The ATO has strongly refuted information currently being circulated about impending changes to the superannuation rules regarding preservation age and drawdown restrictions.
It has been reported by certain media outlets information is being circulated targeting retirees stating that the preservation age, starting from 1 June 2025, will be increased from 60 to 70 by 2030.
The same piece of correspondence is claiming lump sum withdrawals will no longer be fully accessible, as they are now, and instead will be capped at 50 per cent of a member’s benefit balance.
ATO superannuation and employer obligations deputy commissioner Emma Rosenzweig responded to these claims labelling them as myths.
“As Deputy Commissioner for Superannuation at the ATO, sometimes it’s my job to bust some myths. I’m aware that there is false information circulating that there are changes to the superannuation preservation rules and withdrawal rules starting on 1 June. This is false,” Rosenzweig noted.
“The maximum preservation age, the age when you can access your superannuation savings on retirement, is 60 for anyone born from 1 July 1964,” she confirmed.
In light of the misinformation being circulated she advised superannuants to be careful as to the sources from which they receive their facts about the retirement savings framework.
“Always consider the source of information you see, and if in doubt go to trusted sources such as the ATO website, your super fund website, your registered tax agent or licensed financial adviser. Beware of websites that might be trying to harvest your personal information such as your tax file number, identity details or mygov login details,” she recommended.
Another claim circulating among the public is that a deferred access bonus of 3 per cent per year will be available for super fund members up to the age of 75 as is currently the case with US and UK pension systems.
