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 COVID-19, the Government is providing financial assistance to support Australians in many ways. One of these measures includes a reduction in minimum drawdown amounts for the 2019/20 and 2020/21 financial years.

What is the reduction?

All holders of account-based pensions and similar products will be entitled to a 50% reduction to their minimum drawdown rate. This is determined by age and the updated rates can be viewed in the Providing support for retirees factsheet.

Why is it changing?

The temporary reduction in drawdown rates has been implemented to benefit retirees with account-based pensions and similar products by reducing the need to sell investment assets to fund minimum drawdown requirements.

How do I reduce my payment?

Existing pension holders will need to notify us if you’d like to change your current payment. You can do this by completing the Update your pension details form below. 

Although you may be eligible for the reduction, you might not be able to receive it this financial year in full, if you’ve already been paid your minimum payment amount. Under the new reduction rates your current payment, whether that is fortnightly, monthly, quarterly, bi-annually or annually may have already reached the new minimum payment amount. Therefore, you’ll need to notify us if you wish to no longer receive any further payment for this financial year or if you’d like to receive the reduced amount for the remainder of the year. If you don’t notify us of either of these options, your payment will continue as usual.

Download

Download our Update your pension details form.

Fill in

Complete all fields.

Submit

Send your completed form by: 

  • post: Mine Super Locked Bag 2020 Newcastle NSW 2300;
  • fax: 02 4962 3469; or
  • email: help@mine.com.au

We'll process your request

We’ll do this within five business days of receiving your completed form. If we have any questions regarding your request we’ll be in contact with you.

 

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 help@mine.com.au

If your needs are more complex, we can put you in touch with a financial adviser from Mine Super Financial Advice.