Reduced Pension Minimums
Written and accurate as at: May 18, 2020 Current Stats & Facts
Recently, the Australian Government announced measures to assist those whose pension balances were affected by a downturn in markets due to the current COVID-19 environment.
These changes reduce the need for you to further draw on your pension during this time by reducing the minimum pension requirements by 50% for the 2019-2020 and 2020-2021 financial years. These reduced rates are as per below
| Age at start of pension and each 1 July | (Current) Minimum Percentage of Account Balance | (New) Reduced Minimum Percentage of Account Balance |
| Under 65 | 4 | 2 |
| 65 to 74 | 5 | 2.5 |
| 75 to 79 | 6 | 3 |
| 80 to 84 | 7 | 3.5 |
| 85 to 89 | 9 | 4.5 |
| 90 to 94 | 11 | 5.5 |
| 95 or more | 14 | 7 |
It is important to pay particular attention to the letters and forms sent by your providers to ensure you will still receive your preferred pension amount. We would be more than happy to assist you with any queries or changes you would like to make to your pension amounts so please contact our office for further information.