Pension minimum payment rates

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

AgeStandard minimum drawdown rates %Reduced minimum drawdown rates for 2019/20, 2020/21, 2021/22 and 2022/23
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%

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

If a pension started 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 that by 365 (366 in a leap year).

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

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 them to be effective for that month.

July pension recalcuation and payment freeze

In the first week of July, we recaluclate pension payments for the new financial year.

Note: No pension payments are made during that week (except for fortnightly pension payments). Your subsequent pension payment amounts in the financial year may be different to your current ones, depending on the options you've chosen.

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