Pension minimums

This article explains what you need to do to meet the minimum annual pension requirement, as set by superannuation legislation, for FY23/24.

What are minimum annual pension payments?

Your account based pension is subject to a minimum amount that needs to be paid out to you each financial year.

We calculate the minimum annual payment required based on your account balance as at 1 July each year.

If you don’t have enough cash in your Cash Hub

If you don’t have enough cash in your Cash Hub to meet the minimum annual pension payments for FY23/24, you’ll need to sell down some assets to top up available cash before the next pension payment.

You’ll need to do this before Monday 3 June 2024 – otherwise, we’ll sell down assets to top up your available cash from this date. You can view our Product Disclosure Statement (PDS) for more information.

Pension payments above the minimum requirement

As long as you have enough cash in your Cash Hub, we’ll pay the pension amount you’ve requested.

If there’s not enough money in your Cash Hub to pay the amount you’ve chosen, we’ll manually change it to the minimum payment that still needs to be made for the year.

Future pension payments in the new financial year will be calculated based on the most recently selected pension payment amount and payment frequency in the previous financial year, with adjustments made for any indexation or fixed rate increases you’ve requested.