On 29 May 2021, the Government extended the reduced minimum drawdown amounts for account based pensions to 30 June 2022 for the financial year 2021-22.
If you're an existing Choice Income or TTR Income member, your payment amounts may change from 1 July 2021, depending on:
- what payment option you chose up to 30 June 2021,
- what your account balance is on 1 July 2021, and
- what your age is on 1 July 2021 and the relevant reduced minimum drawdown amount for 2021-22. (See table below)
To view different scenarios, see below section 'I’m a Choice Income/ TTR Income member. What does this mean for me?'
You’ll receive an email or letter in July 2021* confirming your payment amount for 2021-22. You don’t have to do anything, unless you choose to change your payment amount† and frequency. You can do this anytime by logging into your online account.
*In May 2021, you may have received an email or letter about changing Government minimum drawdown amounts from 1 July 2021. These changes no longer apply due to the Government's announcement on 29 May 2021.
†Maximum withdrawal limits apply for TTR Income members.
Government minimum drawdown amounts for 2021-22
| Age at 1 July each year | TEMPORARY MINIMUM DRAWDOWN RATES END 30 JUNE 2022‡ | DEFAULT MINIMUM DRAWDOWN RATES START FROM 1 JULY 2022§ |
|---|---|---|
| Preservation age to 64 | 2% | 4% |
| 65 to 74 | 2.5% | 5% |
| 75 to 79 | 3% | 6% |
| 80 to 84 | 3.5% | 7% |
| 85 to 89 | 4.5% | 9% |
| 90 to 94 | 5.5% | 11% |
| 95 and over | 7% | 14% |
‡The Government's temporary minimum drawdown rates for the financial years 2019-20, 2020-21 and 2021-22 started on 25 March 2020 and will end on 30 June 2022.
§The Government's default minimum drawdown rates apply from 1 July 2022, for the financial year 2022–23 onwards.
What this means for new Choice Income or TTR Income members
If you open a Choice Income or TTR Income account anytime from 25 March 2020 up to 30 June 2022, the Government's temporary reduced minimum amounts apply up to 30 June 2022, unless you choose a larger amount.
All Choice Income and TTR Income members can change drawdown amounts any time via their online account and withdraw extra money when they wish. Maximum withdrawal limits apply for TTR Income members.
I’m a Choice Income/ TTR Income member. What does this mean for me?
From 1 July 2021 your payment amounts may change depending on:
- what payment option you chose up to 30 June 2021,
- what your account balance is on 1 July 2021, and
- what your age is on 1 July 2021 and the relevant reduced minimum drawdown amount for 2021-22. (See table above)
One of these scenarios may apply to you:
- If you’re getting reduced minimum payments up to 30 June 2021, you’ll still receive the reduced minimum payment rate‡ for 2021-22.
- If you’ve chosen your own payment amount up to 30 June 2021, your payment amount will stay the same‡ for 2021-22 (as long as it’s more than your minimum drawdown rate for 2021-22).
- If you’re a TTR Income member and getting maximum payments up to 30 June 2021, your payment amount will remain 10% of your account balance‡ in 2021-22.
- If you’ve opted for Smart Default and you’re aged 80 years or more on 1 July 2021, you’ll still have the reduced Smart Default drawdown rates applied‡ for 2021-22.
- If you’ve opted for Smart Default and you’re aged under 80 years on 1 July 2021, the Smart Default drawdown rate of 6% will still apply‡ for 2021-22.
You can view the Smart Default drawdown rates at australiansuper.com/ChoiceIncome or australiansuper.com/TTRIncome
‡Unless you change your payment amounts or your balance runs out.
How to check or change your payment amount online
You can change your payment amount any time when you log into your online account.
-
How to check your payments via your online accounts
- Log into your account
- Under Manage my account, select Retirement income payments to view Upcoming payments.
- Under the Payment summary section, you’ll find all your account information including your
- Last payment account,
- Last payment date,
- Payments — Year to date
- Payment frequency, and
- Payment type.
-
How to change your payment to the Government minimum amount
You can change your payment to the Government minimum amount via your online account:
- Log into your account
- Under Manage my account, select Retirement income payments.
- Select Change my payments. Under Payment type, choose Government minimum and select Save.
- You’ll receive a letter to confirm your payments in July every year.
-
How to change your payment amount or frequency
You can change your payment amount or frequency via your online account at any time:
- Log into your account
- Under Manage my account, select Retirement income payments.
- Select Change my payments. Choose the Payment type and Payment frequency you prefer, and then select Save.
More information
-
What are minimum drawdown amounts?
By law, you must withdraw a minimum income amount each financial year when you have an account based pension such as a Choice Income or TTR Income account.
This minimum amount is calculated as a percentage of your account balance at 1 July each year.
There is no maximum withdrawal limit when you're a Choice Income member; maximum withdrawal limits apply for TTR Income members.
-
How can I get my Centrelink schedule?
You can view and download your Centrelink schedule by logging into your online account and selecting the menu option Centrelink Schedule.
A Centrelink Schedule is a document that gives Centrelink information about your account based pension that is used to calculate your Government Age Pension payment under the ‘income’ and ‘assets’ test.
You can also can call us on 1300 300 273 from 8am to 8pm AEST/AEDT Monday to Friday to arrange for us to send you a hard copy in the post.