After some five years minimum pension rates that apply to account based pensions have returned to their original numbers.
The new minimum pension rates that will apply from 1/7/2013 are as follow;
|Under 65 years old||4% per annum|
|65 to 74 years old||5% per annum|
|75 to 79 years old||6% per annum|
|80 to 84 years old||7% per annum|
|85 to 89 years old||9% per annum|
|90 to 94 years old||11% per annum|
|95 years old and over||14% per annum|
The minimum rates are important as failure to meet will render the super fund non compliant.
Nick Stratus, Solid Financial Advisers
Have a question? Please call Nick directly on (03) 9500 8000