Liability limited by a scheme approved under Professional Standards Legislation
| Minimum Pensions Halved – 2020 & 2021 | ||||||||||||||||||||||||
Retirees have support to preserve their superannuation benefits by changing their minimum pension. | ||||||||||||||||||||||||
Superannuation fund values will have suffered from coronavirus driven financial market volatility, particularly since stock market peaks of February 2020. The Government is temporarily reducing the superannuation minimum drawdown requirements for account-based pensions and similar products by 50% for the 2019-20 and 2020-21 income years.
A similar temporary measure occurred from 2009 to 2011 following the global financial crisis. This measure will reduce the need to sell investment assets (at a depressed time) to fund minimum drawdown requirements.
AcctWeb
8th-May-2020 |
| Simmons Partners Suite 3a, 303-313 Burwood Hwy Burwood East 3151 Vic | Phone:+61 3 9887 9377 | Fax:+61 3 9887 9615 | Email:info@simmonspartners.com.au |