IRIS Term Allocated Pension

The IRIS Term Allocated Pension (TAP) is now only open to investors who currently have an existing TAP product with another provider and want to transfer it to an IRIS TAP.

The Federal Government’s 2007 ‘Simpler Super’ legislation led to a number of changes to super income streams and pensions.

Your entitlement to the Age Pension is subject to income and assets tests. After 20 September 2007, the 50% assets test exemption that applied to a TAP was removed.

However, if you had opened an IRIS TAP prior to 20 September 2007 or if you commute from another existing TAP, you will retain the 50% exemption.

Please read the Product Disclosure Statement (PDS) carefully before making any decision on investing in IRIS. We recommend that you see a qualified financial planner to discuss your personal circumstances.

Useful links

Pension payment factors
Your income payments are determined by dividing your account balance by the appropriate pension payment factor for the remaining term. View the current pension payment factors

Life expectancy tables
Life expectancies are calculated from ‘life tables’ that actuaries calculate from the mortality rates at individual ages. It is only an estimate therefore you may outlive your life expectancy according to these tables. View the current life expectancy tables. Please also note that the figures shown in this table should be rounded up in all instances.

Source: Australian Government Social Security and Family Assistance Legislation and Policy Guides.