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20 Feb 09 Government listens to our pension draw down concerns

The Taxation Institute welcomes the Government's quick response to concerns we raised in our 2009-2010 Pre-Budget submission about the impact of the current economic crisis on some people drawing pensions from their superannuation funds (for details about our submission see 2009 TAXVINE No 2 (23 January 2009)). In a recent joint announcement by the Treasurer and Minister for Superannuation and Corporation Law (see below for more detail), the Government has acted on our recommendation to provide relief by way of adjustment to the minimum drawn down requirement calculation, taking account of the impact of current market conditions on superannuation funds and members’ entitlements to draw on their benefits. The temporary relief proposed by the Government will help ensure people are not forced to take an income stream that is not sustainable by their actual account balance at present. This is a good example of a practical and timely response by the Government to the immediate concerns of many Australians re-assessing their retirement income options at present.

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