The Federal Government has extended the temporary reduction in superannuation minimum drawdown rates for an additional year to 30 June 2022. This applies to account-based pensions, transition to retirement pensions and similar products.
The extension of these reduced rates for the 2021/22 income year provides retirees with further support, flexibility and choice in retirement.
The extended temporary minimum drawdown rates for the 2020/21 income year are as below:
|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%|
Superannuation minimum drawdown rates were first reduced by 50% for the 2019/20 and 2020/21 income years as part of the Government’s response to the Coronavirus pandemic. The extended temporary minimum drawdown rates continue to apply for the 2021/22 financial year.
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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