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;
- No change.
- 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.