Limits on withdrawals

When you apply for an Income Stream account, you can nominate how often and how much you receive in payments as long as you withdraw the minimum set by the federal government.

Please note maximum withdrawal limits apply to Transition to Retirement (TTR) accounts.

Minimum limits

There are minimum amounts that you must receive from your income stream account in any given year. The amount you withdraw must be equal to or greater than a minimum limit. These amounts are calculated as a percentage of your account balance at the end of the financial year, and are based on your age.

Age Annual minimum withdrawal % of account balance
55-64 4%
65-74 5%
75-79 6%
80-84 7%
85-89 8%
90-94 11%
95+ 14%

Maximum limits

There is currently no maximum limit on payments from a Retirement Income Stream. A maximum withdrawal limit of 10% applies to a TTR Income Stream.

Lump sum withdrawals

(Retirement Income Streams only)

You can withdraw lump sums from your Retirement Income Stream at any time. Simply call or email us to advise us of your details and the amount you wish to withdraw. Make sure you read the PDS - Income Streams for information about tax implications on lump sum withdrawals.

When are payments made?

You can elect 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.

If you do not nominate a frequency, your payment frequency will default to an annual payment in June. More information on payments and withdrawals is available in our PDS - Income Streams.

When do payments end?

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

  • Amount you transfer into your income stream account
  • Value of the investment earnings (positive or negative)
  • Size of regular payments you chose to take
  • Size of any lump sum withdrawals (if eligible) you choose to take
  • Frequency of your payments and withdrawals.

Read more about the payments and withdrawal in the PDS - Income Streams and consider obtaining independent financial advice before you make a decision about opening an income stream account.

Talk to someone in the know

Speak to a financial planner for more information on limits on withdrawals. Call 1800 675 839 or book an appointment today!

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