On Saturday 29 May 2021, the Government unexpectedly announced an extension of the temporary reduction in superannuation minimum drawdown rates through to financial year 2021/22.
From 1 July 2021 minimum pensions will again be halved for all account-based and term allocated income streams as follows:
Account Based Pension Minimums:
Age | Standard minimum | Reduced minimum |
Under 65 | 4% | 2% |
65–74 | 5% | 2.5% |
75–79 | 6% | 3% |
80–84 | 7% | 3.5% |
85–89 | 9% | 4.5% |
90–94 | 11% | 5.5% |
95 or older | 14% | 7% |
Disclaimer: The information contained in this document is based on information believed to be accurate and reliable at the time of publication. Any illustrations of past performance do not imply similar performance in the future. To the extent permissible by law, neither we nor any of our related entities, employees, or directors gives any representation or warranty as to the reliability, accuracy or completeness of the information; or accepts any responsibility for any person acting, or refraining from acting, on the basis of information contained in this newsletter. This information is of a general nature only. It is not intended as personal advice or as an investment recommendation, and does not take into account the particular investment objectives, financial situation and needs of a particular investor. Before making an investment decision you should read the product disclosure statement of any financial product referred to in this newsletter and speak with your financial planner to assess whether the advice is appropriate to your particular investment objectives, financial situation and needs.
