Drawdown
An AvSuper income stream gives you access to your super money over time; you can withdraw or drawdown 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.
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 June.
Between 1 January 2009 and 30 June 2011, the Government has offered some drawdown relief meaning your minimum withdrawal amount is halved to lessen the effect of realising investment losses in the current market. From 1 July 2011, the relief has been reduced so that you must withdraw at least 75% of your minimum withdrawal amount.
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 your drawdown arrangement, simply send us a letter or email detailing your requirements - please remember to include your name, address and member number so we can identify you.
If you wish to take advantage of the drawdown relief extension for 2011-12, please make use of this Pension Relief Form
