Changes to minimum drawdown rate for Working Income Stream and Retirement Income Stream
As part of the Government’s economic response to coronavirus, the Government is temporarily reducing superannuation minimum drawdown requirements for account-based pensions by 50 per cent for the 2020 and 2021 financial years. This measure will benefit members of the ESSSuper Working Income Stream and Retirement Income Stream by reducing the required minimum pension payment from your investment option(s) to fund income stream payments.
All income streams members must elect to receive a pension payment amount which is at least the minimum percentage amount required according to the age bracket you fall into. The minimum drawdown rate for your age bracket has been reduced by 50% for the 2020 and 2021 financial years. The new reduced drawdown rates are shown in the following table below.
||Previous minimum drawdown rates %
||New reduced rates for the 2020 and 2021 financial years (%)
|95 or more
For new members, if you select the ‘Minimum payment amount’ option, the new reduced rates will be used for 2020 and 2021 financial year.
For existing members, you can complete the following form to reduce your payments to the new minimum rate for 2020 and 2021 financial year. Income Stream Payment Change Form (E137) (PDF 76.8KB) . The completed form can be posted back to us or emailed to email@example.com