30 Jun 1010 Extension in drawdown relief for account-based pensions
In joint media release No 2010/052, issued 30 June 2010, the Treasurer, Wayne Swan, the Assistant Treasurer, Senator Nick Sherry and the Minister for Human Services andMinister for Financial Services, Superannuation and Corporate Law, Chris Bowen, announced that the Government will continue to support self-funded retirees by extending the drawdown relief currently provided for account-based superannuation pensions to the 2010-11 year.
As in the past two years, the drawdown relief will be in the form of a 50% reduction in the minimum payment amounts for account-based, allocated and market-linked pensions.
This change will require amendments to the Superannuation Industry (Supervision) Regulations 1994 and the Retirement Savings Accounts Regulations 1997. The necessary regulations will be made as soon as possible in the new financial year.