The Government has announced an extension of the temporary reduction in superannuation minimum drawdown rates for a further year to 30 June 2022.

As part of the response to the coronavirus pandemic, the Government reduced the superannuation minimum drawdown rates by 50 per cent for the 2019-20 and 2020-21 income years, ending on 30 June 2021.

This announcement extends that reduction to the 2021-22 income year and will continue to make life easier for retirees by giving them more flexibility and choice in their retirement.

If you have any queries in relation to this, or your current financial year minimum pension drawdown requirements, please contact our office.