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.

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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.