Minimum pension payments

The table below shows the standard minimum payment rates and the reduced minimum payment rates that previously applied under COVID-19 relief measures introduced by the Federal Government:

From the 2023/24 financial year, the standard pension minimum rates apply.

If a pension commenced during the year, the pro-rata minimum is calculated by multiplying the minimum annual payment by the remaining number of days in the financial year and dividing by 365 (366 in a leap year).  

If a pension commences on or after 1 June in a financial year, no minimum payment is required for that financial year. 

The Pension Details report for each client shows their current pension payment details and the minimum pension amount. You can find out about our available reporting under the Statements and Reports category.

If any of your clients haven’t met their minimum pension requirements by the end of May and don’t have enough available funds in their cash account to meet those requirements, we’ll contact you as you may need to sell down some assets to top up their available cash before the next pension payment. 
 
If this applies to your clients, we encourage you to perform these selldowns so you can select which assets to sell. 
 
If there isn’t enough cash or sell orders haven’t been placed to cover your client’s annual pension minimum by a nominated date, we’ll sell down assets to top up their available cash in the following order until there is enough cash for the payment: 

• daily transacting managed investment(s)
• SMAs
• Australian listed securities
• non-daily transacting managed investment(s)
• term deposits.

This action is discussed in the product disclosure statement (PDS).