Extension to existing Income Stream minimum drawdown amounts in 2021-22
In response to COVID-19, the Federal Government passed legislation in 2020 to halve the minimum pension drawdown rates on account-based super pensions. This impacted Super SA’s Income Stream investors. The Federal Government has recently announced that these minimum drawdown rates will be extended for the 2021-22 financial year. Payments will be based on the investor’s account balance as at 1 July 2021.
Those investors who previously nominated to receive the minimum drawdown amount, will continue to have this applied from 1 July 2021.
If an investor wishes to change their nominated payment amount, they will need to complete a Change of Income Payment Details via the member portal. Alternatively, fill in the Change of Personal and/or Payment Details form and return it to us via email at email@example.com or post to GPO Box 48, Adelaide SA 5001.
The form must be returned to us by Wednesday 23rd June 2021 for changes to be made effective from 1 July 2021. Requests received after this date will be processed for the next applicable pay period. Investors will receive confirmation of their new payment amount once their account has been updated.