At the start of the COVID-19 pandemic, Treasury enacted changes to the annual minimum drawdown requirements for those members in receipt of superannuation pensions.
The changes were that the annual minimum drawdown required was temporarily halved for the 30 June 2021, 30 June 2022 and 30 June 2023 financial years.
The below figures are the annual minimum percentages required to be drawn for account-based pensions for the 30 June 2024 financial year:
|Age of Member
|95 or more
Those members in receipt of other types of pensions such as market linked pensions or other lifetime pensions, will need to review the relevant age-based schedules to confirm their annual minimum drawdown figures.
As the required minimums have reverted back to the higher factors, trustees and members need to be aware of their annual minimum requirements, to ensure the fund has the necessary cashflow to meet the payment required.
For further assistance, please contact our Director and SMSF Specialist Adviser Daniel Shaw, who can assist with your enquiries.
The information provided does not constitute financial product advice. The information is of a general nature only and does not take into account your individual objectives, financial situation or needs. It should not be used, relied upon, or treated as a substitute for specific professional advice. We recommend that you obtain your own independent professional advice before making any decision in relation to your particular requirements or circumstances.