In the first half of July every year, we recalculate the pension amounts for the new financial year. During this time, which we also refer to as ‘the pension freeze’ or ‘pension escalation’, you won’t be able to make any changes online to pension payments.

What happens when pensions get recalculated?

Pensions are calculated based on your age, account balance as of 1 July, payment frequency and any indexation election. Following the recalculations, you may notice that the amount of your regular pension payments has changed.

This may impact how much you receive in your next pension payment. Therefore, it’s important that you review your first pension payment of the new financial year.

What you need to do

  1. Before 1 July 2025

    • Review your pension payment details and contact us if you'd like to make any changes.
    • View minimum pension payments on the Macquarie Help Centre article for more information on minimum pension payments.
  2. During pension recalculations

    • No changes can be made to pension accounts during the pension freeze. Any pension payments or lump sum payment requests received during this time will be processed after the pension recalculations have been finalised.
    • A pension payment won’t be made to you in the first week of July, except a fortnightly payment, while recalculation is occurring. If your fortnightly pension payment is due during ‘the pension freeze’, the pension payment will be processed on time, but the amount will be same as the preceding pension payment.
  3. After the recalculations

    • The pension payments will be adjusted according to your pension indexation option and payment frequency for the new financial year.
    • Review your first pension payment in the new financial year.
    • If you’re getting a pension payment in July, you may only have a few days to review the amount and make changes if required.

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Additional information

This information has been prepared by Macquarie Bank Limited ABN 46 008 583 542 AFSL and Australian Credit Licence 237502 (MBL) and does not take into account your objectives, financial situation or needs. Before making any financial investment decision to acquire or continue to hold a product mentioned on this page, consider the Product Disclosure Statement or relevant offer document and terms and conditions relating to that product and seek independent financial, legal and taxation advice to decide if our products are right for you.

The Macquarie Wrap, Macquarie Vision and Premium Portfolio Service products referred to on this page are issued by Macquarie Investment Management Limited ABN 66 002 867 003 AFSL 237 492 RSEL L0001281 (MIML) and Macquarie Wrap Cash Management Accounts are issued by MBL. The applicable offer documents are available on our product information page. Target Market Determinations for Macquarie issued products are available at macquarie.com.au/TMD under ‘Wealth products’. 

Funds invested on your behalf by MIML are not deposits with or other liabilities of MBL or any other entity of the Macquarie Group and are subject to investment risk, including possible delays in repayment and loss of income and capital invested. None of MBL, MIML, or any other member of the Macquarie Group guarantees any particular rate of return or the performance of the investments, nor do they guarantee the repayment of capital.