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Date of article: 30 November 2011
Last updated: 30 November 2011

Minimum pension draw-down relief extended

The Minister for Superannuation announced that the 25 per cent reduction in the minimum pension draw-down for account-based pensions will be extended to the 2012-13 year.

The reduction will apply to account-based, allocatd and market linked pensions.

The Minister cited the continued volotility in the financial and equities market as the main reason for extending the 25 per cent reduction in the minimum pension draw-down to provide an opportunity for retirees to preserved their capital.

The Government will introduce Regulations to give effect to the reduction before the new financial year.

Ref: Minister for Superannuation Media release 2011-162

 

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