You can continue to drawdown half of your minimum superannuation pension in 2010-2011!
Since 1 July, 2008, pensioners receiving transition to retirement income streams and account based pensions have been able to draw 50% of their minimum pension to aid the cashflow of superannuation funds in the recent economic downturn.
The Government has announced that this 50% minimum pension reduction will continue for the 2010-11 financial year.
As in the past two financial years, the list of eligible pensions includes:
- account based pensions
- transition to retirement income streams
- allocated pensions
- transition to retirement allocated pensions
- market linked pensions
The extension is designed to assist retirees to recoup the losses on their pension portfolios as equity markets recover over time.
If you have any questions regarding this announcement or need any other assistance with your superannuation fund, please call us on 07 3833 3999 or email firstname.lastname@example.org.