Reduction in minimum payments for account based pensions

The government has extended the reduction in the minimum payment for pensions from superannuation
accounts by 25% for 2012-13.

Pension drawdown relief has been taking place for a number of years and while the government indicated that the minimum payment amounts would return to normal in 2012-13, equity markets continue to be volatile and extending drawdown relief for a further year will assist retirees to recoup capital losses as equity markets recover over time.