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.
The government sets a minimum amount that you can receive in pension payments from your account. This amount changes on 30 June each year and is based on your age and account balance. If you have a pre-retirement pension, an annual maximum payment limit of 10% also applies until you turn 65.
You can calculate your minimum payment amount by using the latest figures on the government’s MoneySmart website.
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.