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YOUR WITHDRAWAL DETAILS
Information on your regular pension payments is shown in the table at the bottom of the page.
REDUCED MINIMUM DRAWDOWN RATES HAVE ENDED
The temporary 50% reduced minimum drawdown rates that were in place for the 2019-20, 2020-21, 2021-22 and 2022-23 financial years, have ended. From 1 July 2023, the standard minimum drawdown rates will apply. Please visit the ATO website for further information - www.ato.gov.au
Your 'Minimum annual pension amount' is calculated based on your age and your pension account balance at 1 July each year.
HOW DO I CHANGE MY PENSION PAYMENT AMOUNT?
Market performance and updated drawdown requirements may prompt you to reconsider your pension strategy. However, it is important to understand how your money is invested before making any changes. Which is why it can be helpful to speak to a financial adviser.
If you’d like to update your pension payment amount you can do so by following these steps:
I want the minimum
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I want to receive a set amount
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1. Click ‘Edit’ Current Withdrawal Details.
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1. Click ‘Edit’ Current Withdrawal Details.
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2. Select ‘Minimum annual amount permitted’
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2. Elect the ‘Nominated amount’. This must be above the minimum drawdown rate.
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3. Click ‘Continue’
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3. Click ‘Continue’ |
Your updated pension payment amount will apply when your next pension payment falls due. If we are due to make your next payment within 10 working days, we may update your payment amount after this payment.
MAXIMUM ANNUAL PENSION PAYMENTS
If you have a Transition to Retirement Pension, you can elect to receive a ‘Maximum’ amount. This must be no more than the maximum level set by the Government.
Please note: If you have altered your pension payment within the current financial year or started a new pension after 1 July, the Annual Pension Amount displayed below may not be a true reflection of the Annual Pension you will receive this financial year. For confirmation of your Annual Pension, please contact us.