How to manage your pension payments 

Follow the steps below, choosing the Pension Payment Update form.

Important to know

You can request changes to your pension payments but certain government rules apply:

• You must receive at least one payment in each financial year (1 July – 30 June).
• You must withdraw a minimum pension amount, which changes each year based on your account balance and age.
• If you’re age 60 or over, you generally don’t pay any tax on your pension payments.
• For some people, changing your level of pension payments may impact your entitlement to social security payments and other government benefits so it’s a good idea to talk to a financial adviser before taking action. 

Follow the steps below, choosing the Change of Bank Account Details form. 

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. 

You can update your pension payments either online through our portal, or by downloading a form to complete and return.  

Update your payments online

You can update your pension payments online in just four steps:

• Log into your account via our portal. 
• Choose ‘My account’ in the menu at the top of the page.
• Select ‘Manage my Account’ followed by ‘Pension Payments’. 
• Choose ‘Update my Pension Payments’ and select your new amount and frequency. 

You can either: 

Upload the form online 

Upload a scanned copy of the completed and signed form, along with any attachments, through our secure online portal under My Account > Upload a scanned form.

Post the form to us at:

Colonial First State

Reply Paid 27

Sydney NSW 2001

What happens now?

We’ll process your request within five working days of receiving your form and send you a letter confirming this. 

If we need more information from you before we can process your request, we’ll let you know.

If you need to update your mobile phone number

For security reasons, you need to call us to do this on 13 13 36 (8:30am – 6pm, Monday to Friday, Sydney time).

If you want to update your name

Please complete a change of details form, making sure to attach the certified documents requested when you return it to us. 

What happens now?

Thank you. We’ve updated your details. You’ll be able to see the changes live in your online account, and we’ll also send you a confirmation letter.

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