Currently, members with an income account must draw down, or withdraw, a minimum amount each financial year. This amount is a percentage of a member’s account balance, with the percentage dependent on their age
The Australian Government reduced the minimum amounts that retired members must draw down from their income accounts by 50 per cent for the 2019/20, 2020/21 and 2021/22 financial years. This was a temporary measure that aimed to help retired members manage the impact of volatility in global financial markets, by reducing their need to sell investment assets to fund the drawdown requirements.
What are the minimum drawdown rates?
|Age||Rates for 2019/20, 2020/21 and 2021/22||Rates from 2022/23|
|95 or more||7%||14%|
- Under 65Rates for 2019/20, 2020/21 and 2021/222%Rates from 2022/234%
- 65-74Rates for 2019/20, 2020/21 and 2021/222.5%Rates from 2022/235%
- 75-79Rates for 2019/20, 2020/21 and 2021/223%Rates from 2022/236%
- 80-84Rates for 2019/20, 2020/21 and 2021/223.5%Rates from 2022/237%
- 85-89Rates for 2019/20, 2020/21 and 2021/224.5%Rates from 2022/239%
- 90-94Rates for 2019/20, 2020/21 and 2021/225.5%Rates from 2022/2311%
- 95 or moreRates for 2019/20, 2020/21 and 2021/227%Rates from 2022/2314%
How do I change my income payments?
You can change the amount and frequency of your income payments by logging into your account and heading to the ‘withdrawals’ section. Just remember, the annual withdrawal amount you set needs to be at or above the minimum drawdown rate for your age.
We're here to help
If you have any questions about your super, we’re here to help. You can give our friendly helpline a call or book a phone appointment with a Super Adviser at no additional cost.