Pension Payments – 2021

COVID-19 (novel coronavirus) – temporarily reducing superannuation minimum payment amounts.

For many retirees, the significant losses in financial markets as a result of the COVID-19 crisis are having a negative effect on the account balance of their superannuation pension or annuity.

To assist retirees, the Government has reduced the minimum annual payment required for account-based

Pensions and annuities, allocated pensions and annuities and market-linked pensions and annuities by 50% for the 2019-20 and the 2020-21 financial years.

If you are a member in pension phase, you must ensure your pension amount is withdrawn from the fund before 30th June 2021.

The minimum 2021 pension amounts are calculated as a percentage of the members opening balance.

Age Range

Reduced Minimum Pension Factor for

2019-20 and 2020-21

Minimum Pension Factor 2021-22

Under 65

2% 4%

65 – 74

2.5%

5%

75 – 79

3%

6%

80 – 84

3.5%

7%

85 – 89

4.5%

8%

90 – 94

5.5%

9%

95 or more 7%

10%