COVID-19 Stimulus: Support for Retirees

The superannuation minimum drawdown requirements will be temporarily reduced in order to assist retirees to manage the impact of volatility in financial markets on their retirement savings.

The Government is temporarily reducing the superannuation minimum drawdown requirements for account-based pensions and similar products by 50 per cent for the 2019–20 and 2020–21 income years. This will benefit retirees with account-based pensions and similar products as it reduces the need to sell investment assets to fund minimum drawdown requirements.

The reduction applies for 2019–20 and 2020–21 as follows: