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Date of article: 19 July 2010
Last updated: 19 July 2010

Extention of 50 per cent reduction in minimum pension drawdown

The Government will continue the 50 per cent reduction in the minimum payment amount for account-based pension, allocated and market-linked pensions for the 2010-11 financial year.

The 2010-11 financial year minimum pension factor:

Age of member Minimum Pension Factor (Ordinary) 2010-11 Minimum Pension Factor
Under 65 4% 2 %
65 - 74 5% 2.5 %
75 - 79 6% 3 %
80 - 84 7% 3.5 %
85 - 89 9% 4.5 %
90 - 94 11% 5.5 %
95 and Over 14% 7 %
     

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