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If you are a member in pension phase, you must ensure your pension amount is withdrawn from the fund before 30th June 2021.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

If your business has employees, it should be reporting through Single Touch Payroll …