As a result of a large drop in the share market in 2020, and ongoing COVID-19 issues, it was announced last year that the usual minimum pension withdrawal requirements would be halved for the 2020 and 2021 financial years.
This was scheduled to end on 30 June 2021. Many were hoping for an extension to be announced as part of last month’s budget, but as nothing was forthcoming we had resigned ourselves to having the pension minimum go back to the usual percentages.
Well, good news! In a bit of a sneaky media release that seemed to go under the radar, it was finally confirmed over the weekend that the extension to 30 June 2022 would now go ahead. Click here to read the full update
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