Each year you can choose the amount you want to receive from your pension, subject to a minimum age-based amount, which is set by the Government. Your payments will be paid into your bank account and you can choose to receive your annual pension amount in regular payments; either fortnightly, monthly, quarterly, half-yearly or yearly.
Did you know? On 1 July 2023, the pension minimum drawdown rates will revert to their pre-pandemic rates. This only affects pension account holders who elect to receive the minimum drawdown rates set by the Government.
FY2023-24 minimum drawdown rates
The minimum amount from 1 July 2023 is determined by age as outlined in the table below.
Age | Default minimum drawdown rates (%) from 1 July 2023 |
| Under 65 | 4 |
65-74 | 5 |
| 75-79 | 6 |
| 80-84 | 7 |
| 85-89 | 9 |
| 90-94 | 11 |
| 95 or more | 14 |
Changing your pension payment amount
During your retirement, your lifestyle and personal situation may vary. This means you may need to adjust your pension payment amount from time to time. Mine Super members can simply change this over the phone, by calling 13 64 63, or by completing and returning the
Update your pension details form.
Turn to Mine
For more information about the minimum drawdown rates, visit the Australian Taxation Office (ATO) website. If you have any questions, you can reach us on 13 64 63, Monday to Friday, 8am to 6pm, or email help@mine.com.au. We can also put you in touch with Mine Super Financial Advice for additional support to help you decide what’s right for you. Mine Super members are entitled to a complimentary appointment. And did you know? Advice on how your account is invested is at no extra cost, but there are fees associated with providing personal financial advice. During your appointment your adviser will discuss the fees and how you’d like to proceed.
Meet the team or request an appointment with Mine Super Financial Advice.