Add to Age Pension - if you're eligible, you may be able to use your account-based pension payments to top up your income.

Flexible pension payments - you can choose a payment arrangement to suit you (within the minimum or maximum allowed).Pros and cons of an account-based pensionД¬onsider the pros and cons to decide if an account-based pension is right for you. A non-dependant beneficiary can take your benefit payment as a lump sum. If you nominated a spouse or dependant as beneficiary - they can take your death benefit payment as a pension or lump sum.If they're a child, they'll get pension payments until age 25, then the balance as a lump sum. If you nominated a 'reversionary beneficiary' - they continue to get your pension payments until the account runs out.Money left in your super account when you die will go to your beneficiary or your estate. Your account-based pension forms part of the income and assets test to assess your eligibility. Your eligibility for the Age Pension depends on your age, assets and income. Get an idea of how long your account-based pension will last. how much you take in payments each year.the amount of super you transfer to your pension account.How long your account-based pension lasts depends on: Payments continue until the account balance runs out or you take what's left as a lump sum. You can arrange for monthly, quarterly, half-yearly or annual payments. This will reduce the need for retirees to sell investment assets to fund minimum drawdown requirements.Д¬ontact your super fund to discuss how these changes will affect your payments.ДЇor the 2019-20, 2020-21 and the 2021-22 financial years the minimum drawdown is: To help manage the effects of COVID-19, the Government is temporarily reducing superannuation minimum drawdown rates for account based pensions by 50 per cent. This is between 55 and 60, depending on when you were born. You can get your super when you retire and reach your preservation age. how you want your super invested (through your fund).the size and frequency of your payments (within the minimum or maximum allowed).how much you want to transfer to the 'pension phase' (subject to the balance transfer cap).How an account-based pension worksДЄn account-based pension (or allocated pension) is a regular income stream bought with money from your super when you retire. It lasts as long as your super money does, but is not a guaranteed income for life. You can get one when you reach 'preservation age' (between 55 and 60). An account-based pension offers regular, flexible and tax-effective income from your superannuation.

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