As you will know, in March 2009 the Government halved the minimum pension payable for the year ending 30 June 2009 to alleviate hardship arising from the decline in investment markets.
The Government has decided to extend this initiative to the 2009/2010 year as well. This means the minimum pension calculation for 2009/2010 will be half the normal rate.
IOOF’s policy
All IOOF pension account holders who have selected a minimum pension will automatically receive the reduced minimum pension rate from July 2009.
Pensioners will need to advise IOOF if they wish to increase their pension payment.
Annual pension packs
Clients will have the opportunity to adjust pension payments in mid-July when they are sent the 'Annual Pension Payments Amendment Form' as part of their annual pension packs.
If your client does not require any changes to the amount of their annual pension then you (they) do not need to take any action.
Viewpoint
Contents
Newsflash: Adviser Alert: Minimum Pension Payments
Newsflash: One day to go – get all concessional contributions in before the deadline
Newsflash: ATO co-contributions systems failure
Technical Strategy: Pension Drawdown Relief – Adviser Opportunities
Technical Strategy: Hidden and carried forward salary sacrifice contributions
Technical Strategy: Super Threshold Changes for 2009/10
Product Spotlight: IOOF Supplementary Product Disclosure Statements post Federal Budget 2009
Our People
Performance Data
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