The table below shows the standard minimum payment rates and the new reduced minimum payment rates that previously applied under COVID-19 relief measures introduced by the Federal Government.
| Age | Standard minimum drawdown rates % | Reduced minimum drawdown rates for 2019/20, 2020/21, 2021/22 and 2022/23 |
|---|---|---|
| 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 or more | 14% | 7% |
From the 2023/24 financial year, the standard pension minimum rates apply.
If a pension started during the year, the pro-rata minimum is calculated by multiplying the minimum annual payment by the remaining number of days in the financial year and dividing that by 365 (366 in a leap year).
If a pension started on or after 1 June, no minimum payment is required for that financial year.