Working out your pension payments

The minimum amount you're legally required to withdraw from your account annually depends on your age when you first open your account, and is recalculated on your balance at 1 July each year.

For a Retirement Super Pension, there's no maximum limit on the amount of your pension payments. If you have a Pre-retirement Super Pension, you can withdraw a maximum of 10% of your TransPension balance as pension payments each year.

Minimum pension payments

Australia’s super pension rules require you to withdraw (or draw down) a certain percentage of your super pension each year. The minimum payment depends on your age and is recalculated on your balance at 1 July each year.

Standard minimum drawdown rates 

Deciding how much to take as a pension

The quicker you draw down the quicker your pension pot runs out. However, it can be hard to work out when this might be, as many factors play into this (including investment returns and the cost of your account).

ASIC has developed a calculator to help you see how long your pension could last depending on factors including balance, projected returns, and age at which your pension was started.

Note: No calculator can predict how much you will have to retire on - they are models only. TWUSUPER is not responsible for the projections given and you should always seek appropriate financial advice before making an investment decision.

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