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No changes to pension drawdown rates

News | Date Posted: 29 June 2021

In response to COVID-19, the Government halved the minimum pension drawdown rates for the 2019-20 and 2020-21 financial years. Last month, the Government announced that the reduced rates will be extended for a further year, until 30 June 2022, in an effort to support retirees by giving them more choice and flexibility.

New rates for the 2021-22 financial year

If you’re a pension-account holder and currently receive the minimum annual drawdown amount, your payment in the new financial year will remain at the current reduced rates. The minimum amount from 1 July 2021 is determined by age as outlined in the table below.

 AgeDefault minimum drawdown rates (%) from 1 July 2021
 Under 65 2
 65-74 2.5
 75-79 3
 80-84 3.5
 85-89 4.5
 90-94 5.5
 95 or more 7

Pension payment amounts for the 2021-22 financial year

Once we know members’ balances at 30 June 2021, we’ll work out the new pension payment amounts. We’ll write to pension-account holders in July to confirm their new pension payment details for the 2021-22 financial year. 

Turn to Mine

If you have any questions about the minimum drawdown rates, you can reach us on 13 64 63, Monday to Friday, 8am to 6pm, or email We can also put you in touch with Mine Super Financial Advice for additional support to help you decide what’s right for you. You can request an appointment online or by contacting us.