Minimum Pension Payment Calculator

This calculator makes it easy for you to work out what the minimum amount you need to withdraw from your pension in the 2008/09 financial year is under the new minimum pension rules.

As a result of the changes to the superannuation rules, from 1 July 2007 payments from Flexible Account Based Pensions will be calculated differently. In summary:

• Minimum limits - there will be new minimums, in many instances lower than current minimums, that apply to how much you are required to take from your pension each year; and
• Maximum limits - these will be removed except where you have a transition to retirement pension, where new maximum limits on how much you can take from your pension each year will be 10% of the account balance.

Minimum pension payments
From 1 July 2007, the minimum amount you are required to take from your pension each year is based on your age and pension balance at the beginning of the financial year (as at 1 July), as follows:

Maximum pension payments
For account based pensions from 1 July 2007 there is no maximum limit to the pension payment you can receive. However, for pensions commenced under the "transition to retirement condition of release" no more than 10% of the account balance (at the start of each year) can be withdrawn in any one year.