To assist retirees, the Government has reduced the minimum annual payment required by 50% for the 2019-20 and 2020-21 financial years.
The significant financial losses due to the economic impact of the Coronavirus has resulted in negative affects on the account balances of many retirees superannuation.
In light of this, the Government has reduced the minimum annual payment required for account-based pensions and annuities, allocated pensions and annuities and market-linked pensions and annuities by 50% in the 2019–20 and the 2020–21 financial years.
The 50% reduction will apply to the calculated minimum annual payment. Superannuation and annuity providers calculate the minimum annual payment required at 1 July each year, based on the account balance of the member or annuitant.
More information will be provided as it becomes available.