Reduced pension minimums
In response to COVID-19, the Federal Government has temporarily reduced the minimum Pension payment requirements by 50%. This reduction applies for the 2019/2020 and 2020/2021 financial years.
This measure is designed to help retirees by reducing their need to sell investments to meet minimum drawdown requirements when the market may be under pressure.
| Age | Previous Rate | Temporary New Rate |
| 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 and over | 14% | 7% |