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Limits on withdrawals

You can nominate how often and how much you withdraw from your income stream product, provided your payments meet the minimum and maximum limits, set by the federal government.

Age Minimum pension drawdown rates
55-64 4%
65-74 5%
75-79 6%
80-84 7%
85-89 9%
90-94 11%
95+ 14%

Minimum limits

The minimum payment amounts required to be paid during the financial year, are set out in the table opposite. These percentages are based on your age and your account balance at the end of the financial year.

The minimum pension drawdown rates were reduced in March 2020 due to economic uncertainty caused by the coronavirus pandemic. These reduced percentages applied until 30 June 2023. The normal minimum rates now apply.

Maximum limits

A maximum withdrawal limit of 10% applies to a Transition to Retirement (TTR) Income Stream. Maximum payment limits do not apply from a Retirement Income Stream.

Lump sum withdrawals

If you have a Retirement Income Stream you can make lump sum withdrawals. Contact us to arrange a withdrawal. There may be tax implications on lump sum withdrawals, for more information see the PDS - Income Streams.

For more details about withdrawals from your income stream account, see the PDS - Income Streams. Consider obtaining independent financial advice before you make a decision about opening an income stream account.

  • When are payments made?

    You can choose to receive your payments twice-monthly, monthly, quarterly, half-yearly or yearly. Payments are generally made on the 15th day of the month or the previous business day where the 15th falls on a weekend or public holiday.

    Your payment frequency will default to an annual payment in June if you do not make a choice.

  • When do payments end?

    Payments continue until your account reaches zero. How long your payments last will depend on a number of factors including:

    • how much you transfer into your income stream account
    • the frequency and amount of your payments and withdrawals
    • investment earnings on your account balance (positive or negative)
    • any lump sum withdrawals (if you have a Retirement Income Stream)

Talk to someone in the know

We have member consultants who can help with all aspects of your super. You can call us or book an appointment today.

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