June 21 2023
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Minimum Pension Drawdown Rates (2023/2024)

When you have a Rest Pension account, you need to withdraw a minimum amount each year. You’ll find the minimum rate that applies to you below.

What is a minimum pension drawdown rate?

The minimum pension drawdown rate is the amount you’re required to withdraw from your Rest Pension Retirement or Transition to Retirement account each year. It’s a percentage of your starting balance on 1 July of the current financial year, and depends on your age*.

Minimum pension drawdown rates

Your age on 1 July or commencement of pension*

Minimum drawdown rate
(% of account balance)

 

Younger than 65

4  
65-74 5  
75-79 6  
80-84 7  
85-89 9  
90-94 11  
95 or older 14  

*The minimum payment amount that applies to you for the first financial year is calculated when you start your Rest Pension account. If it starts part-way through the year, your minimum payment is pro-rated. If it starts on or after 1 June, you don’t need to take the minimum payment for the first financial year. The minimum payment amount applying to each subsequent financial year is calculated on 1 July each year.


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