• Allocated pension payments

    Up to 30 June 2007, the rules governing allocated pensions allowed for payments between the minimum and maximum limits. To obtain the limits, the pension account balance was divided by each of the maximum and the minimum pension valuation factors in the schedule matching the recipient's age.

    The table below is an extract from Schedule 1AAB of SISR which sets out the maximum and minimum pension valuation factors for pensions starting from 1 January 2006.

    Table 26: Allocated pension payment limits

    Age of beneficiary

    Maximum pension valuation factor

    Minimum pension valuation factor

    63

    10.3

    18.1

    64

    10.1

    17.7

    65

    9.9

    17.3

    66

    9.6

    16.8

    67

    9.3

    16.4

    68

    9.1

    16.0

    For pensions that commenced before 1 January 2006, different pension valuation factors apply. Transitional rules also applied for the period between 1 January 2006 and 30 June 2006.

    Last modified: 26 Jul 2017QC 18123