On 29 May 2021, the Morrison Government announced that the temporary 50% reduction in the minimum amount superannuation pension members were required to withdraw from their pension account will be extended to 30 June 2022.
As part of their economic response to the Coronavirus pandemic, the Government introduced a temporary 50% reduction in the minimum amount members were required to withdraw from their pension account. This temporary reduction was expected to finish on 30 June this year, but has now been extended to 30 June 2022. If you are currently receiving the reduced minimum, you will continue to do so for the 2021-22 financial year unless you provide alternate instructions.
The reduced pension rates are shown in the table below (these rates will now apply for the 2021-22 financial year):
If you wish to review or alter your pension amount, please contact your adviser.