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In March, the Australian Government announced a temporary reduction to superannuation minimum drawdown requirements for account-based pensions (such as QSuper’s Income account) and similar products by 50% for 2019-20 and 2020-21.
You can change or reduce your Income account payments in Member Online.
Your minimum payment amount is a percentage of your Income account balance as at the start of the financial year, or the date your Income account started, if later.1 Here are the minimum payment percentages for 2019-2020 and 2020-2021 financial years.
It’s easy to change your payment amount. Simply log in to Member Online and click on ‘Change Income Payment’. Alternatively you can fill in this form.
If you receive your payments fortnightly – change your payment amount before the 14 July in order for it to apply from the first payment.
If you receive your payments monthly – change your payment amount before the 27 July in order for it to apply from the first payment.
With regards to your regular payment, you can choose to receive a:
The intent of this legislation change was to provide retirees with more flexibility during this period of market volatility. The change means retirees can choose to leave more of their retirement savings invested over a longer period, meaning that they are able to keep more in their account as markets recover. This measure was also put in place during the GFC.
You can download the Providing support for retirees factsheet from treasury.gov.au.
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1. If you open your Income account partway through a financial year, your minimum payment will be a pro rata amount based on your full annual payment. The exception to this is if you open your Income account in June, in which case you don’t have to receive a payment until 30 June of the next financial year.
Temporary access to superannuation offered.
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