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Russell Private Active Pension

The Russell Private Active Pension provides investors with more than just a pension. No matter whether you are retired or approaching retirement, the flexibility of this pension gives you an innovative way of managing your money. Whilst receiving a pension, you can continue to grow your superannuation through the linked Contribution Account. And for those of you who are over 60, you can also have at-call access to your pension funds through a cash management account*.

Award finalist

The Russell Private Active Pension was a finalist in the SuperRatings 'Best New Product' category. The Best New Product Award is given to the fund that has made a marked impact on the market through innovation, fund inflows and or by providing significantly better value for members.

What are the benefits?

The Russell Private Active Pension provides extra flexibility by combining a Pension Account and a Contribution Account into the one product. This is handy because superannuation legislation prohibits further contributions or rollovers being made to an established pension. It also means that whilst receiving income from the pension, eligible investors can continue to build their superannuation through the linked Contribution Account and access Russell’s multi-manager investments at the same time – paying the fees of just one account.

How does the pension work?

The Russell Private Active Pension provides extra flexibility by combining a Pension Account, a Contribution Account and a Cash Management Account within the one product. Essentially superannuation funds are transferred into a pension, allowing you to receive an income. This can happen while you are still working and making contributions to your superannuation account. The ANZ Prime Cash Management Account provides the added benefit for members over 60 to access their pension through ANZ banking facilities, including ATMs and via EFTPOS.

How can I contribute?

The Contribution Account accepts all types of contributions. There is no minimum for additional investments and no account keeping fees. You automatically receive a Contribution Account when you join the Russell Private Active Pension. This Account provides you with the ability to continue to grow your superannuation at the same time as accessing the benefits of a pension. It can accept employer contributions, voluntary contributions or rollovers from other superannuation funds. Investments in the Contribution Account are subject to superannuation tax rates.

How do I receive my pension?

You are able to establish multiple pension accounts and payments are typically made to the bank account you nominate on the application form. There is no tax on earnings and all withdrawals are tax free after age 60. There are three payment methods as follows:

• You can opt in to have complete flexibility for your pension payments, by using the ANZ Prime CMA to access your pension throughout the year. These withdrawals will count towards your annual pension payment limits.
• You can specify regular pension payments be paid to you from your Pension Account to your nominated bank account and how often these are to be made.
• You can request an ad-hoc pension payment up to twice each year which must be paid into your nominated bank account.

How can I access my pension?

The ANZ Prime Cash Management Account gives you at-call access to your pension like a regular bank account. You can use an ANZ Access card, link a new or existing ANZ Access Account and you can use ANZ Internet and Phone banking to manage your pension. You can apply for an ANZ Prime CMA for your Pension Account any time, as long as you are aged 60 or over.

If you don’t open an ANZ Prime CMA, you receive regular pension payments directly into your bank account.

View a presentation on how ANZ Prime CMA works

How do I open an account?

You need $50,000 to open a Pension Account in the Russell Private Active Pension. You can make your initial investment in two ways:

• Transfer your existing superannuation money
• Make a contribution by cheque or electronic transfer

If you would like to invest, complete and sign the application form found at the back of the PDS.

Russell Private Active Pension Product Disclosure Statement (PDS) (231MB)

*If you are under 65 and not permanently retired, you are limited to an annual maximum withdrawal of 10% of your pension account balance as at 1 July.