§ Rules · Superannuation Industry (Supervision) Regulations 1994 (Cth) Schedule 7
Minimum pension drawdown percentages by age band
Worked example: Age 76 at 1 July with an $850,000 pension balance
| Schedule 7 bands | under 65: 4% · 65-74: 5% · 75-79: 6% · 80-84: 7% · 85-89: 9% · 90-94: 11% · 95+: 14% |
| Pension balance at 1 Jul 2026 | $850,000 |
| Band applying at age 76 | 75-79 → 6% |
| Minimum annual payment (6% × $850,000, nearest $10) | $51,000 |
Pensions commenced during the year pro-rate by days remaining; a pension commenced on or after 1 June has no minimum for that year.
Every 1 July, a retirement-phase pension recalculates its minimum annual payment: the Schedule 7 percentage for the member's age on that day, applied to that day's pension balance, rounded to the nearest $10.
How the rule counts
- 01The inputs are both fixed on 1 July: the member's age on that day and the pension balance on that day.
- 02The Schedule 7 percentage steps at ages 65, 75, 80, 85, 90 and 95.
- 03The product is rounded to the nearest $10. These are the standard rates; the COVID-era 50% reduction ended 30 June 2023.
- 04Paying less than the minimum risks the pension ceasing to be in retirement phase for the year, which is an ECPI question, not a rounding one.
Sources
- ATO: income stream (pension) rules and minimum payments
- SIS Regulations 1994 (Cth) Schedule 7 (minimum percentage factors)
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