Your pension payments

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Flexi Pension members

You need to withdraw a percentage of your Flexi Pension account balance each year in line with government requirements. This is known as your ‘minimum amount’ and is based on your age when your pension starts, and then at 1 July each year.

Reduction in the minimum drawdown amount

In a move to support retirees during the Coronavirus crisis (COVID-19), the Government has reduced the minimum drawdown requirements for pension payments by 50% for the 2019-20 and 2020-21 financial years.

The reduction applies for the 2019-20 and 2020-21 financial years and will be available to all Flexi Pension and Transition to retirement pension members. The new rates are listed in the table below.

If you have a transition to retirement pension, the same minimum annual payments apply to you, but your annual pension is limited to a maximum of 10% of your pension balance at commencement and then at the start of each financial year thereafter.

Minimum amount you must take each year

Your age

Your minimum amount
(% of account balance)

Under 65 2%
65 – 74 2.5%
75 – 79 3%
80 – 84 3.5%
85 – 89 4.5%
90 – 94 5.5%
95 or older 7%

Your minimum amount is recalculated each financial year, based on your age and account balance at 1 July.

If you’ve elected to receive the minimum annual pension and you’d like to take advantage of the reduced rate, you can either:

Log in to your online account

OR

Complete the Change of details form – pension members (PDF, 633 KB).

Please make it clear on your form that you’d like this change implemented before 30 June 2020.

Once completed, please send the form to pensionsmailbox@unisuper.com.au.