Recent changes to the rules around superannuation contributions including a work test change for people aged 65 and 66 have been made and come into effect from 1 July 2020. A couple, George and Jane, sell their home for $800,000. have a total super balance below $300,000 and have met the work test in the previous financial year, (known as the work-test exemption – which can only be applied in one financial year); *Age 75 is defined as 28 days after. If you are turning 75 during a financial year, you can make a non-concessional contribution on or before the day that is 28 days after the end of the month in which you turn 75. Being able to implement a re-contribution strategy therefore requires the member both meeting a condition of. Common conditions of release. Types of non-concessional contributions include contributions your spouse makes to your super or personal contributions that you don’t claim as a tax deduction. The default settings are set to a level estimated by ASFA* for what might be needed for a comfortable lifestyle in retirement. Key takeaways: Concessional contributions are contributions made into your super before-tax. 15% rate) contributions. On this page. It is generally taxed at a lower rate than your regular income. 4. The Australian super system helps. Update your details. making personal super contributions (and a non-concessional contribution may make you eligible for the government's super co-contribution) transferring any super you have. And they might also charge interest on that tax. Employer-paid contributions. Contributions splitting. 7 million (in 2022–23) in super, by recontributing some of your super benefit into your spouse’s super account you may both be able to hold up to $1. Find out about. ensure if it is a variation notice, that it does not increase the amount to be claimed. In most cases, you will be able to withdraw your super tax free as either a lump sum, or income stream if you are over 60 – whether your super is in accumulation phase or pension phase. a1. Assume you have a Total Superannuation Balance of $1. The annual cap for concessional contributions is $27,500 for the 2023–24 tax year. It’s called the “retirement safety net” for a reason. If you’re self-employed but operate your business under a company or incorporated structure, each quarter you are required to pay the normal SG contribution of 10% for any eligible employees – including yourself – earning over $450 per calendar month (before tax). 7 million on 30 June of the financial. For example, if you want to make a carry-forward concessional contribution in 2023–24, your TSB must have been under $500,000 on 30 June 2023. For most people, 15% is lower than the marginal tax rate you pay on income. select Australian Taxation Office. The bring-forward rules apply to non-concessional contributions only. This contribution includes your transfer balance cap (TBC), which is the limit on the. The changes enable people aged over 65 years, but under 67 years old to make voluntary concessional and non-concessional contributions to superannuation without the need. Welcome to our Community. The concessional contributions tax rate on super is 15%. To help your members claim or vary a tax deduction for personal super contributions, you should: accept notices – ensure the notice is valid, in the approved form and given to you by the relevant deadline. Nil if your Total Super Balance is greater than the transfer balance cap ($1. ATO-held super; Unclaimed super for 65 years of age or over. Existing contribution caps and restrictions will not apply to the downsizer contribution. However, you can often put in much more using the concessional contribution cap, bring-forward rule and carry-forward rule. PAYG withholding. Aged under 75*. Certain employer termination payments (ETPs) received by the fund before 1 July 2004 may also be included in this category of benefits. New rules starting 1 January 2023 have lowered the minimum eligibility age to allow people aged 55 and over to access downsizer contributions. The investment earnings on your super are also only taxed at 15%. Contributions made prior to 1 July 2017 must also meet the fund-capped contribution limit. Taxable CGT amount = $7,000 – ($7,000 x 1/3 discount) = $7,000 – $2,333. You can learn more about this on the ATO website. For 2019–20 and earlier years, the age requirement for this exemption was 65 to 74 years. For 2022–23, the annual non-concessional contributions cap is $110,000 if your total superannuation balance on 30 June 2022 was less than $1. If your goal is for your spouse to have a super account balance of $1. In the 28 days after you turned 75 years old, your fund could accept the following types of contributions if you satisfied the work test or work test exemption: voluntary employer contributions such as salary sacrifice contributions. Legislation to remove that rule was passed in. au You should consider your debt levels before adding to your super. Peter contributes $330 for the July to September quarter to Sue’s super fund by the quarterly due date of 28 October 2023. The 3-year bring-forward rule allows Members in an SMSF to contribute more than the Non-Concessional Contribution (after-tax Contributions) cap of $110,000 during a 3-year financial period from 1 July 2021. Source: ato. You both need to be Australian residents at the time you make the contribution. Using Aware Super’s Member Online is an easy way to manage your super online. The. The SG rate is slowly increasing over the years and is legislated to reach a final annual rate of 12% from 1 July 2025. You can contribute up to $15,000 per year and $50,000 in total under the Scheme. My super is approx $200K. You cannot claim a tax deduction for standard member contributions made to a Defined Benefit account. online. QC 23234. An employee may ask you to deduct extra super from their pre-tax income, and pay it into their super fund. How to save for retirement via superannuation, your entitlements and obligations, when you can withdraw your super. As at 1 July 2021, your annual non-concessional cap is $110,000. 00am. You won't receive any co-contribution if your income is equal to or greater than the higher threshold. Completing the rollover or transfer request using ATO online services. is 65 years of age (even if they. The work test requires the member to have worked at least 40 hours over a 30-consecutive day period in the financial year the contribution is received. Pay electronically to complying super funds and retirement savings accounts. The devil is in the detail and some retirees may feel short-changed. The sum of these amounts ($267,500) is over the Division 293 threshold of $250,000, but only by $17,500. Downsizing super contributions. Downsizing in retirementLet’s assume Tina wants to maximise her concessional contributions in 2020-21 by making either salary-sacrifice contributions or tax-deductible contributions. This is called salary sacrifice and it gives the employee tax and retirement income benefits. Work test = 40 hours within 30 days. Rates and thresholds apply to contributions, employment termination payments, super guarantee and co-contributions. Adding to your super. Contributions when aged over 65 If you are aged over 65, contributions to superannuation (assuming you satisfy the relevant eligibility and work test / work test exemption if applicable, namely you must have worked for at least 40 hours in a period of not more than 30 consecutive days in the particular financial year), are not preserved. This is the maximum amount of CGT-related super contributions you can exclude from your non-concessional contribution limits. This is known as the concessional contributions cap. Non-concessional (after-tax) personal/voluntary contributions. The 2020-21 annual contribution limit is $25,000. You can go with your existing fund, your employer's fund, or choose a different fund. total super balance at 30 June of the previous financial year is less than $500,000. A: As someone with close to $2 million in super, the maximum annual amount of concessional contributions you and an employer can make on your behalf without any penalties applying is $27,500. These rules allow you to make up to three years of non-concessional contributions in a single income year, if you’re eligible. The Senior Australians and Pensioners Tax Offset (SAPTO) won’t shower you in riches. For a member turning 75, contributions must be received no later than 28 days after the end of the month they turn 75. The most common conditions of release for paying benefits are when the member: has reached their preservation age and retires. You can view details of your super accounts including: super accounts you may have lost track of and any ATO-held super. However, if you are over the age of 65 you must meet the ‘work test’ of working at least 40 hours within a 30-day period and within the financial year in which you make the contribution. If you are 75 years or older, you are unable to make non-concessional contributions to super (however, the actual rules is that you can make contributions up until 28 days after the end of the month in which you turn 75). 5 min read. Downsizer super contributions. I turned 65 Sept, 2019 and retired April, 2020, but still do relief work in my field so could satisfy a work test. under 18 years old, you pay it if they work more than. Before 2020–21, the age limit for accepting all types of contributions was 65 years old. Individuals over 65 meeting the work test can make voluntary contributions to superannuation any time from the age of 65 until the 28th day of the month following the member’s 75th birthday. is 65 years of age (even if they haven't. Common conditions of release. First of all, f rom 1 July 2019, recent retirees aged 65 to 66 with total superannuation balances below $300,000 will be eligible to make voluntary contributions for an additional financial year regardless of work test. Super contributions after turning 65. They must pay out a member's benefits when they reach 65 years old, and they cannot pay a pension. 7 million. Basically it removes the work test for voluntary contributions for people aged 65 and 66. You can view details of your super accounts including: super accounts you may have lost track of and any ATO-held super. These must be preserved in the fund until the time the law and your fund’s trust deed allows them to be paid. On 29 October 2019 changes to the age employees can access concessional tax treatment for genuine redundancy and early retirement scheme payments became law. Retirement means you have ceased gainful employment either: when you were 60 years old or over. If you're. * This broadly applies to people whose total super balance was less than $500,000 on 30 June of the previous financial year. Generally, if your income plus super contributions is: under $250,000 p. Government co-contribution. Under the ASFA Retirement Standard, a comfortable lifestyle enables a retiree. The SG rate increased to 11% on 1 July 2023. ceases an employment arrangement on or after the age of 60. You are only eligible to bring-forward the next 2 years of contributions if you are under 75 years (67 years for 2021-22, 65 years for 2020–21 and prior years) on 1 July of the first financial year in which your total super balance on 30 June of the previous financial year was less than $1. Amount of cap. If you're aged 60 or over, this income is usually tax-free. The lower age limit (55 years) is based on your age when you make the contribution and there is no upper age limit. a spouse living separately and apart from you on a permanent basis; a parent, child, relative or friend if you are 18 years old or older; any other third party other than an employer or your spouse. I am over 75 years of age. is available from the Australian Taxation Office (ATO) at ato. Originally the minimum age was 65, but this has progressively been lowered to age 55. If you earn above that limit for each quarter, your employer does not have to make contributions for the part of your earnings over the limit. Before you get too excited, a heads up. An eligible, active super account is one that: is held by a living person. Division 293 Tax: $17,500 * 15% = $2,625. To meet the work test you. A person over 65 who hasn't held employment before and doesn't have a super account. If you have a total super balance of $1. About the downsizer measure. Higher income earners increased super contributions tax. a 1. 2 min read. Originally the minimum age was 65, but this has progressively been lowered to age 55. You can use the portal to: Switch your investment options. under the transition to retirement rules (if you are eligible), while you continue to work. This means you can put in up to three times the annual cap of $110,000, which means you may be able to top up your super by $330,000 within the. a spouse living separately and apart from you on a permanent basis; a parent, child, relative or friend if you are 18 years old or older; any other third party other than an employer or your spouse. Changes to genuine redundancy and early retirement scheme payments. On this page. Where possible, we will notify you if we do this. Say you made CCs of $27,000 in 2017-18 and after receiving an excess concessional contributions determination from the ATO did not elect to withdraw 85 per cent of the excess, i. Any concessional contributions paid in excess of the limit will be taxed at your marginal rate plus an amount representing interest. If you were under 67 years of age during the financial years 2020–21 and 2021–22, your fund could accept all types of contributions. Even a little bit extra can make a big difference over time. Returning contributions. The SG rate on the date the salary is paid applies. An individual over 65 years of age who would like to make contributions to superannuation will need to meet the superannuation work test. Marion’s super fund will deduct 15% contributions tax on the $27,500 personal contributions that she claimed as a tax deduction. Your entire benefit from a taxed super fund (which most funds are) is tax-free. Contributions made prior to 1 July. How much you can contribute. An income stream is either: account-based – the income stream is paid from a super account held in the member’s name. The changes enable people aged over 65 years, but under 67 years old to make voluntary concessional and non-concessional contributions to superannuation without the need. The investment earnings on your super are also only taxed at 15%. The eligible age has been further reduced to 55 years from 1 January 2023. When you split your contributions, you transfer or roll over a portion of the contributions you recently made to your super account, to your spouse’s super account. The maximum amount you can contribute is not affected by your total super balance. the matching rate was set at 50%. 5% of Adnan's salary. Related article: Non-Concessional Contributions Over 65. The superannuation non-concessional contribution cap limits the amount you are able to contribute into super in any one financial year. Related article: Contributing to Super Over 65. If your total income is equal to or less than the lower threshold and you make personal non-concessional contributions of $1,000 to your super account, you will receive the maximum co-contribution of $500. A personal superannuation contribution is not income but a deduction if being made from post tax income, and deductions for personal super contributions. The non-concessional contributions cap ($110,000 in 2023–24) is much higher than the concessional contributions cap ($27,500 in 2023–24), which means you can add more to your retirement nest egg. Most people are members of taxed super funds. If a government organisation is an employer it will need to pay super contributions and send employee super information electronically in a standard format. A concessional contribution is defined as a contribution to a super fund before tax. The ATO guide to super contributions1 A Compedium of ATO publishings on superannution contributions Introduction 1 This compendium is a series of extracts from a variety of published ATO resources and represent the Commissioner’s view about the way in which provisions of the Superannuation Industry (Supervision) Act 1993 and the Income Tax. In addition to the other eligibility conditions, you are eligible for the government super co-contribution if you meet both these conditions:This tax rate generally applies to up to $27,500 in before-tax super contributions each financial year. From 1 July 2019, the age at which you qualify for the Age Pension rises to 66, with the eligibility rising six months every two years until it reaches age 67 for everyone on 1 July 2023. 18 for each dollar the receiving spouse’s income is over the low-income threshold. Super lump sum. 6 million, there are a few things that you will potentially want to know about. That means unpaid super affects more than a quarter of employees, costing each affected worker an average of $1,700 per year. You can contribute a total of up to $27,500 (concessional contributions cap) before tax each financial year from 1 July 2021. Learn more about the low-rate cap. contributions are made in excess of the concessional cap for the year. For more information and to download the form, visit ato. The actual amount of tax will depend on various factors such as your age, the. , but part of your income tax. Total superannuation balance Eligibility Threshold. ; Each contribution must meet the first two restrictions. 18 years or older, you pay it regardless of how many hours they work. The SG rate increased to 11% on 1 July 2023. Where possible, we will notify you if we do this. The 2020-21 annual contribution limit is $25,000. Important: this calculator is to be used as a guide only. The Government also announced $40 million in funding for the ATO so it better enforces super compliance, plus it has announced stronger targets for the ATO’s recovery of unpaid super amounts. gov. So, if you are age 67+ and under age 75, then you need to demonstrate 40 hours paid work within a 30 day period. Anyone under the age of 65 can make a non-concessional contribution whether they are employed, self-employed, looking for work or retired. Super may be taxed at 3 points in its life cycle: on contributions on the investment earnings in the fund, which in the accumulation phase are taxed at 15%. There are rules for accepting contributions that all trustees need to know. She transfers the rest of her super to an account-based pension. Pension payments in super after the age of 60 are tax free and anyone over 65 can switch their super into a pension account even if. 2 million to the Australian Taxation Office (ATO) in 2023–24. See downsizer super contributions on the ATO website. So for Karen in our example above, her SG contributions are $10,500 which means she can make up to an additional $17,000 in concessional contributions. Acknowledging notices. Find out all you need to know to make the most of your. e. Downsizer Changes. Under 75. retire or. you are aged less than 65 years. e. Concessional contributions can come from several sources: from your employer, from pre-tax salary sacrificed contributions you may elect to make through your employer, and from contributions. Lost super search line. you may miss out on a super co-contribution, if eligible. Between 1 July 2020 and 30 June 2022, you could accept. or more you pay 30% tax. For example, if you reached 75 on, say, 15 September, you could still make contributions to super until 28 October. Compare your fund's investment performance over at least five years. The age-based limit of 65 years old has. 28 October. As Division 293 tax is calculated on the lower of either the amount over the threshold or your total contributions, we would be calculating Division 293 tax on $17,500. Until 1 July 2017, there was a restriction on employees – known as the 10% rule – which prevented tax deductible super contribution claims unless less than 10% of income was from employment-related activities. 0. The amount can be any amount between $20 and $1000. Save. The concessional contribution cap is $27,500 per person, per financial year. If you've owned your home for more than 10 years and you sell it, you may be able to contribute up to $300,000 per person, or $600,000 per couple, from the sale to your super. Employee age – for employees who are. Option one allows you to withdraw the excess contributions and 85 per cent of “associated earnings”. For more information, see Restrictions on voluntary contributions. Downsizer contributions allow you to contribute up to $300,000 ($600,000 for a couple) from the sale of your main residence to your super. When you split your contributions, you transfer or roll over a portion of the contributions you recently made to your super account, to your spouse’s super. Your super fund may allow you to use the ATO Superannuation Contributions Splitting Application. e. the day the member lodges the tax return for the year in which the contributions were made; the last day of the financial year after the financial year in which the member. On 1 January 2023, the age when eligible Australians qualify to make downsizer contributions was reduced from 60 to 55. If you were over 18 but under age 67 at the time you make a personal super contribution, you don’t have to meet the work test. The eligible age has been further reduced to 55 years from 1 January 2023. = $4,666. New rules. An individual over 65 years of age who would like to make contributions to superannuation will need to meet the superannuation work. You’ll need to satisfy the work test in the financial year you intend on making the contribution. 3. If eligible, the super guarantee applies to all types of employees including: full-time employees. The ATO may also charge you interest. A lower tax offset may be available if you contribute less than $3,000 or your spouse earns between $37,000 and $40,000 pa. Downsizer super contributions. Before you get too excited, a heads up. For 2019–20 and earlier years, the age requirement for this exemption was 65 to 74 years. Once you hit age 55, you have a new opportunity to make super contributions using the downsizer rules, which have no work test requirement or upper age limit. Amounts over the non-concessional cap are taxed at 47% for the 2020–21 financial year. 1300 338 240. Since 1 January this year, people over the age of 55 have been able to contribute up to $300,000 from the proceeds of the sale of their homes into their superannuation funds. If you’re a retiree with retirement. ceases an employment arrangement on or after the age of 60. Example 2: Bob is aged 65 and made personal contributions to his super fund of $110,000 and received no other contributions during the year. There are limits to how much you can contribute each financial year: up to $27,500 in. 1. If you've owned your home for more than 10 years and you sell it, you may be able to contribute up to $300,000 per person, or $600,000 per couple, from the sale to your super. Notice of intent (NOI) to claim or vary a deduction for personal super. This means the before-tax contributions made to a super fund – these are taxed at a lower (i. However, if you are aged between 67 and 75 and want to make a personal super contribution for which you plan. Information for advisers only. If you are over 65 and owned your home for at least 10 years, you can contribute up to $300,000 of the sale proceeds as a personal contribution to super. each month or other period you nominate) cash is transferred from your SMSF Bank Account to your personal Bank Account to fund your living expenses. Your accumulation account with this. The work test requirements have also been removed for other types of personal contributions for those between age 67 and 74. has reached their preservation age and begins a transition-to-retirement income stream. The age restriction for the bring-forward measure extends from under 67 to under 75 after 1 July 2022. You need to properly document contributions and rollovers, including the amount, type and breakdown of components, and allocate them to the members’ accounts within 28 days of the end of the month in which you received them. If you are aged between 67 and 74, you can only make Non Concessional Contributions into your SMSF if you satisfy all of the following eligibility criteria: 1. The tax rate depends on your income plus your before-tax super contributions. You will be asked questions about the nature of the work arrangement. for personal contributions (ATO notice of intent to claim or vary a deduction for personal super contributions) A tax deduction can be claimed for personal contributions (not salary sacrifice) if you are under age 65, or aged 65 to 74 inclusive2 and meet the work test or the work test applies in the financial year in which you make the. start a transition to retirement income stream while continuing to work. 3. part-time. If you are aged 65 years or over and we receive unclaimed super money for you from your super fund we may make a direct lump sum payment to you (where we are able to) and your super money will be withdrawn from the superannuation system. If you pay a worker, you are also required to pay them super guarantee: Amount of pay – you pay it regardless of how much they are paid – their earnings amount is not relevant. As mentioned earlier, super payments are generally tax free once you turn 60. For the 2014–15, 2015–16 and 2016–17 financial years, the concessional contributions cap is $30,000 per financial year and is increased to $35,000 for members 49 or over. That is, the amount that is additional to the minimum contributions Johnson Pty. Tax on Super Withdrawals Over 60. Superannuation Work Test Over Age 65. 68m last financial. In a series of superannuation measures directed at improving access to home ownership a person. This includes the requirement for providers to report and pay in the approved form by the scheduled statement due dates as follows: for an unclaimed money day being 31 December of any year – 30 April of the following year. External Link. A: The key here is the age restriction on making contributions to super. 48 million (from 1 July 2021, and $1. Some of the eligibility criteria you must satisfy before making. By using this strategy, he’ll increase his super balance. Tax Increase On. 7 million. To. When and how you can access your super and whether you need to pay tax on withdrawals. The tax-free and taxable components of her income stream are worked out as follows: tax-free proportion of 25%; taxable proportion of 75%. How super is taxed. You don’t need to notify your super fund or the ATO, or even fill in an application, as your super fund automatically reports all your contributions to the ATO. As @Bruce4Tax said, this assumes she can take advantage of the non-concessional bring-forward arrangements and her 30 June 2021 balance was less than $1. 9 million in 2023-24. Protocols for super funds for unclaimed superannuation of members aged over 65 years old. At age 25, he says you would have to be earning $200,000 a year, to have $3 million in super by age 67 (under the assumption your super contributions are 12 per cent per year, earnings were 5 per. You can also make certain types of super contributions up until you turn 75, even if you’re retired and drawing a super pension. Previous ATO figures shared with ABC News show that last financial. It’s a legal requirement. the maximum co-contribution entitlement was set at $500. Under the law, super funds will cancel insurance on inactive super accounts that haven’t received contributions for at least 16 months. No maximum age limit applies. 5% in the 2023 FY and to 11% in the 2024 FY. concessional contributions. DinahSection: 2. Downsizer contributions allow you to contribute up to $300,000 ($600,000 for a couple) from the sale of your main residence to your super. Age 65 or over. Your spouse must be either, under the age of 65 or, if aged between 65 and 69, meet the work test requirements. The concessional contributions cap is the maximum amount of before-tax contributions you can contribute to your super each year without contributions being subject to extra tax. select Super, then Manage, then Transfer super. You can make a downsizer contribution up to a maximum of $300,000 (each spouse), but the contribution amount can't be greater than the total proceeds from the sale of your home. Why do I have to be over 65? This measure provides an exception to existing contribution By using ATO online services, you can keep track of your super. The low-rate cap amount for the 2023–24 financial year is $235,000. g. A Temporary Budget Repair Levy of 2% applies for the 2014–15, 2015–16 and 2016–17 income years to individuals with a taxable income of more than $180,000 per year. Over the previous two financial. Check 4: Check if you have multiple super accounts and consider. That depends on the actual TSB amount - needs to be under $ 1. Spouse super contribution splitting is the act of opting to transfer concessional contributions from your superannuation account to your spouse’s super account. For the 2014 income year, the maximum contribution base is $48,040 per quarter. Life cover usually ends at age 70. It will help you work out the. On this page. Specifically, does SGC prevent a high earning employee over 75 years of age from receiving super contributions above the minimum requirement set by the Maximum contribution base eg. Last modified: 30 Aug 2023 QC 65745. Your personal non-concessional contribution cap may vary depending on factors such as the amounts you’ve contributed in previous years as well as your eligibility to access the bring forward arrangement. gov. Contributing more than the caps to your super may mean having to pay extra tax. From 1 July 2022, you can accept all types of non-mandated contributions, except downsizer contributions (these can only be made if the member has reached eligible age). During 2018/19 $10,000 in before-tax (concessional) contributions were paid to her super account. From 1 July 2022, you can accept all types of non-mandated contributions, except downsizer contributions (these can only be made if the member has reached. If you go over your limit for before-tax super contributions, the Australian Taxation Office (ATO) will: Check all your super funds; Check your tax return; Decide whether you need to pay extra tax. As of 17 April 2020, these calculators will use a single set of assumptions. Concessional Contributions (i. 0 million for the ATO to improve data matching capabilities to identify and act on cases of SG underpayment by employers and $13. The minimum super contribution for Sue for the pay period is: $3,000 × 11% = $330. This is between 55 and 60, depending on when you were born. 9 million, he is eligible to contribute up to $110,000 in non-concessional contributions during 2023–24 into his accumulation account without exceeding the contribution cap. 4 Work test. The tax offset is calculated as 18% of the lesser of: $3,000 minus the amount by which your spouse's income exceeds $37,000. These contributions must be made within existing contributions caps (for details seeFrom 1 July 2022, you can accept all types of non-mandated contributions, except downsizer contributions (these can only be made if the member has reached eligible age). your employer's contribution, salary sacrifice contributions and contributions by a self-employed person claiming a tax deduction) will count as income. The work test was changed on 1 July 2022. Super for employers . This. For example the super balance shown for age 65 is the balance at 1 July after your 65th birthday. Outside of super, cover generally continues as long as you pay the premiums. Reg 9 Reg 10 2015-16 reg EM “Income” for the purposes of the income test is not simply taxable income. For more information, see: Non-concessional contributions cap. 65 million. Super paid after a person's death is called a 'super death benefit'. Income from a capped defined benefit income stream. In addition, your lifetime super contributions or Total Super Balance (TSB) must not exceed $1. Strategy 2: Split your super contributions. After speaking to a financial adviser, he decides to make a personal super contribution of $10,000 and claim the amount as a tax deduction. To make non-concessional or spouse contributions you must have a Total Super Balance (TSB) of less than $1. au. In the wake of the COVID-19 pandemic, the government has temporarily reduced super pension minimum drawdown rates for 2019–20.