Covid-19: Temporary changes to minimum pension payments

In response to coronavirus (Covid-19), the Australian government has temporarily reduced the minimum drawdown for account-based pensions by half.
AMP Capital senior economist Diana Mousina and technical services manager Fabian Bussoletti discuss the changes in minimum drawdown amounts and how it can benefit retirees.

Watch to find out what the temporary reduction in superannuation minimum drawdown rates can mean for your retirement savings and future income payments.

0:42 – Background on the minimum payment amounts for Australian pensions
1:01 – Outline of the federal government’s changes to the age pension minimum payment due to the coronavirus pandemic (Covid-19)
1:51 – The benefits of the change to minimum pension payments for individuals affected by the coronavirus crisis who hold a pension account
2:12 – What the change will mean for pension payments for this financial year (2019–2020)
2:41 – What the change will mean for pension payments next financial year (2020–2021)
3:26 – Receiving the minimum payment and assessing your income streams and individual needs
4:10 – The types of pension accounts the change applies to
4:21 – Taking advantage of the reduced minimum drawdown rates for pensions
4:45 – Recap of the temporary changes to the minimum pension payment rules

Original Author: Produced by AMP and published on 05/05/2020 Source