Working out your pension payments

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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

As a result of the COVID-19 pandemic, the Government had temporarily reduced the minimum drawdown requirements for account-based pensions (such as the Retirement Super Pension and the Pre-retirement Super Pension) by 50% for the Financial Years from 2019-20 through to 2022-23.

This measure was only temporary, so from 1 July 2023, the minimum drawdown percentages will revert back to what they were pre-pandemic.

Note: During the first financial year of your account, the minimum payment is proportional to the number of days left until 30 June.

Standard minimum drawdown rates from 1 July 2023

When you first open your account, and on 1 July each year thereafter, if you are aged...	The minimum amount of your account that must be drawn is...
Under 65	4%
65 to 74	5%
75 to 79	6%
80 to 84	7%
85to 89	9%
90 to 94	11%
95 or more	14%

Previous temporary drawdown rates for FY 2019-20 through to FY 2022-23

Your age	Standard minimum drawdown rates from 1 July 2023	Temporary minimum drawdown rates for FY2019-20 through to FY 2022-23
Under 65	4%	2%
65 to 74	5%	2.5%
75 to 79	6%	3%
80 to 84	7%	3.5%
85 to 89	9%	4.5%
90 to 94	11%	5.5%
95 or over	14%	7%

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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Speak with a retirement specialist

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Instead of sifting through information to find out what's relevant to you, ask to speak to a retirement specialist. The team's available between 9am and 5pm (AEST/AEDT) on 1800 222 071.

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