Your HESTA Super Income Stream is paid into your nominated Australian bank, building society or credit union account.* Payments cannot be made by cheque.
Your nominated account must be held either in your name or, if the nominated account is held jointly, you must be one of the account holders.
You can choose how often to have your payments made (fortnightly, monthly, quarterly, half yearly or yearly).
If you have more than one investment option you can choose:
- the proportion of your payment to be drawn from each option
- the order in which your payments are to be drawn from each option, and/or
- payments in proportion to the balance in each option at time of payment.
If you don’t choose a payment option, payment will be in the same proportion as your initial investment allocation.
Your payment nomination will remain in place until you advise us in writing to change it. You can use the Super Income Stream change of income payment amount and frequency form to alter the proportion, order or frequency of your payments.
*Note: the institution may charge you a fee for this service.
Minimum income reduction
In response to the global financial crisis, the Federal Government has announced a temporary drawdown relief for super income streams for the 08/09 financial year. The relief gives current HESTA Super Income Stream members the opportunity to preserve more of their capital at this time.
The drawdown relief means your minimum annual income payment amount for the 2009/2010 year will be halved.
The table below shows the usual minimum payment amount for each member age bracket, and the new amount.
If applicable, you may choose to reduce or suspend your payments in accordance with the new 2009/2010 minimum.
Age |
Minimum percentage payment before relief |
New 2009/2010 minimum percentage |
Under 65 |
4% |
2% |
65-74 |
5% |
2.5% |
75-79 |
6% |
3% |
80-84 |
7% |
3.5% |
85-89 |
9% |
4.5% |
90-94 |
11% |
5.5% |
95 or over |
14% |
7% |
Current HESTA Super Income Stream members can download a Super Income Stream minimum income reduction form application form to take advantage of the relief.
If you’re in HESTA’s retirement income stream option, this is the only restriction on the amount of income you can draw from your super income stream (subject to the available balance).
If you’re in HESTA’s working (TTR) income stream option: additional restrictions
TTR income streams such as HESTA’s working income stream option have a maximum annual income limit. This is calculated in a similar way to the minimum income amount, except that the percentage is 10% of your account balance, applicable prior to age 65.
Read our HESTA Super Income Stream Product Disclosure Statement (PDS) for full details.