Working Income Stream and Retirement Income Stream minimum drawdown rate
ESSSuper - 17 Jul 2020
Working Income Stream and Retirement Income Stream minimum drawdown rate
Some members may recall that we contacted them in April 2020 to tell them that the Government has temporarily reduced superannuation minimum drawdown requirements for account-based pensions as part of its coronavirus response.
Members who chose not to make changes to their payment amount can expect the minimum drawdown rate applied prior to the temporary reduction to apply for the remainder of the 2020-21 financial year. There was an issue in July, however. As a result of a system configuration problem, the new minimum drawdown rate was applied to some accounts in error, generating a lower than expected payment on 15 July 2020.
If you have been affected, we sincerely apologise for any inconvenience this has caused. We are committed to fixing this error as soon as possible.
If you have already contacted us regarding this issue, please be assured that your instructions will be implemented from the next payment run.
For all other impacted members, we will reinstate your previous minimum drawdown rate from the next payment run unless you advise us otherwise.
How can I change my drawdown rate?
To change your drawdown rate, update your regular payment schedule through the Pension / Pension details menu in Members Online.
We’re here to help
We're proud to be the dedicated, not-for-profit super fund serving Victorian emergency services and state employees. With exclusive products and services, we exist to provide better retirement outcomes for members like you.
We aim to help every member achieve a comfortable and financially secure life in retirement through consistent investment performance that delivers above-average returns over the long term.
If you have any questions, please email info@esssuper.com.au with ‘MSC’ at the start of the subject line, or alternatively please call our Member Service Centre on 1300 650 161 and we’ll be happy to help.