Minimum and maximum amounts

What is it?

The Government prescribes the minimum amount that can be drawndown from a pension (proportioned if account starts during the year) based on your age as follows:

Your age as at 1 July

Current minimum annual payment  (2015/16)

55-64

4.00%

65-74

5.00%

75-79

6.00%

80-84

7.00%

85-89

9.00%

90-94

11.00%

95+

14.00%

How to do it

You can change your pension payments by completing a request to vary your pension payment eForm.

There are no maximum payment limits for account-based pensions. Under a transition to retirement pension the maximum you can withdraw is 10% of the balance of your account when you commence your TTR pension or at beginning of subsequent financial years.

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