As part of the response to COVID 19 the Australian government reduced the minimum pension payments retirees where required to draw from their allocated pensions in 2019/2020 and 2020/2021 financial years.
For some retirees this has been a great way to preserve funds in pension phase, especially if they do not need the additional funds due to reduced travel or living expenses over this time. As we draw close to the end of the financial year the Government has recently declared that these reduced minimums will be extended though the 2021/2022 financial year to continue to give retirees more flexibility.
If you would like to discuss this further and how this may impact you, please do not hesitate to contact Aston Financial.
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