You can choose a payment amount at or above the minimum annual level set by the government.
The minimum payment rule ensures retirees draw down their super savings over their retirement. It’s in place as super is a retirement savings vehicle with substantial tax concessions.
The minimum amount of your pension payment is based on your age and account balance. This amount is recalculated on 30 June each year. You can select a new payment amount at or above the new minimum level when we send you your new minimum limit each year or at any other time by completing the Update your pension details form.
If you have a pre-retirement pension a maximum payment limit of 10% also applies. When you turn age 65 your pre-retirement pension will automatically convert into a regular account-based pension and the maximum limit will no longer apply.
Minimum pension percentage for your age
|Age ||Minimum pension limit ||Maximum pre-retirement
pension limit |
|Under 65 ||4% ||10% |
|65-74 ||5% ||n/a |
|75-79 ||6% ||n/a |
|80-84 ||7% ||n/a |
|85-89 ||9% ||n/a |
|90-94 ||11% ||n/a |
|95 and over ||14% ||n/a |
Calculating your limit
Your annual pension limit = Balance of your pension x minimum pension percentage for your current age
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