Updates to pension drawdown and deeming rates
The Federal Government has announced that minimum pension drawdown rates will be halved. The new drawdown rates will apply to the current 2019/2020 financial year and 2020/2021 financial year.
The move is designed to shield retirees who don’t want to draw on their account-based pensions while the value of their investment options is reduced.
Social Security deeming rates have also been reduced.
These changes are part of broader measures announced in response to the Coronavirus and its ongoing impact on global financial markets.
For advice speak to a financial planner
The right financial advice can help you navigate life’s twists and turns.
If you’ve got questions about the current economic climate and what that means for your account-based pension and retirement, we can help.