IMPORTANT: Extension to minimum pension payments
In the 2019-20 and 2020-21 financial years the Australian Government 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
The Government has extended the temporary reductions to the minimum annual payment required for account-based pensions by half until the end of the 2022/23 financial year. Please refer to the table below for the current minimum payment percentages that will apply for a further 12 months.
Age
(As at 1 July 2022) |
Extended minimum
payment percentages
(to 30 June 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?
There is nothing you need to do. We will recalculate your minimum pension payments on 1 July 2022 using your balance at that time, and the relevant payment percentage above. You will continue to receive your pension payments on your existing payment schedule. If you would like to review your current pension arrangements, please log in to your account online at equipsuper.com.au/login
How to change your pension payments
If you would like to change your payments, you can do it at any time, in one of two ways:
1. Online – Log in to your account to make the change at equipsuper.com.au/login
2. Mail – Complete the Change Your Pension Details form 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 or not you should be taking any action, we encourage you to seek advice. Find out more about our financial planning services. If you have any questions, please call us on 1800 682 626 between 8am and 8pm EST/EDT Monday to Friday.