To give you greater flexibility with your VicSuper Pension, VicSuper is introducing semi-monthly pension payments from 1 July 2010.

This option is provided in addition to the existing monthly, quarterly, half yearly and yearly payment frequencies.

I’m interested in semi-monthly payments

If you elect to receive semi-monthly pension payments, your pension will be paid on the 15th day and last working day of each month. If the 15th day is a public holiday or weekend, your pension will be paid on the previous working day.

I’m happy with my existing payment option, but would like to change the date

If you’re comfortable with your monthly, quarterly, half yearly or yearly pension payments being paid on the last working day of the applicable month, you don’t have to do anything.

However, you now have the option to change the day of your pension payments from the last working day of the month, to the 15th of the month. If the 15th of the month falls on a weekend or public holiday, your pension will be paid on the previous working day.

How do I elect semi-monthly pension payments or change my payment date?

Your annual review letter, sent to you in mid-to-late July 2010, will outline your pension payment details for the 2010/11 financial year. In this letter, you’ll also be provided with a form to elect semi-monthly payments or to change your payment date to the 15th of the month.

However, if you’d like to start receiving semi-monthly payments or payments on the 15th of the month from July 2010, you should indicate this preference online by visiting vicsuper.com.au/pensionpayments.

Alternatively, you can download the Change your details VicSuper Pensions form available from vicsuper.com.au/forms and send the form to VicSuper, or call our Member Centre on toll free 1300 366 216 to have the form sent to you.

Further information

A flyer detailing all the pension payment dates for the 2010/11 financial year was recently sent to you in the mail.

If you would like to discuss your options with a superannuation consultant, please call our Member Centre on toll free 1300 366 216 between 8.30am and 5pm, Monday to Friday.