withdraw a minimum amount each year from your allocated pension. This figure is calculated based on your age and will be a percentage of your account balance. Here is a breakdown:

Age Yearly minimum withdrawal
55-64 4%
65-74 5%
75-79 6%
80-84 7%
85-89 9%
90-94 11%
95+ 14%

As allocated pensions are based on the amount you’ve saved in super, they don’t guarantee an income for life. The tax effectiveness of an allocated pension will also depend on your individual circumstances. These circumstances include the number of period payments you receive, how much you withdraw each year and the amount of earnings (minus fees) into the account.

In the event you were to die, money which remains in the account will be passed along to your beneficiaries or your estate.

To be eligible for an allocated pension account, you must already have full access to your superannuation, meaning:

  • You have retired after reaching preservation age
  • Reached the age of 65
  • Become permanently disabled
  • Ceased employment with your employer at, or after the age of 60

AMP, Australia’s favourite for super, offers three types of allocated pensions (or account based pensions) Read more about these offerings below or call us today to find out more 1300 158 587.

As life changes, your super should too

AMP Flexible Super® – Retirement

Keeps your money working while paying you a regular income. So you’re free to enjoy all those things you want to do.

  • Makes the move into retirement simple
  • Gives you tax-free easy access to your money
  • Helps you manage your money better
  • Means you can look after your loved ones

A full suite of solutions to help you own your retirement

MyNorth Pension

Isn’t it time you owned your retirement plans?

  • An award-winning1 pension account that will pay you a regular income to help meet your retirement goals—and you can still open one while you’re working
  • Over 380 investment options to choose from
  • Capital and income guarantees on some investment options
  • Monitor, transact and report on all your investments in an online account 24/7

If you're already a SignatureSuper customer

SignatureSuper Allocated Pension

Transition seamlessly into your retirement

  • Flexible income payments
  • A wide investment choice
  • Easy access to your money and investments

Want to learn more about taking control of your retirement?

Manage your AMP retirement account

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Important information

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It’s important to consider your particular circumstances and read the relevant Product Disclosure Statement before deciding what’s right for you. This information hasn’t taken your circumstances into account. 

This information is provided by AMP Life Limited. Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relation to products and services provided to you. All information on this website is subject to change without notice. 

The issuer of AMP Flexible Super is AMP Superannuation Limited. The issuer of North – Personal Pension is N M Superannuation Pty. Limited. AMP Flexible Super is a registered trademark of AMP Limited. North is a registered trademark of AMP Limited.  

Favourite for super – largest market share by assets under management at aggregate level for super. Plan for Life, Marketer View, December 2015.

  1. MyNorth won Chant West's 2017 Advised Product of the Year award. For further information about the methodology used by Chant West, see