As a result of concerns regarding the significant downturns in investment markets, the Federal Government has suspended the minimum draw-down requirements for account-based pensions for the second half of the 2008-09 financial year - a 50% reduction in the minimum payment amount.
If you have a pension account, you must draw down at least 50% of your minimum pension payment for 2008-09. If you have already received 50% of your minimum pension payment, you are not required to receive another pension payment until the end of the 2009-10 financial year, if you so desire.
We will contact you by mail, advising how you can change your pension payment amount for 2008-09.
If you are comfortable with your current pension payment arrangements, you do not need to do anything.
If you have any questions about your pension, please speak to your local Relationship Manager or phone us on 1800 640 886.