The government sets a minimum amount you need to take in payments each year from a superannuation pension.
This amount is based on your age and how much super you have (your account balance) at the start of the financial year.1
You can choose how much you receive from your Retirement Income account each year, as long as you get at least the minimum. In a Transition to Retirement Income account, you need to withdraw between the minimum and maximum (4%–10%).
It's easiest to do this by setting up regular payments from your account, and we can help you with that.
| Age | Min payment 2024–25 |
|---|---|
| 55–64 | 4% |
| 65–74 | 5% |
| 75–79 | 6% |
| 80–84 | 7% |
| 85–89 | 9% |
| 90–94 | 11% |
| 95+ | 14% |
You can choose how much income you take from your TTR account and when you want to get it, from the minimum up to the maximum annual payment.
The government sets how much of your balance you need to withdraw.
| Your age | Min payment 2024–25 | Max payment |
|---|---|---|
| 60 to 64 | 4% | 10% |
There's no maximum withdrawal limit if you have a Retirement Income account, so you can take out any amount, up to the total balance of your account.
If you have a Transition to Retirement Income account, you can't take out more than 10% of your account balance each financial year.
When you log in to Member Online, click on Retirement, then Income payments.
We'll calculate what your minimum payment total should be for the year, based on your current account balance and age.
It depends. If you’re on the Age Pension, your super pension payments don’t matter for the income test, because Centrelink estimates your income instead of counting your real payments.
On the other hand, the assets test counts your total super balance. If someone withdraws more from their super, they might be able to receive more from the Age Pension. It’s complicated, so it’s wise to get financial advice about the best option for you.
You can change your income payment amount and how often you get paid in Member Online.
1. The minimum payment amount for your first year is based on how far through the financial year you opened the account and your account balance. If you open your Income account in June, you don't have to get a payment until 30 June of the next financial year.
