Income Stream minimum drawdown amounts7 June 2023
Reduction to existing Income Stream minimum drawdown amounts to cease from 1 July 2023
In response to the impact of COVID-19 on investment markets, the Federal Government passed legislation in March 2020 to halve the minimum pension drawdown rates on account-based super pensions. This impacted Super SA’s Income Stream investors.
The Federal Government announced in the May 2023 budget that the halved minimum drawdown rates will not be extended for the 2023-24 financial year.
Investors who previously nominated to receive a halved minimum drawdown amount will have their payments reverted to their standard minimum drawdown amount from 1 July 2023.
To start your Income Stream payments at the commencement of the 2023/24 financial year, submit your application form to us by 4 July 2023.
If an investor wishes to change their nominated payment amount, they will need to update their payment details via the Income Stream Payment Details section of the Member Portal. Changes will be processed in the next applicable pay period.
Investors will receive confirmation of their new payment amount once their account has been updated.
Questions? Contact us