Minimum compulsory pension payments

In February 2009, the Government announced it would allow fund members to halve the minimum amount they must withdraw from their pension account for the financial year 2008/2009. The Government initiative responded to concerns that meeting the minimum draw down amount in 2008/2009 would mean having to sell investments assets and realise losses in a depressed market. The measure applies to most, but not all superannuation pensions.

As announced in the May 2009 Federal Budget, This will continue to apply for the 2009/2010 year.

What should you do?

Step 1

Determine if you wish to reduce pension payments for the 2009/2010 year.

Step 2

Consider doing any or all of the following:

Locate your most recent pension statement and check if this change applies to you
Contact us if you have any questions
Obtain independent financial advice before making a decision to act or not

More information

If you need assistance, please contact us. We are happy to take your call between 8.00am and 6.00pm AEST each weekday.

This information is of a general nature only. It is important to consider the appropriateness of this product having regard to your objectives, situation and needs. Before making a decision about SMARTpension, please consider your own requirements and the SMARTpension Product Disclosure Statement. For a copy call us on 1300 366 508 or download from this website.

Professional Associations Superannuation Limited (PASL) (ABN 14 056 917 303 AFSL 222590 RSE L0000352) is the Trustee of Professional Associations Superannuation Fund (PASF) (ABN 78 984 178 687 RSE R1000429). SMARTpension is a division of PASF.