The minimum drawdown requirements for account-based pensions and similar products have been reduced by 50% in 2020-21.
If you have already drawn down more than the required minimum, any deposits into your fund will be treated as a contribution under normal contribution rules.
| Age | Default minimum drawdown rates | 2020-21 reduced rates |
| Under 65 | 4% | 2% |
| 65-74 | 5% | 2.5% |
| 75-79 | 6% | 3% |
| 80-84 | 7% | 3.5% |
| 85-89 | 9% | 4.5% |
| 90-94 | 11% | 5.5% |
| 95 or more | 14% | 7% |
