Term Allocated Pensions (TAPs) provide you with a regular income stream over a fixed term. The fixed term is set when you start your TAP.
If your TAP is expiring this financial year, there may be some things you need to do before it ends, which we’ve outlined below.
What you need to do if your TAP is ending
If your holdings are invested, you’ll need to arrange a sell-down of your assets to a cash account to fund any future pension payments for this financial year. You can find more information under ‘Trading’ on how to do this by visiting the Managing your wrap site.
Please note, if a sell-down doesn’t happen before the account closure date, we may need to sell down your holdings. This will be reflected in your recent transaction history.
View the Help Centre article Reports and statements for guidance on how to access your recent statements and reports.
How the pension payments are calculated
For expiring TAPs, we calculate pensions to ensure your account balance is fully paid by the term end date, or in June of the following year, using your account balance on 1 July.
Any account balance movements due to investment performance and/or fees may mean that your final pension payment could be more or less than previous ones.