SuperGuide

Superannuation and retirement planning information

Q&A: Timing for commencing a pension and minimum pension requirements

Q&A: Timing for commencing a pension and minimum pension requirements

Q: My wife and I are both 71 and we've delayed starting a pension in our self-managed super fund to try and make our super last longer. But we now need to start a pension as the cost of living is just crazy now. We wish to start a pension. Do we have to wait until July 2024 or can we start one now? How do we tell the minimum? Is it still based on our 30 June 2023 balance?

A: As you and your wife are over 65, you can start your pension whenever you like. You don't need to start a pension on 1 July of the year. You can start it when it best suits you. That could be today. You could decide, "Hey, let's start our pensions today".

About the author

Garth McNally

Garth has worked in the Australian Superannuation industry for over 20 years with a specific focus on self-managed super funds. He provides ongoing support and training to individuals as well as to professionals working in the superannuation area, including advisers, accountants and lawyers. He is a regular contributor to industry publications and to the leading professional bodies including Chartered Accountants Australia & New Zealand (CA ANZ).

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