We live in a fast-changing world! Superannuation Income Streams....
The Federal Government has announced an extension of the temporary reduction in minimum pension requirements until 30 June 2022.
The Federal Government has unveiled an extension of the 50% temporary reduction in superannuation minimum drawdown rates - for a further year to 30 June 2022.
The COVID-19 measure covering account-based pensions was due to expire at the end of this month but has now been extended to cover the 2022 financial year. The measures are designed to provide greater flexibility and enable greater self-sufficiency for retirees.
Account based pension drawdown rates are set out in the table below:
| Age at 1 July Each Year |
Temporary Minimum Drawdown Rates until 30 June 2022 |
Default Minimum Drawdown Rates - from 1 July 2022 |
| Preservation age to 64 |
2% |
4% |
| 65 - 74 |
2.5% |
5% |
| 75 - 79 |
3% |
6% |
| 80 - 84 |
3.5% |
7% |
| 85 - 89 |
4.5% |
9% |
| 90 - 94 |
5.5% |
11% |
| 95 and over |
7% |
14% |
