It has been announced today by the Federal Government, that they will extend the drawdown relief for account-based pensions for another year.
The government currently sets minimum annual payments to be made from any Account-Based Pensions (including Market Linked Pension) , which are determined by age and the value of the account balance as at 1 July each year.
The announcement today extends relief provided in the past two years whereby a 50 per cent reduction in the minimum payment amount is applied.
Refer to the Minister’s announcement below for further details of the extension for 2010/11,