NB! TEMPORARY 50% REDUCTION IN SUPERANNUATIONMINIMUM DRAWDOWN REQUIREMENTS for 2019/20 and 2020/22
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|
1/7/2019-30/6/2022
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1/7/2013-30/6/2019
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1/7/2011-30/6/2013
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1/7/2008-30/6/2011
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|
Age
|
Percentage of account balance*
|
|
Under 65
|
2%
|
4%
|
3%
|
2%
|
|
65 - 74
|
2.5%
|
5%
|
3.75%
|
2.5%
|
|
75 - 79
|
3%
|
6%
|
4.5%
|
3%
|
|
80 - 84
|
3.5%
|
7%
|
5.25%
|
3.5%
|
|
85 - 89
|
4.5%
|
9%
|
6.75%
|
4.5%
|
|
90 - 94
|
5.5%
|
11%
|
8.25%
|
5.5%
|
|
95+
|
7%
|
14%
|
10.5%
|
7%
|
The amount of the minimum annual pension, calculated using the above percentages, is rounded up or down to the nearest whole $10.
In the first tax year that a reversionary pension is paid, the deceased’s minimum pension, as calculated at 1 July in that year, continues to apply. The reversionary pensioner’s age only becomes relevant from 1 July in the second tax year (the first full tax year).
*The relevant age and account balance are the age and account balance at 1 July of the current year for existing pensions and the balance on the start date for pensions commencing during the current year.
The minimum annual payment is prorated in the first year (include the commencement date). But if the commencement day of the pension is on or after 1 June, no payment is required to be made for that financial year.
Refer to the links below for more details.