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 as follows:

Minimum payment by age

Your age as at 1 July               Current minimum annual payment
(% of your account balance)
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.

Complete Form