The reduction in superannuation balances can be partly offset by pensioners applying for increased Age Pension payments.

Some part-pensioners may be entitled to an increase in their Centrelink payments, because of changes to their drawdown level - therefore, they should inform Centrelink within 14 days.

They will need to provide Centrelink with an Income Stream Schedule as proof of the change.

Remember also the minimum pension was halved earlier this year, so some pensioners have been able to afford to reduce their drawn down.

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