The minimum pension amount as a percentage of account balance is:

 

Age	Normal Minimum % Drawdown	Drawdowns in 2008/11 and 2019/22	Drawdown in 2011/13
Under 65	4%	2.0%	3.0%
65 - 74	5%	2.5%	3.75%
75 - 79	6%	3.0%	4.5%
80 - 84	7%	3.5%	5.25%
85 - 89	9%	4.5%	6.75%
90 - 94	11%	5.5%	8.25%
95 or more	14%	7.0%	10.5%

 

• There is no maximum drawdown unless it is a transition to retirement pension, in which case the maximum amount is 10% of account balance.
• The minimum drawdown in the 2008/9, 2009/10 and 2010/11 years was halved in response to the global financial crisis.
• The minimum drawdown in the 2019/20, 2020/21 and 2021/22 years was halved in response to the Covid-19 crisis.
• The minimum drawdown is reduced by 25% for 2011-12 and 2012-13 in response to continuing market volatility.
• Minimum payment not required for year of pension started after 1 June.
• Minimum is rounded to nearest ten dollars, but be careful to leave a margin as missing the minimum payment could lead to no tax exempt income claim being allowed.