top of page
  • Writer's picturePaul

Temporary reduction of minimum pension payments

Updated: Mar 29, 2020

To provide retirees with more flexibility in managing their retirement incomes, the Government has announced it is reducing the minimum pension payment requirement for account-based pensions by 50% in both 2019-20 and 2020-21 financial years. There is no requirement to reduce your pension payments, but the option is available if you would like to take advantage of it, especially for those retirees that are currently drawing more income than they need.

By how much can retirees reduce their pension payments?

The amount by which you can reduce your pension payment will depend on your age as the table below shows:

Minimum percentages are calculated on account balance at commencement of a pension or the 1st of July every year.

If you would like to discuss this in more depth regarding your personal situation or take advantage of this lowering of pension payments please contact us at any time.

26 views0 comments


bottom of page