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On 24 June 2021, superannuation regulations were amended to extend the temporary 50 per cent reduction to the minimum superannuation income payments from account based pensions and market linked pensions (also referred to as term allocated pensions) by another year, to 30 June 2022.

Minimum percentage factors 2021-221

Age

Standard rate

Rate with reduction

Under 65

4.00%

2.00%

65 – 74

5.00%

2.50%

75 – 79

6.00%

3.00%

80 – 84

7.00%

3.50%

85 – 89

9.00%

4.50%

90 – 94

11.00%

5.50%

95 and over

14.00%

7.00%


The changes will take effect on 1 July 2021.

Further information

Federal Register of Legislation, Superannuation Legislation Amendment (Superannuation Drawdown) Regulations 2021, 24 June 2021.

Prime Minister of Australia, Supporting retirees with extension of the temporary reduction in superannuation minimum drawdown rates, 29 May 2021

Additional information

1 Multiply factor by 1 July account balance or pension commencement value if commenced after 1 July.
 

Macquarie Investment Management Limited ABN 66 002 867 003 AFSL 237 492 RSEL L0001281 (MIML) is the operator of Macquarie Investment Manager, Macquarie Investment Manager II, Macquarie Investment Consolidator, Macquarie Investment Consolidator II and Macquarie Investment Accumulator; and is the Trustee of the Macquarie Superannuation Plan.

This information is provided for the use of financial services professionals only.  In no circumstances is it to be used by a potential investor or client for the purposes of making a decision about a financial product or class of products.

The information provided is not personal advice. It does not take into account the investment objectives, financial situation or needs of any particular investor and should not be relied upon as advice. Investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs. Any examples are illustrations only and any similarities to any readers’ circumstances are purely coincidental. 

Unless stated otherwise, this information has been prepared by Macquarie Bank Limited AFSL and Australian Credit Licence 237502. It is provided for the use of licensed and accredited brokers and financial advisers only. In no circumstances is it to be used by a potential client for the purposes of making a decision about a financial product or class of products.