The Government has announced an extension of the temporary reduction in superannuation minimum drawdown rates through to financial year 2021/22.
From 1 July 2021, minimum pensions will again be halved for all account-based and term allocated income streams as follows:
Account-based pension minimums
Term allocated pension income ranges
- Maximum pension: 110% of factor-based pension
- Minimum pension: 45% of factor-based pension (ie, 50% of the standard 90% of factor-based payment rule)
For further information on how these changes relate to your personal situation, please don’t hesitate to contact email@example.com.