Pension minimum relief extended to financial year 2021/22

The Government has announced an extension of the temporary reduction in superannuation minimum drawdown rates through to financial year 2021/22.

From 1 July 2021, minimum pensions will again be halved for all account-based and term allocated income streams as follows:

Account-based pension minimums

Term allocated pension income ranges

• Maximum pension: 110% of factor-based pension

• Minimum pension: 45% of factor-based pension (ie, 50% of the standard 90% of factor-based payment rule)

 Further information

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Source: IOOF