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In response to the current environment, the Government has announced a number of measures to help minimise the impact of current economic conditions on retirees and other Australians. One measure is the temporary halving of the minimum that you must draw from your super pension.
The reduction applied for the 2019/20 financial year and also the 2020/21 financial year.
The following will apply automatically but you can request a change at any time.
We will write to you in early July confirming your pension for 2020-21.
What happens if you receive a term allocated pension?
If you currently receive a term allocated pension, you can typically vary your pension between 90% to 110% of the calculated pension amount as at 1 July each year. The changes allow you to vary your pension between 45% and 110% of the calculated pension amount, effectively allowing for a halving of your TAP minimum pension requirement.
If you wish to make any changes, please contact your financial adviser or contact us.
The Government has also introduced additional payments to Age Pensioners and further reduction in deeming rates. You can find our summary of the other Government's initiatives here.
Information on how the Government is supporting individuals, households and businesses is on the Government’s Treasury website
More information is also available on the ‘COVID19’ section of the ATO website
Addition resources including tips and calculators is on the Government’s MoneySmart website
We understand this is a challenging time for many people. If you have any further questions, please contact your financial adviser or contact us.