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ARTICLE · 19 FEBRUARY 2009

Relief From Minimum Draw Downs For Pensioners

Cooper Grace Ward
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For the 2009 financial year there will be a 50% reduction in the minimum payment pensioners must take from their account. This means that for people who have already taken half of the current minimum payment, a further payment is not required until the 2010 financial year.

AustraliaEmployment and HR
Greg Cahill
Greg Cahill
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Yesterday the Government announced relief from the minimum draw down percentages for account based pensions.

For the 2009 financial year there will be a 50% reduction in the minimum payment pensioners must take from their account. This means that for people who have already taken half of the current minimum payment, a further payment is not required until the 2010 financial year.

The relief addresses concerns that minimum draw down requirements were set based on asset values at 1 July 2008 and because of factors outside the control of trustees and members, the value of many funds has decreased (sometimes substantially) since then, making it difficult for some funds to find the cash for pension payments. This will mean that many people can avoid having to sell investment assets and realise loses in the current market.

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