The 50% reduction will apply to this calculated minimum annual payment. Superannuation and annuity providers calculate the minimum annual payment required as at 1 July each year, based on the account balance of the member or annuitant. To assist retirees, the Government has reduced the minimum annual payment required for account-based pensions and annuities, allocated pensions and annuities and market-linked pensions and annuities by 50% for the 2019–20, 2020–21, 2021–-23 financial years. Temporarily reducing superannuation minimum payment amounts The reductions in these years apply only to account-based pensions and annuities (allocated pensions and annuities and market-linked pensions and annuities). The minimum payment amounts have been halved for certain pensions and annuities for the 2008–09, 2009––11 years and reduced by 25% for the 2011––13 years. A maximum amount of 10% of your account balance applies for transition to retirement pensions which are not in retirement phase. ![]() There is no maximum amount which must be paid unless it is a transition to retirement pension. Minimum annual payments for super income streamsĬertain superannuation pensions and annuities are subject to rules that determine minimum and maximum amounts to be paid in a financial year.Ī minimum amount must be paid each year for pensions or annuities you commence on or after 1 July 2007.
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