Pension Drawdown Relief
Minimum Pension Drawdown Relief
On 18 February 2009, the Federal Government announced a 50% reduction in the minimum draw-down requirements.
This reduction has been introduced to offer some relief during the current investment environment. It reduces the need for pension account holders to lock-in losses by drawing income they would prefer to keep investing.
The reduction is currently available for the remainder of the 2008-09 financial year only. The table below shows the minimum amount and the temporary levels:
|
Age |
Minimum drawdown |
Temporary |
|
Below 65 |
4 % |
2.0 % |
|
65-74 |
5 % |
2.5 % |
|
75-79 |
6 % |
3.0 % |
|
80-84 |
7 % |
3.5 % |
|
85-89 |
9 % |
4.5 % |
|
90-94 |
11 % |
5.5 % |
|
Over 95 |
14 % |
7.0 % |
LUCRF Pension members are able to reduce their annual payment totals, or choose to keep things as they are.
For those pension members who would like to alter payment amounts or schedule in any way, please call us on 1300 130 780 and we will send a payment variation request form.
For those who would prefer to maintain their current payment amounts and schedule, there is no need to do anything.
For more information, or to discuss any aspect of your pension account, please contact us directly on 1300 130 780.
