As announced in the Mid-Year Economic and Fiscal Outlook last November, superannuation regulations have now been released to allow the 25% reduction in minimum payment requirements for superannuation income streams to continue for the 2012/13 financial year.
The table below illustrates the minimum pension payments for the current year and the next two financial years.
| Age | Percentage of account balance calculated as at 1 July | ||
|---|---|---|---|
| 2011/12 | 2012/13 | 2013/14 | |
| Under 65 | 3.00 | 3.00 | 4.00 |
| 65-74 | 3.75 | 3.75 | 5.00 |
| 75-79 | 4.50 | 4.50 | 6.00 |
| 80-84 | 5.25 | 5.25 | 7.00 |
| 85-89 | 6.75 | 6.75 | 9.00 |
| 90-94 | 8.25 | 8.25 | 11.00 |
| 95 or more | 10.50 | 10.50 | 14.00 |
For BT and Westpac account based pension customers, we will recalculate your pension payments based on your nominated payment level. The nominated payment level will either be Specified or Minimum.
If you are a pension customer and you would like to change your pension payments or have any additional queries, please call the BT Contact Centre on 132 135, or visit www.bt.com.au/pensions
If you are a BT Super for Life customer and you would like to update your pension payment amount, you can do this by logging on to your BT Super for Life account via Internet Banking, or by calling the BT Super for Life Contact Centre on 1300 653 553.