Notably, your account-based pension does not prevent you from withdrawing additional lump-sums from your account if needed. It enables routine and regularity for those who like a predictable and consistent payment schedule, with the flexibility of extra payments.
Note that the minimum drawdown rate, changed as of 1 July 2023. Learn more about the minimum pension payment here.
There's also a lifetime limit on how much superannuation you can transfer into a tax-free retirement account like an account-based pension. This is called the transfer balance cap. As of 1 July 2023, the general transfer balance cap increased to $1.9 million. This amount is reviewed each financial year.