What are the temporary minimum drawdown amounts?
|Age at 1 July each year||temporary minimum drawdown amounts* for 2019-20 and 2020-21||Default minimum drawdown amounts for 2021-22 FINANCIAL YEAR ONWARDS1|
|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%|
1 The default minimum drawdown amounts will apply from 1 July 2021, for the financial years 2021–22 onwards.
What does this mean for AustralianSuper members?
This temporary minimum amount applies by default to new Choice Income and TTR Income members who join from 25 March 2020.For Choice Income and TTR Income members who opted to receive minimum drawdown payments prior to 25 March 2020 and didn’t make any changes to their payment amounts before 30 June 2020, we’ll apply the new temporary reduced minimum amounts to their payments from 1 July 2020.
Choice Income and TTR Income members who were not receiving the minimum payment amount in the financial year 2019-20, and now want to receive the temporary reduced minimum amount in the new financial year, can change their payment amount by logging into their online account and choosing the ‘Minimum’ payment type.
All Choice Income and TTR Income members can still change drawdown amounts any time via their online account and withdraw extra money when they wish*.
*Maximum withdrawal limits apply for TTR Income members.