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Reduced pension minimums

 

The Federal Government announced they will extend the temporary reduction to the minimum Pension payment requirements by 50% for another year until 30 June 2023.

This measure is designed to help retirees by reducing their need to sell investments to meet minimum drawdown requirements when the market may be under pressure.

Age Temporary Reduced Rate Standard Rate
Under 65 2% 4%
65 to 74 2.5% 5%
75 to 79 3% 6%
80 to 84 3.5% 7%
85 to 89 4.5% 9%
90 to 94 5.5% 11%
95 and over 7% 14%