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The government has 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.
On 22nd March the federal government announced a new temporary reduction in the minimum drawdown requirements for account-based pensions (such as QSuper’s Income account) and similar products by 50% for both this financial year, and next.
Here’s a summary of what you need to know.
Q: What are the changes to the minimum drawdown rates?
A: You are required to drawdown a minimum percentage from your Income account each financial year based on your age. Under the temporary reduction in minimum drawdowns, this minimum percentage has been reduced by half. Here’s how it works depending on your age:
Q: Why is the minimum drawdown changing?
A: The change is part of the government’s second stage of its economic plan to cushion the economic impact of the coronavirus. This particular measure will benefit retirees by providing them with more flexibility as to how they manage their superannuation assets, particularly during the current market volatility.
Q: What if I have already received payments totalling more than the new reduced minimum this financial year?
A: If you’ve already drawn more than the new minimum, you can elect not to receive any further money from your Income account this financial year. However, you cannot put any funds you have had paid above the new minimum back in to your Income account.
You can log in to Member Online to check your current payments and the amount you have received in payments so far this financial year.
You can download the Providing support for retirees factsheet from treasury.gov.au for a case study.
Q: How do I reduce my payment amount?
A: At QSuper we’re working to support this government announcement as quickly as possible. If you would like to reduce your income payments to the new reduced minimum, or to advise us to cease payments for the remainder of the financial year (only possible if you have already received payments equal to or more than the new minimum), please log in to Member Online and click on ‘Change Income Payment’.
Please note we do not expect to be able to apply any changes to payment amounts until your first scheduled payment in April.
Q: I’ve previously nominated to receive the minimum drawdown amount. Will this new minimum be applied automatically?
A: We’re currently working through this new legislation to determine how it will affect members currently receiving a minimum payment. We will be in contact with members via mail or email between now and the end of financial year if their payments will be affected.
Q: How do I find out more?
A: You can download the Providing support for retirees factsheet from treasury.gov.au.
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