Employers please note – when making contributions via your clearing house or payroll provider, from 1 July 2021 the new Fund name is LGIAsuper, Product Name is Energy Super, USI is 23 053 121 564 004 and ABN is 23 053 121 564.Click here for more information.
Last year in response to the economic impact of COVID-19 the government reduced the minimum drawdown rates to assist retirees by providing more flexibility and choice.
The government recently announced the temporary reduction to the minimum annual drawdown rates would be extended a further financial year as retirees may still need flexibility during this economic period.
Please see the below rates that will apply for the 2021/22 financial year.
percentage for 2021/22
If you elected the minimum payment amount the reduced rate will continue to apply to your annual pension payments for 2021/22.
You don’t need to do anything, unless you choose to change your payment amount. You can update your pension payment anytime by logging into the Member Portal.
Whether you are about to retire or just thinking about it, ESI FS financial advisers can help tailor a financial plan that suits your retirement goals, needs and lifestyle.
When you retire there are several things to consider when deciding where to keep your retirement savings.
the amount of income you want
how often you want to receive it
your taxation position
whether you or your partner wish to receive Centrelink or Department of Veterans Affairs payments
if you wish to make further contributions to super.
Relax but keep your money working with an income stream.