Superannuation minimum pension payment

Super pension drawdown rates cut, early super release expanded, in response to COVID-19

In response to COVID-19, the Government has announced changes including reducing super pension drawdown rates, expanding early release of superannuation, and cutting age pension deeming rates. Some of these changes require legislation, which Parliament is sitting to consider today. Update: The Coronavirus Economic Response Package Omnibus Bill 2020 has passed… Read More »Super pension drawdown rates cut, early super release expanded, in response to COVID-19

Bring back pension drawdown relief, says Taxpayers Australia

Taxpayers Australia is calling for the reintroduction of pension drawdown relief, as low interest rates are forcing SMSFs to restructure their investments to fund pension payments The organisation said the minimum drawdown requirements on account based pensions are “too high in an environment where deposit interest rates offered by financial institutions… Read More »Bring back pension drawdown relief, says Taxpayers Australia

Government abandons changing super pension drawdowns

Government, superannuation, minimum pension drawdown

Update: Assistant Treasurer Josh Frydenberg now says the Government is considering changing the superannuation drawdown rules, without increasing the rates.

Despite promising to review the appropriateness of the minimum superannuation pension drawdowns, the government appears to now be abandoning any changes.

The Australian Financial Review is reporting that Social Services Minister Scott Morrison said the government has no intention of making any changes to pension drawdowns.

Read More »Government abandons changing super pension drawdowns