Changes to minimum pension requirements

As part of their response to coronavirus (COVID-19), the Federal Government reduced the minimum pension requirements.

The table below shows the standard minimum payment rates and the new reduced minimum payment rates:

AgeStandard minimum drawdown rates %Reduced minimum drawdown rates for 2019/20, 2020/21, and 2021/22
Under 654%2%
65 to 745%2.5%
75 to 796 %3 %
80 to 847%3.5%
85 to 899%4.5%
90 to 9411%5.5%
95 or more14%7%

Please note:

  • We won’t automatically reduce or stop anyone’s pension payments.
  • Any amount above the new minimum that’s already been paid cannot be put back into your pension. If you would like to contribute to superannuation, you should seek advice on whether you’re eligible to make contributions and whether this is appropriate for you.

View your current pension payments

You can view your current pension payment details and your minimum pension payment amounts by logging in to and view your account’s pension details.

Change your pension payments

If you want to change your pension payments, you have two options:

  1. If you have an adviser, you should contact them directly – they can update your pension amounts online
  2. If you don’t have an adviser, you can provide us with instructions via email to

Generally, any changes to pension payments should be requested before the start of the month for it to be effective for that month.

July pension recalcuation and payment freeze

Also known as ‘the pension freeze’, pension recalculation will occur in the first week of July so pensions can be recalculated for the new financial year.

Note: A pension payment won’t be made to you in the first week of July while recalculation is occurring.

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