Pension minimum relief extended to financial year 2021/22

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 nicholle@myfinancialadvantage.com.au.