Since Class implemented the new pension drawdown rates to comply with Coronavirus Economic Response Package Omnibus Bill 2020, we have recalculated and updated the Minimum Pension amount in Pension Reviews for 2019/20 FY when the following criteria are met:
- Only one Pension Review was created during 2019/20 FY with the review End Date of 30/06/2020;
- Pension type is Account-Based Pensions, including Transition to Retirement Income Streams (TRIS);
- The existing Pension Review amount is equal to the minimum based on old rates;
- No PAYG amount is saved in the Pension Review.
If the Pension Review did not satisfy the aforementioned criteria, you need to review and manually update them.
The reduction of the pension minimum will be correctly reflected in:
- Fund Dashboard
- Member Console
- Client View / Investor App
- Pension Limit Report
For pension accounts without pension reviews created for 2019/20 FY, their minimum will have the 50% minimum reduction automatically applied and correctly reflected.
Refer to COVID-19: How to update Pension Review to reflect Temporary 50% Reduction in Minimum Pension Drawdown for more information on manually updating Pension Review.