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How to withdraw, switch or change your income payments
Withdrawing funds
IRIS Super Income Stream
You can make a withdrawal request for all or part of your investment at any time (excludes Transition to Retirement members).
The minimum partial withdrawal you can make from any investment option is $1,000 unless you are withdrawing your entire balance. A minimum account balance of $1,000 per option must be maintained.
How?
IRIS Term Allocated Pension (TAP)
A TAP can be commuted only in very limited circumstances:
- on the death of the primary or reversionary beneficiary;
- within six months of the TAP commencing (provided that it was not funded from the commutation of another complying income stream);
- to purchase another complying income stream;
- to pay a superannuation contributions surcharge; or
- to give effect to a payment split under family law.
How?
- If the payment meets one of the criteria above, please contact us for further details.
Switching investment options
The minimum amount you can switch between each of the options is $1,000, unless you are switching your entire balance.
How?
Change of income payment
You can change the income payment amount you receive from IRIS and the payment frequency at any time (subject to limitations for TTR members).
How?
Processing your request
If your completed request is received in the IRIS Administration office before 4 pm (AEST) on a Wednesday, it will generally be processed effective that Wednesday. If your request is received after 4 pm, your request will generally be processed in the following week. You will generally be paid seven working days after we have processed your request.
Processing all transactions and buying and selling assets only once a week enables IRIS to keep the costs down.
After processing your request(s) we’ll send you a letter confirming the details of your withdrawal, switch or change of income payment.
* Fax requests for amounts up to $50,000 will be accepted, however the original signed form must also be mailed to us.
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