We can help too

For all your super related questions regarding COVID19, don't hesitate to call us on the following numbers.

Member hotline
1300 300 820

Employer hotline
1300 304 947

Retirement hotline
1300 017 589

Government apps for Android and Apple

Stay informed. Download the official government Coronavirus Australia app in the Apple App Store or Google Play, or join the Government's WhatsApp channel on iOS or Android.

Useful sources of COVID19 information

WORLD HEALTH ORGANISATION provides information and updates on the Coronavirus disease (COVID) outbreak both internationally and in Australia.

Visit now >

ABC CORONA DAILY PODCAST 
10 minute podcast providing an updates each day

Visit now >

AUSTRALIAN GOVERNMENT DEPARTMENT OF HEALTH provides the latest information about the spread of COVID-19 and the steps being taken to slow the spread.

Visit now >

VICTORIAN STATE GOVERNMENT HEALTH AND HUMAN SERVICES  provides regular updates.

Visit now >

NEW SOUTH WALES HEALTH AND HUMAN SERVICES provides regular updates.

Visit now >

Cheer yourself up with these links

Isolation can be hard. Here are some light hearted links that might help you through. The Australian comedy group The Chaser and the US site The Onion feature regularly updated online articles. British comedian Ricky Gervais is broadcasting regularly on Twitter and US comedian Stephen Colbert's home videos are also worth a look. For those with a literary bent, actor Patrick Stewart is reading a Shakespearean sonnet a day.  

How to keep physically and mentally fit

9 Practices To Help Maintain Mental Health During The Coronavirus Lockdown 
Learn more >

5 tips to mind your mental health during the coronavirus lockdown 
Learn more >

Great Ways to Work Out Indoors 
Learn more >

The FBI’s Physical Fitness Test app is an informative and interactive way to train like an agent. 
Learn more >

 

Reduction in minimum drawdowns

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23 March 2020

Pension minimum draw down changes

On 12 March the government announced changes to account-based pensions that may benefit members who have an allocated pension, or a non-concessional allocated pension. The changes temporarily reduce superannuation minimum drawdown requirements by 50% for the 2019-20 and 2020-21 income years. This means if you would prefer to take a lower amount of pension, you can do so:

Age Default minimum drawdown rates Reduced rates by 50% for the 2019-20 and 2020 -21 income years (%)
Under 65 4 2
65-74 5 2.5
75-79 6 3
80-84 7 3.5
85-89 9 4.5
90-94 11 5.5
95 or more 14 7

With the recent announcement you are entitled to make a change to your income payments for the new minimum or any specified amount up to the maximum. Any change you decide to make now will only apply for this financial year.

Please note: you are NOT compelled to change anything – if you don’t want any change simply do nothing and your pension will continue to make your nominated payments to you.

Making a change

Changes to pension income limits can be made in the following ways:

  • Call our Contact Centre on 1300 017 589 and advise one of our consultants that you would like to make a change. You will need to advise them of the new payment amount and the consultant will arrange for the change to occur, or
  • Email us at pensions@visionsuper.com.au advising us of your change. Please include your name, member number, address, date of birth and specify the amount of your new payment within the new limit.

If you don’t want to make a change to your pension payment schedule there is no need to take any action.

General advice warning

This letter includes general information and does not contain any personal advice. It is provided for general information only, to help you understand the Pension drawdown changes. The information does not take into account your personal objectives, financial situation or needs. You should consider whether it is appropriate for you and your personal circumstances before acting on it and, if necessary, you should seek professional financial advice.

Additional information

The government is also reducing both the upper and lower social security deeming rates by a further 0.25% in addition to the 0.5% reduction to both rates announced on 12 March 2020. The new rates apply from 1 May. If you are entitled to an Age Pension, this may reduce your income for the purposes of the Age Pension income test, which may increase your pension. You can find more details online at Services Australia.

We’re here to help

If there is anything, we can do for you or you would like any further information about your Vision Super membership, please call our Retirement Hotline on 1300 017 589 between 8.30am and 5.00pm Monday to Friday. Or you can email us anytime at memberservices@visionsuper.com.au.

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