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Living retirement

Drawing down from your income account

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.

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, 2021/22, and 2022/23 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.

This temporary reduction will end on 30 June 2023, with the rates reverting back on 1 July 2023

What are the minimum drawdown rates?

Age Rates for 2019/20, 2020/21, 2021/22, and 2022/23 Rates from 2023/24
Under 65 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 or more 7% 14%

What do I need to do?

You don’t need to do anything. If your payments were automatically reduced in line with the temporary rates in 2019/20, they will automatically be raised back to ensure they are in line with the original rates (according to your age and balance as at 1 July 2023).

If you opened your income account after the temporary rates came into place, and elected to withdraw an amount in line with the temporary minimums, your payments will be automatically raised to ensure they are in line with the rates applicable from 1 July 2023 (according to your age and balance as at 1 July 2023).

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 want to learn more or need help with making a decision about your super, you can get simple advice over the phone or face-to-face. It's included as a part your membership so there's no extra cost.
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