The Government is temporarily reducing minimum super drawdown requirements for pensions by 50 per cent. The reduction will be available for the 2019/20 and 2020/21 income years.
This measure was implemented to support retirees in managing the impact of the:
recent volatility in financial markets, and
prevailing low interest rates on their retirement savings.
Similar to 2009 GFC response measures, pension members who have already withdrawn above the new minimums are not allowed to “put the money back in”. However, any re-contribution to superannuation may be allowed under normal contribution rules. Amendments will be made to the Superannuation Industry (Supervision) Regulations 1994 to give effect the reduction in the minimum payment amounts for the two years.
Source: Media release by Josh Frydenberg MP