Updates to pension drawdown and deeming rates
-24 March 2020-
The Federal Government has announced that minimum pension drawdown rates will be halved.
The new drawdown rates will apply to the current 2020/2021 financial year.
The move is designed to shield retirees who don’t want to draw on their account-based pensions while the value of their investment options is reduced.
Social Security deeming rates have also been reduced.
Please click here to access the Government’s fact sheet and learn more.
These changes are part of broader measures announced in response to the Coronavirus and its ongoing impact on global financial markets.
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