Minimum drawdown rates

Drawdown rates for your income payments

When you have an AustralianSuper Choice Income or TTR Income account, you’ll need to withdraw a minimum amount every financial year. The amount is set by the government, is a percentage of your starting balance on 1 July of the current financial year and depends on your age.

 

AGE AT 1 JULY EACH YEAR	MINIMUM DRAWDOWN RATES
Preservation age to 64	4%
65 to 74	5%
75 to 79	6%
80 to 84	7%
85 to 89	9%
90 to 94	11%
95 and over	14%

You can choose how much you receive from your Choice Income or TTR Income account each year, as long as you get at least the minimum. There is no maximum withdrawal limit in a Choice Income account, while the TTR Income account has a maximum withdrawal limit of 10%. You can change your drawdown amounts any time, by logging into your account online.

If you open your account after 1 July, the minimum payment is calculated on a pro-rata basis for that financial year. If your super pension commences on or after 1 June, no payment is required in that financial year.

If you've opted for Smart Default

With Smart Default, you’ll initially receive 6% of your balance each year as income; as you get older, this amount will increase to meet the minimum payment limits set by the government.

Every July, you'll receive an email or letter confirming your payment amounts for that financial year. You don't have to do anything, unless you choose to change your payment amount. You can do so by logging into your account online.

For details on Smart Default, view the Choice Income Product Disclosure Statement, or the TTR Income Product Disclosure Statement.