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.

For only 3% of the eurozone economy and just under 0.5% of the world economy, Greece has caused big trouble around the world lately. The question is whether steps by authorities to counter the Greek-inspired turmoil will be enough to calm investors over the longer term and leave in place any global economic and sharemarket recoveries.

Read the rest of this special edition article in the attachment below.

See the attached document for our overview of the 2010 Federal Budget.

The May newsletter contains articles on:

• The Henry Review
• The Underinsurance Crisis
• Superannuation Contribution Caps
  
• A Market Commentary
• Comparing The Pair - Portfolio Performances

Click the link below to download a copy of the May newsletter.