If you’re aged 60 or over, any pension payments or lump sum withdrawals from your pension are generally tax free. In other cases, tax may vary depending on a number of factors including whether you elect to receive an additional pension payment or lump sum withdrawal.
The choice to receive an additional withdrawal and whether it’s a pension payment or lump sum could also impact your entitlement to social security payments and other government benefits, so it’s a good idea to talk to a financial adviser before making a withdrawal.
Remember, too, that we can’t reverse a withdrawal request (or change the withdrawal type) once we’ve processed it.
How would you like us to pay your withdrawal?
You can receive your payment as:
- a lump sum
- an additional payment on top of your regular one
- a rollover to an account at another financial institution.
If we receive your correctly completed withdrawal request form before 3pm on a business day, we’ll use the exit unit price calculated at the close of business on that day.
Unit prices represent the value of one unit in a fund. Unlike share prices, which fluctuate in real time while the market is open, unit prices are calculated once daily by dividing the value of a fund’s assets (minus fees, expenses and taxes) by the number of units on issue.
Making your withdrawal
To complete the withdrawal request form you’ll need:
- your CFS pension account number
- the names of the investment options where your pension is invested
- your bank account details if you want to receive your withdrawal as a bank deposit
- your account details at another financial institution if you want your withdrawal paid there.
You’re now ready to follow the steps below to request your withdrawal.