News

The Government has today announced that it will extend the 50 percent reduction in the minimum payment amounts for account-based, allocated and market linked pensions for a further 12 months (i.e. the relief will apply for the 2008-09, 2009-10 and 2010-11 financial years).

This change will require amendments to the Superannuation Industry (Supervision) Regulations 1994 and the Retirement Savings Accounts Regulations 1997. The Government has advised that the necessary regulations will be made as soon as possible in the new financial year.
 

Reduced Minimum Annual Income Payment based on relief.
Age	% of Account Balance
Under 65	2
65 - 74	2.5
75 - 79	3
80 - 84	3.5
85 - 89	4.5
90 - 94	5.5
95 an over	7