Income Stream Drawdowns
An AvSuper income stream gives you access to your super money over time; you can withdraw (also know as a drawdown or commutation) money in a way that suits your needs. You can choose to have regular payments into your bank account or take less frequent lump sums – you can even have regular payments and take lump sums when you need more money for a holiday, car or other major expense.
It is important to have a well-structured and sustainable strategy for your income stream.
Note: Lump sum withdrawals count as ad hoc payments (drawdowns) for tax purposes. For up to date information about tax, go to www.ato.gov.au
Income stream drawdown limits
You can drawdown as much of your AvSuper income stream as you wish – the only limit is the amount of retirement savings you have in your account.
However, you must withdraw a minimum amount of money each financial year by law. This amount is determined according to your age and the balance of your income stream, and we will tell you your minimum drawdown amount each July. Due to COVID-19, the minimum amount has been reduced by 50% for 2022-23.
Age | Annual payment as a % of account balance |
---|---|
55‑64 | 4% |
65‑74 | 5% |
75‑79 | 6% |
80‑84 | 7% |
85‑89 | 9% |
90‑94 | 11% |
95+ | 14% |
How to drawdown
If you want to, you can change your payment rate up to four times each year and take out a lump sum as well as regular payments. To change drawdown arrangements, including bank details, use our change of income stream details form, or you can email us, including your name, address & member number.
You can also change which investment options the money is withdrawn from at any time by logging into AOL (AvSuper Online) or completing our Nominate or switch income stream investment options form.