Change 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. You can choose how much you’d like to receive and how often you’re paid.
You can calculate your minimum payment amount by using the latest figures on the government’s MoneySmart website.
In response to market volatility caused by COVID-19
, the Government has temporarily reduced the minimum drawdown amounts by 50% for the 2020-21 financial year. If you’ve previously elected to receive the minimum drawdown amount, the changes have been automatically applied to your pension payment for the 2020-21 financial year. Check out this article
for more information about the new rates.
Things to consider
When choosing an annual payment amount, you should consider your financial circumstances and retirement needs now, and into the future. It’s also important to consider if pension payments will affect your Age Pension eligibility.
If you’re unsure, don’t forget we’re here to help. You can give us a call on 13 64 63 or email email@example.com
If your needs are more complex, we can put you in touch with a financial adviser from Mine Super Financial Advice.