Pension minimum relief extended to financial year 2021/22

On Saturday 29 May 2021, the Government unexpectedly announced an extension of the temporary reduction in superannuation minimum drawdown rates through to financial year 2021/22.

As part of the response to the coronavirus pandemic, the Government responded immediately and reduced the superannuation minimum drawdown rates by 50 per cent for the 2019-20 and 2020-21 income years, ending on 30 June 2021.

This latest announcement extends that reduction to the 2021-22 income year and continues to make life easier for our retirees by giving them more flexibility and choice in their retirement.

From 1 July 2021 minimum pensions will again be halved for all account-based and term allocated income streams as follows:

Account-based pension minimums

Age
Standard minimum
Reduced minimum
for 2021/22

Under 65
4%
2%
65–74
5%
2.5%
75–79
6%
3%
80–84
7%
3.5%
85–89
9%
4.5%
90–94
11%
5.5%
95 or older
14%
7%

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