You are probably aware that the Government has halved the minimum drawdown requirement for income streams in 2019-20 and 2020-21 as a response to COVID-19.

What is the reduced drawdown option?

Usually, 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). For 2019-20 and 2020-21, you can now chose to withdraw half as much.

Reduced drawdowns for 2020-21

Our system will automatically calculate your minimum payment for 2020-21 that allows for the COVID-19 reduction.

If you have nominated a specific amount for repayments in 2019-20, that amount will be used for 2020-21 as well unless you request otherwise.

If you have currently selected to receive the minimum payment amount, this will automatically reduce your 2020-21 payment to the lower rate. You do not have to do anything to receive the reduced amounts from 1 July 2020. However, if you don't want your payments reduced or have other queries about your payment schedule for 2020-21, please contact us to discuss your specific situation.

Your annual minimum details letter will show your drawdown amount for 2020-21 and provide the option for adjusting this amount.

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.

Michelle Wade
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. Note that our office is not fully attended but we are working and will respond to all messages as quickly as possible.