Over the last three financial years the Australian Government has temporarily reduced the minimum annual payment required for super account-based pensions by 50%. This measure was introduced to help minimise the impact of the market volatility due to COVID-19.  
 

Extension to minimum payment percentages 

Earlier this year, the Government announced a further extension to this initiative for the 2022/23 Financial Year.  

Please refer to the table below for the current minimum payment percentages that will apply: 

What do you need to do?

If your pension account is set to the minimum payment, there is nothing you need to do. We will calculate your payments for 2022/23 according to the table above and you will continue to receive your pension payments on the same payment schedule you have currently elected. If you are receiving more than the minimum payment, this extension of the minimum payment requirement won’t impact you.

You can log in to your account to review your payment schedule.

How to change your pension payments

If you would like to change your payments, you can do it in one of two ways:

1. Online – Log in to your account to make the change

2. Mail – Download the Change your pension details form, then complete and mail it to the address listed on the form.

Remember that we need to receive your completed change request at least 8 business days before your next payment is due to ensure we have time to review your account and process your request before the next payment run commences.

We’re here to help

If you’re unsure about whether you should be taking any action or you have a retirement strategy in place, we encourage you to seek advice. Our financial planners don’t receive any bonuses or commissions, so they only have your best interests in mind. If you have any questions, please contact us.