In response to the current environment, the Government has announced a number of measures to help minimise the impact of current economic conditions on retirees and other Australians. One measure is the temporary halving of the minimum that you must draw from your super pension.
The reduction applies for the 2019/20 and 2020/21 financial years.
|Age||Default minimum drawdown rates||Reduced minimum drawdown rates for 2019/20 and 2020/21|
|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%|
If you are currently drawing a pension from your super you can chose to:
If you wish to make any changes please contact your financial adviser or ClientFirst on 1800 913 118 or by emailing us at firstname.lastname@example.org.
The following will apply automatically but you can request a change at any time.
We will write to you in early July confirming your pension for 2020-21.
The Government has also introduced additional payments to Age Pensioners and further reduction in deeming rates. Information on the Government’s response to the Coronavirus can be found at https://treasury.gov.au/coronavirus.
We understand this is a challenging time for many people. If you have any further questions, please contact your financial adviser or contact us.