The following is a press release from the government announcing the continuation of the pension drawdown relief for the 2010-2011 financial year. If you would like to reduce your pension for the 2010 - 2011 financial year, please contact your adviser.

The Gillard Government will continue to support self-funded retirees by extending the drawdown relief currently provided for account-based superannuation pensions to the 2010-11 year.

Drawdown relief over the past two years has helped retirees with account‑based pensions by reducing the need to sell assets at a loss in order to meet the minimum payment requirement.

Extending the drawdown relief for a further year will help retirees to recoup capital losses on their pension portfolios as equity markets recover over time.

Currently, it is a requirement that minimum payments be made from a superannuation account-based pension at least annually. Minimum payments are determined by age and the value of the account balance as at 1 July each year.