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Picture Book · Account-based pension vs TTR

The yearly minimum

Story pages

A woman in her early seventies with a sunhat feeding chickens in a backyard
Meet Dot. She's 72, retired, and has an account-based pension.
A set of stone steps leading up a garden slope
Each year she must take at least a minimum, based on her age and balance on 1 July.
Terraced garden beds climbing a gentle hillside
It's 4% under 65 and 5% from 65 to 74, rising in steps to 14% from age 95.
An open garden gate onto a wide grassy field
There's no maximum. She can take more, or a lump sum, whenever she likes.
A sealed glass preserving jar on a pantry shelf
Once it's started she can't add money to it. She'd need to start a new one.
A woman in her early seventies with a sunhat chatting over the back fence with a neighbour
Services Australia counts her pension in the Age Pension income and assets tests.

The end

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Next story: The lifetime cap

General advice warning. This picture book is general information only. It does not take into account your objectives, financial situation or needs, and it is not personal advice. Rules and thresholds change. Before acting, consider whether it is right for you, read any relevant Product Disclosure Statement and our Financial Services Guide, and seek personal advice. Past performance is not a reliable indicator of future performance.

Information as at 27 October 2026. Sources:

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