Additional support for retirees

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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.

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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.

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