Reduction in super minimum drawdown rates extended

The Government has extended the temporary reduction in superannuation minimum drawdown rates until 30 June, 2022. 

The original reduction was part of the Government’s response to the COVID-19 pandemic which was a reduction by 50% for the 2019/20 and 2020/21 income years. 

“For many retirees, the significant losses in financial markets as a result of the COVID 19 crisis are still having a negative effect on the account balance of their superannuation pension,” a joint announcement by Prime Minister Scott Morrison and Treasurer Josh Frydenberg said. 

“This extension builds on the additional flexibility announced in the 2021/22 Budget.” 

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