6. Support for Retirees – reduced minimum pension drawdowns
The Government is temporarily reducing the superannuation minimum drawdown requirements for account-based pensions and similar products by 50 per cent for the 2019–20 and 2020–21 income years. This measure will benefit retirees with account-based pensions and similar products by reducing the need to sell investment assets to fund minimum drawdown requirements. If a pensioner has already drawn more than their reduced amount, they cannot return the surplus to the fund. They can recontribute the surplus, if they are eligible and within their contribution caps.
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