Overview of legislative changes in 2021
Reduction in minimum pension withdrawals extended
The government has reduced the minimum amount you can withdraw from your retirement pension for another year. Read more.
Super bring-forward rules now apply to more people
More people can make up to three years’ worth of non-concessional contributions in the same financial year, with the age limit increasing from under 65 to under 67. Read more.
Compulsory SG contributions have risen
The contributions your employer is required to make into your super 1. fund, under the super guarantee increased to 10% of your before-tax income on 1 July 2021. Read more.
Super contribution caps have gone up
The caps on concessional and non-concessional super contributions increased on 1 July 2021, meaning you may be able to put more money into super if you choose to. Read more.
Transfer balance cap increased to $1.7 million
The amount of super savings that can be transferred to a retirement pension increased from $1.6 million to $1.7 million on 1 July 2021, but not for everyone. Read more.
Other legislation that came into effect in 2020/19
Putting Members' Interests First
This legislation came into effect on 1 April 2020. It aims to prevent certain people from being charged for insurance inside super that they may not need. It affects:
- members with a super balance under $6,000
- new members aged under 25.
Protecting Your Super
This law came into effect on 1 July 2019. It aims to protect super balances from becoming eroded by fees and insurance premiums in accounts that haven't received a rollover or contribution for 16 months. Read more.
Like to know more?
If you'd like to know more about how super and pension rules could affect you, speak to your financial adviser. If you don't have an adviser and are after some advice, you can call AMP on 131 267 or use our find an adviser search function to locate one nearby.
What you need to know
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