Temporary pension drawdown relief extended
In response to the economic impact of COVID-19 the government reduced the minimum drawdown rates in 2020 to assist retirees by providing more flexibility and choice.
The government has announced the temporary reduction to the minimum annual drawdown rates would be extended for the 2022/23 financial year as retirees may still need flexibility during this economic period.
Please see the below rates that will apply for 2021/22 and 2022/23 financial years.
Minimum annual payment percentage
Temporary minimum percentage for 2021/22 and 2022/23
If you elected the minimum payment amount the reduced rate will continue to apply to your annual pension payments for 2021/22 and 2022/23.
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.
Planning for your future retirement
- 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.