We are very pleased to let you know that the 50%
reduction in mandatory drawdowns has been extended for
the 2021-22 financial year.
What is the reduced drawdown option?
As an income stream member, you must withdraw a minimum percentage of
your account each financial year. The exact minimum
percentage depends on your age
(refer
to our website if you are unsure what percentage
currently applies to you).
As part of the COVID-19 response, the Government
reduced the minimum drawdown for the 2019-20 and 2020-21
financial years. And this has now been extended to the
2021-22 financial year as well.
Of course you can continue to draw down on your
pension as usual if you so wish.
Now is a good time to assess your drawdown needs and decide what percentage
of your account you wish to drawdown for the upcoming financial
year.
How to access the reduced drawdowns
If you have currently selected to receive the
reduced minimum payment amount, this will continue for
2021-22. You do not have
to do anything to receive the reduced amounts from 1
July 2021.
Any other payment amount will either continue or be
increased to your minimum drawdown if required.
We will be contacting you soon with details of your
minimum payment for 2021-22, and that letter will
include a form you can use to change your payments if
you wish. Alternatively, you can adjust your payments at
any time by following these steps:
- log into
AOL
- go to the Payment details tab
- click the 'change schedule' button
- choose the relevant account from the dropdown
menu, if applicable
- adjust the payment details to suit
- click 'next' to finalise your choices
- check your contact details are correct
- look at your investment options
- log out of AOL
If you receive an annual drawdown payment in
July or August, make sure you make any changes soon to
ensure we can implement any adjustments in time.
If you have any
questions about your drawdown options or your income
stream in general, please contact us by return
email,
ask us to call you or call
1300 128 751 and leave a message.
Regards,
Michael
Sykes
Chief Executive Officer
PS
Please check our COVID-19 web page regularly as we
will add all changes and updates to that page in the
coming weeks.
