What are the minimum pension payment rules?

When you start a superannuation account-based pension, you must withdraw a minimum amount each financial year to secure a tax exemption for the investment earnings on the fund assets financing your super pension.

The minimum pension payment amount, payable for the financial year, is based on your age and the size of your account balance. The annual minimum payment is calculated on 1 July each year using the percentage linked to your age and your pension’s account balance (see percentage factor table later in the article).