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Pension minimum relief extended to financial year 2021/22

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
for 2021/22

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%

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