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Changes to minimum drawdowns from 1 July 2021

The temporary 50% reduction to minimum pension payments has been extended to 30 June 2022.

Members with a VicSuper Flexible Income or VicSuper Flexible Income TTR had their minimum payment limits reduced by 50% for the 2019-20 and 2020-21 financial years as part of the Government’s Coronavirus Stimulus Package. On 29 May 2021, the Government announced that the reduced annual minimums will continue to apply until 30 June 2022.

The minimum payment limits are also referred to as ‘minimum pension payment limits’ or ‘minimum drawdown rates’.

How does this affect me?

If you have chosen to receive the minimum pension payment, you may have expected your pension payments to revert to the higher standard minimum from 1 July 2021. However, as a result of this announcement, the reduced minimum payment limits will continue to apply for the 2021-22 financial year. Refer to the table below.

 

Age at start of retirement income stream (and 1 July each year) Reduced minimum payment limit for 2019-20, 2020-21 and 2021-22 Standard minimum payment limit
Under 65 2% 4%
65-74 2.5% 5%
75-79 3% 6%
80-84 3.5% 7%
85-89 4.5% 9%
90-94 5.5% 11%
95+ 7%   14%
 

If you wish to change your pension payment details for the 2021-22 financial year, you can make the change online after 1 July 2021.

For more information

If you’re invested in the VicSuper Flexible Income or VicSuper Flexible Income TTR, please call us on 1300 366 216 Monday to Friday, 8:30am to 5:00pm (AEST/AEDT).

 

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