To support retirees with account-based pensions and similar products from
having to sell investment assets in their self-managed super funds (SMSF)
to fund minimum drawdown requirements, minimum drawdown
requirements have been reduced by 50% for 2019–20 and 2020–21
income years.
For SMSF trustees who have paid their member the minimum drawdown
amount, payments can be stopped for the remainder of the year, if the
member chooses to do so.
For those who have paid more than the minimum drawdown amount, their
member can only recontribute these amounts if they are eligible to make
super contributions, subject to other rules or limits such as contributions
caps.
There is no maximum amount other than the balance of your super
account, unless it is a transition to retirement pension which is not in the
retirement phase. In this case, the maximum amount is 10% of the account
balance.