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:
|Age||Standard minimum drawdown rates %||Reduced minimum drawdown rates for 2019/20, 2020/21, and 2021/22|
|65 to 74||5%||2.5%|
|75 to 79||6 %||3 %|
|80 to 84||7%||3.5%|
|85 to 89||9%||4.5%|
|90 to 94||11%||5.5%|
|95 or more||14%||7%|
- 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.