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Extension to minimum pension payment percentages

Retirement  |  8/06/2022  |   3 min read

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: 
 

Age Group
(Your age at 1 July 2022)
Extended minium payment Percentages
(for 2022 / 2023)
Under 65 2.0%
65 to 74 2.5%
75 to 79 3.0%
80 to 84 3.5%
85 to 89 4.5%
90 to 94 5.5%
95 or over 7.0%

 

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.
 

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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.

Speak to a financial planner

If you have any questions, please contact us.

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Issued by Togethr Trustees Pty Ltd ABN 64 006 964 049, AFSL 246383 ("Togethr"), the trustee of the Equipsuper Superannuation Fund ABN 33 813 823 017 ("the Fund").

The information contained herein is general information only and does not take into account your personal financial situation or needs. You should consider whether this information is appropriate to your personal circumstances before acting on it and, if necessary, you should also seek professional financial advice tailored to your personal circumstances. Where tax information is included, you should consider obtaining personal taxation advice.

Before making a decision to invest in the Equipsuper Superannuation Fund, you should read the appropriate Product Disclosure Statement (PDS) and Target Market Determination for the product which are available at equipsuper.com.au

Past performance is not an indication of future performance.

Financial advice services may be provided to members by the trustee’s related entity Togethr Financial Planning Pty Ltd (ABN 84 124 491 078; AFSL 455010).

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