Retirement income streams
Account-based minimum drawdowns
14.4 Account-based minimum drawdowns
- When a member starts a superannuation pension or annuity, a minimum amount is required to be paid out to the member each year.
- There is no maximum amount other than the balance of the account, (unless it is a transition to retirement income stream (TRIS)).
|Minimum % of account balance you must withdraw each year|
|Age of beneficiary||Standard percentage factor (from 2023/24)||Reduced percentage factor - applied in 2019/20, 2020/21, 2021/22 and 2022/23*|
|95 or older||14%||7%|
*Temporary reduction in minimum drawdowns from 2019/20 to 2022/23. Minimum drawdown requirements for account-based pensions and annuities, allocated pensions and annuities and market-linked pensions and annuities were reduced by 50% for the 2019/20, 2020/21, 2021/22 and 2022/23 income years. This measure was designed to ease pressure on retirees to sell investment assets in a volatile economic climate
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Last modified: Thursday, June 29, 2023