TEMPORARY PENSION DRAWDOWN RELIEF EXTENDED
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.
- 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.