Additional support for retirees

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.

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