How to update Pension Review to reflect Temporary 50% Reduction in Minimum Pension Drawdown for the 2019-20 Financial Year.
For pension accounts without Pension Reviews done in FY 2019-20, their minimum will be automatically updated to take into account the 50% reduction.
You will need to:
To find out which funds have existing Pension Reviews for FY 2019-20
Navigate to Business Level > Members > Member Console
- Select the Financial Year 2019-20 then click on Export Pension Details
- Open the exported excel spreadsheet, filter the Review Required column as "False (No)" for the pensions account with existing Pension Reviews
Update Pension Reviews with overstated pension minimum amount
Navigate to Fund Level > Members > Browse Pension Review
- Filter FY 2019-20, select the relevant Pension Review. For example, the minimum pension drawdown for this member aged 66 with ABP balance of $900,000 on 1 July 2019: $900,000 x 5% = $45,000.
- Click on Calculate Payments, this will recalculate the pension minimum based on the reduced rate. Continue with the above example, the minimum pension payment = $900,000 x 2.5% = $22,500.
- Click on Save.
Use the Excel spreadsheet created in Step 1 to track for other pensions (with Pension Reviews) and repeat this process
Refer to Temporary 50% Reduction in Minimum Pension Drawdown for more information.