The Federal Government has extended the temporary reduction in superannuation minimum drawdown rates for an additional year to 30 June 2023. This applies to account-based pensions, transition to retirement pensions and similar products.
The extension of these reduced rates for the 2022/23 income year provides retirees with further support, flexibility and choice in retirement.
The extended temporary minimum drawdown rates for the 2022/23 income year are as below:
Age |
Temporary Rates |
Regular Rates |
---|---|---|
Under 65 | 2.0% | 4.0% |
65 to 74 | 2.5% | 5.0% |
75 to 79 | 3.0% | 6.0% |
80 to 84 | 3.5% | 7.0% |
85 to 89 | 4.5% | 9.0% |
90 to 94 | 5.5% | 11.0% |
95 and over | 7.0% | 14.0% |
If you currently receive the minimum pension payment and wish to continue receiving the reduced minimum pension amount, there is no action required. Alternatively, you can nominate your pension payment amount by:
If you have any questions, please call us on 1300 369 901, Monday to Friday from 8am to 8pm (AEST) and one of the team will be happy to help.
If you need advice about whether to change your pension payments, please speak to one of our financial planners.
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