Members with an account based pension will only be required to draw down half of their previously calculated minimum income requirement for 2008/09. At this stage, the 50% relief measure will only apply up to 30 June 2009. This measure has been offered, because the Government realised that many superannuation funds are selling blue-chip shares at distressed prices to satisfy the obligation to pay the minimum pension, even if the pensioner does not need it. Superannuation trustees are allowing members to implement this change immediately, because this change was made by regulation not by legislation. If a pensioner has no further need for income this year, the pension can stop now and start again in July 2009 on a revised basis.
28th-March-2009 | 