FirstNet Adviser help

You can update pension payments for the following products:

• Personal Pension
• FirstChoice Pension
• FirstChoice Wholesale Pension.

For pre-retirement allocated pensions and allocated pension accounts you have the following options when updating pension payments online:

• Update by payment amount and frequency – this will allow you to update pension payments by amount and frequency. You can also update the payment frequency by nominating the same payment amount and changing the frequency.
• Update minimum pension payment – this will allow you to update pension payments to the minimum allowable amount for the account, you may also amend the frequency in which you receive the payments.
• Update maximum pension payment (only applicable to pre-retirement allocated pension accounts) – this will allow you to update pension payments to the maximum allowable amount for the account, you may also amend the frequency in which you receive the payments.

For Term Allocated Pensions you may vary the amount of pension income by plus or minus 10% of this annual calculation.

Please note: for Term Allocated Pensions the annual payment will be calculated by dividing the balance on 1 July (or the commencement day for the first year) of each year by the payment factor that corresponds to the remaining term of the income stream. The resulting amount will be rounded to the nearest $10.

When updating pension payments for Term Allocated Pensions you have the following options:

• Update by payment amount and frequency – this will allow you to update pension payments by amount and frequency within the 90% and 110% limits allowable for the Term Allocated Pension. You can also update the payment frequency by nominating the same payment amount and changing the frequency.
• Update minimum pension payment – this will allow you to update pension payments to the minimum allowable amount for the account (90%), you may also amend the frequency in which you receive the payments.
• Update maximum pension payment – this will allow you to update pension payments to the maximum allowable amount for the account (110%), you may also amend the frequency in which you receive the payments.
• Update fixed pension payment – this will allow you to update pension payments to the fixed allowable amount for the account (100%), you may also amend the frequency in which you receive the payments.
  

Once you have entered all the required details needed to update the pension payment and select 'Next', you will be taken to the confirmation screen, which will allow you to check all the detail changes you have requested and provide a schedule of the next 5 payments for the current financial year (if there is less than 5 payments for the current year, they will only display the remaining payments).

You will then be required to confirm the changes by entering your password before submitting the transaction.

After you submit the change of pension payment request, the following happens:

1. The transaction request is automatically entered into the Colonial First State system.
2. If we receive the request before 2 business days before a scheduled pension payment, the update will be effective for the next payment, however if the request is received after this time, the update may take effect from the payment after the next scheduled payment date.
3. You can view the details of the request at any time, by selecting 'insert screen name' from the top navigation menu.