Current Legislation stipulates that a minimum amount must be drawn down (withdrawn) from super-based pensions or income streams at least annually. The minimum amount is determined by the member’s age and account balance each July.
The Government introduced some drawdown relief to income streams in 2009 and reduced in 2011.
The relief has again been extended another year to assist retirees rebuild after capital losses while the market was low. This means income stream members can withdraw 75% of their legislated minimum for the 2012-13 financial year.
AvSuper members who have already requested drawdowns based on the reduced minimum will automatically continue on that level. Annual income stream drawdown letters will explain how all eligible members can access this reduction for 2012-13. If you wish to take advantage of the drawdown relief extension for 2011-12, please make use of our Pension Relief Form.