Drawdown rates for your income payments
When you have an AustralianSuper Choice Income or TTR Income account, every financial year you’ll need to withdraw a minimum amount. The amount is set by the government, is based on your age and increases as you get older.
| AGE AT 1 JULY EACH YEAR | MINIMUM DRAWDOWN RATES |
|---|---|
| Preservation age to 64 | 4% |
| 65 to 74 | 5% |
| 75 to 79 | 6% |
| 80 to 84 | 7% |
| 85 to 89 | 9% |
| 90 to 94 | 11% |
| 95 and over | 14% |
New Choice Income or TTR Income members
If you open a Choice Income or TTR Income account, the government's standard minimum drawdown rates will apply, unless you choose a larger amount.
As a Choice Income or TTR Income member, you can change your drawdown amounts any time, by logging into your online account. For TTR Income members, a maximum withdrawal limit of 10% will apply.
Choice Income or TTR Income members who joined before 1 July 2023
Every July, you'll receive an email or letter confirming your payment amounts for that financial year. You don’t have to do anything, unless you choose to change your payment amount1. You can change your payment options, by logging into your account online.
What happens from 1 July 2023
The government had applied reduced minimum drawdown rates for all account-based pensions, up to 30 June 2023. However, from 1 July 2023, the government's standard minimum drawdown rates will apply to all account-based pensions, with no reductions. Learn how this change may affect your income payments, by viewing the scenarios below:
1 The maximum withdrawal limit of 10% applies for TTR Income members.-
If you’re getting reduced minimum payments up to 30 June 2023
Your payment amount automatically increased on 1 July 2023 to meet the higher default minimum drawdown rate for 2023/24, unless you changed your payment option, or your balance ran out. -
If you’ve chosen your own payment amount up to 30 June 2023
- Your payment amount will stay the same from 1 July 2023 if your chosen payment amount is the same or greater than the standard minimum drawdown rate for 2023/242; or
-
Your
payment amount will automatically increase to the new minimum, if your
chosen payment amount is less than the standard minimum
drawdown rate.
-
If you have a TTR Income account and you're getting maximum payments up to 30 June 2023
Your total annual payment amount will remain 10% of your account balance in 2023/242.
2 Unless you change your payment options or your balance runs out.
-
If you've opted for Smart Default
Every July, you'll receive an email or letter confirming your payment amounts for that financial year. You don’t have to do anything, unless you choose to change your payment amount.
You can change your payment options, by logging into your account online.
Smart default option – Percentage of your balance you’ll receive each year Your age on 1 July DRAWDOWN RATES START JULY 2023 Under 80 6% 80 to 84 7% 85 to 89 9% 90 to 94 11% 95 and over 14% For details on Smart Default, view the Choice Income Product Disclosure Statement, or the TTR Income Product Disclosure Statement.
See or make changes to your income payments
Check or change your income payment amount or frequency at any time, by logging into your online account and going to Transactions and then selecting Income payments.
Access your online account