How much do I need to take from my pension?

pension payments

If you have converted your superannuation account to a pension account then you must make withdrawals from the pension account.

The minimum pension payment rates are calculated as a percentage of your account balance as at 1 July of each financial year, or when the pension is started if mid-year. The percentage is dependent on your age as at 1 July of each financial year, or when the pension was started.

The rates are:

Age Minimum Annual Payment
Under 65 4%
65-74 5%
75-79 6%
80-84 7%
 85-89 9%
90-94 11%
95 and above 14%

In previous years the percentage factor was discounted in order to help preserve account balances during the GFC. This has now ended.

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