The SuperGuide Annual Minimum Pension Payment Calculator works out an individual’s minimum pension payment amount, based on the individual’s age and account balance as at 1 July for the financial year. You can try out the calculator below.
Note: If you’re looking for a calculator that estimates Age Pension payments, see SuperGuide’s Age Pension calculator: How much could you be eligible for?
If an individual wants the earnings on their super account-based pension in retirement phase to be exempt from tax, they must withdraw a minimum amount each year.
The minimum pension payment is based on a percentage factor (linked to the age of the fund member) and the account balance of the member’s super pension account.
The annual minimum payment is calculated on 1 July each year using the percentage linked to your age and your pension’s account balance. The minimum pension amount calculated must be paid out of the super pension account before the end of the following June (end of financial year), and can be withdrawn as multiple payments, or as a single payment.
For example, for the 2018/2019 year and for the 2017/2018 year (as was the case for the 2016/2017 year, and 2015/2016, and 2014/2015 and 2013/2014 years), the minimum pension payment for anyone aged under 65 is 4% of the pension account balance as at 1 July of the financial year, and 5% of the pension account balance for individuals aged 65 to 74 years. The percentage factor increases again beyond age 74.
The SuperGuide Annual Minimum Pension Payment Calculator works out an individual’s minimum pension payment amount, based on the individual’s age and account balance as at 1 July for the financial year. Enter your details in the yellow fields below to start your calculation.
Enter the figures below as at 1 July, and the minimum annual pension payment will apply for the following financial year (1 July to 30 June).
For example, if you wish to know the minimum annual pension payment for 2017/2018, enter your age and pension balance at 1 July 2017.
Disclaimer: This calculator is designed to give you an indication of what the minimum pension payments are likely to be, based on the super rules and the options chosen by the user of the SuperGuide Annual Minimum Pension Payment Calculator. The calculator is not a replacement of financial advice, and nor does it take into account your individual financial circumstances.
For more information…
For more information about the current minimum pension payment rules, and related retirement rules, see the following SuperGuide articles:
- Minimum pension payments for 2018/2019 year (and for 2017/2018 year)
- SMSF pension: How do I calculate my minimum pension payment?
- Minimum pension payment: At what date do you determine the age for payment calculation?
- Retirement and tax: What are the minimum pension payment rules?
- SMSF pension: What happens if I don’t withdraw the annual minimum pension payment?
- SMSF pension payments: A little bit under may be OK
- Super pensions: Is there an upper limit to how much we can withdraw?