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
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
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
Your annual minimum details letter will show your drawdown amount for 2020-21
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
ask us to call you or call
1300 128 751 and leave a message.
Chief Executive Officer
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.