Allocated pension

A regular retirement income stream from a superannuation fund. The pension income continues until the money is exhausted or the recipient dies. Any money remaining in the account is usually paid to a beneficiary as a lump sum or the pension may continue to be paid to a dependant such as a spouse.

Allocated pensions established before July 1, 2007 are able to operate under the new minimum payment rules for account-based pensions. (See Account-based pensions)
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