Westpac Guaranteed Income Plan
Guaranteed against the rises and falls of investment markets.
Guaranteed fixed income payments
- Fixed term currently from 1 to 15 years - this is the period over which you will receive regular income payments.
- Once established, the investment term cannot be varied.
- Investment term must end prior to the 95th birthday of the youngest owner of the Plan.
- Westpac Life guarantees the amount of each regular payment for the term of your investment. If you invest in a 100% RCV option, we also guarantee that the full amount of your capital will be available to you at the end of the investment term (less any applicable taxes, duties and charges).
- All guarantees are subject to any changes to relevant laws (including taxation laws) that apply to life insurance companies and your type of investment.
- For annuities purchased with superannuation benefits, guarantees are subject to any deductions for any taxes that must be paid. Neither Westpac Banking Corporation nor any other company in the Westpac Group stands behind or otherwise guarantees the capital value or investment performance of the Plan.
What interest rate will I receive?
The return on this Plan is based on a pre-determined rate to calculate the amount of your regular payments for the investment term, and we also take into account other factors such as the expenses we are likely to incur, any remuneration payable to your Financial Planner and other taxes, duties and charges.
The Plan may be a tax effective way for you to receive guaranteed regular payments; however, are you are affected by taxation legislation (which may change) will depend on your individual situation and you should seek independent advice.
Did you know?
Your annuity is a simple and effective way for you to obtain regular income.
|Features||Summary of features|
Fixed term from 1 to 15 years
|Investment options||No choice of investment options.
Your investment return is pre-determined before you join the Plan. Regular payments and capital at the end of the term are guaranteed by Westpac Life.
|Number of annuities||Invest in up to 4 annuities under the one Plan with a minimum investment of $10,000 per annuity.|
|Additional contributions||Not accepted – you need to establish a new annuity to make additional investments.|
All regular payments must be made at the same time where multiple annuities are held under the
|Payment methods||Payment is by direct credit to your nominated Australian bank, building society or credit union
|Residual Capital Value
Nil Residual Capital Value (RCV) option
|Indexation of payments||
Only available for Nil Residual Capital Value (RCV) option
|Withdrawals||You cannot normally withdraw your money (apart from the regular payments) before the end of the investment term. We may make an exception if you can show genuine financial hardship or if required by law.|
You will receive a Plan Schedule which confirms the details of your investment, such as:
Rollover from super
Savings outside super
|Source of initial contribution||Rollover of superannuation benefit (unrestricted non-preserved)||Personal savings
|Joint investments allowed?||No||Yes||No|
|Income splitting available?||No||Yes where purchased jointly||No|
|Nil RCV option||Available||Available||Available|
|100% RCV option||Not available||Available||Available|
|Reinvestment on maturity||Not applicable||If you have a 100% RCV option, you can choose to automatically reinvest at the end of the investment term without completing another application form.||If you have a 100% RCV option, you can choose to automatically reinvest at the end of the investment term without completing another application form.|
Things you should know
Westpac Life Insurance Services Limited (ABN 31 003 149 157 AFSL No. 233728) is the issuer of interests in Westpac Guaranteed Income Plan. You can download a for Westpac Guaranteed Income Plan. Alternatively it can be obtained by calling 131 817 or visiting any Westpac branch. You should obtain and consider the PDS before deciding whether to acquire, continue to hold or dispose of interests in Westpac Guaranteed Income Plan.
You can download the for Westpac Guaranteed Income Plan. Alternatively it can be obtained by calling 131 817 or from any Westpac branch.
An investment in this product is not an investment in, deposit with or any other liability of Westpac Banking Corporation ABN 33 007 457 141 (the Bank) or any other company in the Westpac Group. It is subject to investment risk, including possible delays in repayment of withdrawal proceeds and loss of income and principal invested. The Bank is not the issuer of the product. Neither the Bank nor any other company in the Westpac Group stands behind or otherwise guarantees the capital value or investment performance of the product.