The Superannuation Industry (Supervision) Amendment Regulations 2012 (No 1) were registered on Mon 13.2.2012, to give effect to the Government’s announcement to extend to the 2012-13 year the current draw-down relief for account-based, allocated and market linked pensions.
The Regulations provide that the minimum payment amounts for account-based pensions and annuities for the 2011-12 and 2012-13 years will be set at 75% of the amount worked under the formula in the SIS Regs. This represents a 25% reduction in the standard percentage factors. For market-linked income streams (also known as term allocated pensions), the minimum payment amounts for the 2011-12 and 2012-13 years must not be less than 67.5% (and not greater than 110%) of the amount determined under the standard formula.
The Retirement Savings Accounts Amendment Regulations 2012 (No 1) were also registered on Mon 13.2.2012, to implement similar amendments in respect of pensions and annuities paid from RSAs.
[LTN 28, 13/2]