As a pension account holder you are entitled to take advantage of the 50% reduction of minimum drawdown requirements for Account-Based Pensions (ABPs) and similar products.
This announcement will allow you to reduce your pension payments to preserve capital.
The reduction will apply for the current income year (2019-20) and the 2020-21 income year.
If a member has already drawn the reduced minimum in the current income year they will not be required to take any additional payments.
Where a member has already received the reduced minimum, the Government has confirmed that they won’t be able to put any pension payments they have received over the reduced minimum back into superannuation - unless they are otherwise eligible to contribute.
Please contact us to discuss the process for reducing your minimum pension payments.