COVID-19 – Temporary Reduction in Minimum Pension Payment

COVID-19 - Temporary Reduction in Minimum Pension Payment

Written by Anthony Picone

Steward Wealth Co-Founder, Anthony, comes from Australia's most successful investment bank. In addition to his expertise in investments, Anthony provides Strategic and specialist Superannuation advice to clients.
March 24, 2020

The government has announced measures to help preserve superfunds by temporarily halving the minimum pension drawdown requirements for account based pensions and similar products for 2019-20 and 2020-21.

Similar to actions taking during the GFC, this measure will benefit retirees by providing greater flexibility as to how they manage their superannuation assets.

COVID-19 – Temporary Reduction in Minimum Pension Payment table1

Unfortunately, if you have already taken more than the minimum pension for the 2019/2020 financial year, you WILL NOT be able to put money back into your superannuation account.

How can we help? 

If you need assistance with understanding any of these recent announcements, please feel free to give us a call so we can discuss your particular requirements in more detail.   

This information is of a general nature only and nothing on this site should be taken as personal financial or investment advice, or a recommendation to buy or sell a particular product. You should also obtain a copy of and consider the Product Disclosure Statement before making any decision on a financial product. You should seek advice from Steward Wealth who can consider if the general advice is right for you.

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