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How much you can pay yourself each year
You can control how much you pay yourself each year from your Retirement Income account or Transition to Retirement Income account, but you need to receive at least the minimum amount set by the government.
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
To help retirees minimise the impact of market volatility, the government has temporarily halved the minimum drawdown rates for 2019-20 and 2020-21.
If you've been receiving the minimum payment from your Income account, this will automatically change to the new minimum from 1 July 2020.
You can change, reduce, or stop your Income account payments at any time in Member Online.
The table below shows the temporary rates for Retirement Income accounts and Transition to Retirement Income accounts, as well as the minimum withdrawal percentages that would normally apply.
If you have a Transition to Retirement Income account, you cannot receive more than 10% of your account balance each financial year.
There is no maximum withdrawal limit if you have a Retirement Income account, so you can receive any amount, up to the total balance of your account.
You can change, reduce, or cancel your income payments in Member Online.
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.