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ARTICLE · 26 MARCH 2009

Pension Minimum Drawdown Relief

Cooper Grace Ward
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The 50% reduction in minimum pension payments for the 2008/09 year has now been legislated.

AustraliaEmployment and HR
Greg Cahill
Greg Cahill
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The 50% reduction in minimum pension payments for the 2008/09 year has now been legislated.

The Superannuation Industry (Supervision) Regulations 2009 (SIS Regulations) were amended on 13 March 2009 to provide for a 50% reduction in the minimum drawdown amount for many pensions in the 2009 financial year.

This amendment applies to account based pensions, allocated pensions and market linked pensions, including where these pensions started as a transition to retirement type of pension.

However, it does not apply to flexi pensions, complying fixed term pensions or complying life time pensions.

Despite these amendments to the SIS Regulations, you will need to check the trust deed for your superannuation fund to ensure it permits the superannuation trustee to make reduced minimum payments.

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