For existing Choice Income or TTR Income members
From 1 July 2022, your payment rates will stay the same for the next financial year 2022/23, unless you change your payment options§ or your balance runs out.
You don't have to do anything, unless you choose to change your payment options§. You can do this anytime by logging into your account.
You'll get an email or letter in July every year confirming your payment details for the next financial year.
What happens from 1 July 2023
From 1 July 2023, the government's default minimum drawdown rates for the 2023/24 financial year will apply to all account based pensions, with no reductions. For existing Choice Income or TTR Income members, your payment amounts may increase automatically or stay the same# from 1 July 2023, depending on:
- what payment option you chose up to 30 June 2023,
- what your account balance will be on 1 July 2023, and
- what your age will be on 1 July 2023 and the relevant default minimum drawdown rate for 2023/24. (Refer to table above)
View scenarios below.#Unless you change your payment options or your balance runs out.
§The maximum withdrawal limit of 10% applies for TTR Income members.