What is it?

The Government prescribes the minimum amount that can be drawn down from a pension (proportioned if account starts during the year) based on your age.

Minimum payment by age

The Government is temporarily reducing the minimum drawdown requirements for account-based pensions (which include the NGS Income account and NGS Transition to Retirement account) by halving the requirements for 2019/20 and 2020/21 income years.

This measure will benefit members by reducing the need to sell investment assets to fund minimum drawdown requirements. The new minimum drawdown amounts are shown in the table below.

Your age as at 1 July 2019/20 and 2020/21 financial years only - minimum annual payment
(% of your account balance)
Subsequent years - minimum annual payment
(% of your account balance)
55-64 2.00% 4.00%
65-74 2.50% 5.00%
75-79 3.00% 6.00%
80-84 3.50% 7.00%
85-89 4.50% 9.00%
90-94 5.50% 11.00%
95+ 7.00% 14.00%

How to do it

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

There is a maximum withdrawal of 10% of your NGS Transition to Retirement account balance (calculated when you commence your TTR account and at 1 July each year). There is no maximum payment limit for NGS Income accounts.

Complete Form

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