Do you receive a pension or an annuity from a superannuation fund? Covid-19 Implications
For many retirees, the significant losses in financial markets as a result of the COVID-19 crisis are having a negative effect on the account balance of their superannuation pension or annuity.
To assist retirees, the Government has reduced the minimum annual payment required for account-based pensions and annuities, allocated pensions and annuities and market-linked pensions and annuities by 50% in the 2019–20 and the 2020–21 financial years.
Unfortunately, if you have already withdrawn more than your new minimum balance for the 2019-20 year, you are unable to return the difference to your Fund unless you meet the usual contribution criteria.
We will be contacting all of our Self Managed Superannuation Fund clients by mid-May to confirm the specific pension minimums that need to be withdrawn by 30 June 2020.
Should you have any queries in the meantime please let us know, and stay well.