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New minimum drawdowns for Account-based Pensions

Following the weekends announcements, the Government has halved the minimum drawdown requirements for Account Based Pensions.  The drawdown percentage is still based on your age as at 1 July each financial year and is represented in the table below.  

For this Financial Year (2019/2020) you have two options; 

  1. No change. 
  2. Reduce your payments to reflect the new minimum requirements. Some people will have already received the minimum payment requirement over the previous 8 months of this financial year.  As such, you may not require a further payment for the remaining 3 months of the financial year. 

For next Financial Year (2020 /2021) you will have the option of continuing your existing payment or reducing your payment to the new minimum.  

Given this announcement is only recent, superannuation funds are still in the process of updating their systems to allow us to action these changes. If you would like to alter your pension amount please email us so we can ensure your details are updated as soon as our systems allow.  We appreciate your understanding and patience in these fast changing times.

Alternatively, if you would prefer to discuss your options with your adviser, please make a time via our website or contact our office. 

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  1. Judith Swift on March 23, 2020 at 9:15 pm

    I appreciate all information coming regularly in these challenging personal and financial times.
    I need an appointment to guide me in changes to my future drastically changed financial circumstances.

  2. Tricia & David Thomson on March 27, 2020 at 5:23 pm

    Thank you for your regular updates. Your efforts are very much appreciated.

  3. Marjoke Taylor on May 28, 2020 at 11:09 am

    Appreciate your very welcome updates and your focus on ” what’s best for your clients”
    Thank you!

    • The Muirfield Team on June 9, 2020 at 1:29 pm

      You’re very welcome, good to hear you find some value in our updates

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