Superannuation Industry (Supervision) Regulations 1994

SCHEDULE 1A  

Subregulations 1.05(4) and 1.06(4)


PAYMENT LIMITS FOR ANNUITIES AND PENSIONS WITH A COMMENCEMENT DAY BEFORE 1 JANUARY 2006

SECTION 5.   5.  
In a year in which a PVF of 1 is used in calculating the maximum limit under clause 1, payment of the full account balance may be made at any time during the year.



TABLE
TABLE
Column 1 Column 2 Column 3 Column 4
Item Age of Beneficiary Maximum Pension Valuation Factor Minimum Pension Valuation Factor
1 20 or less 10 28.6
2 21 10 28.5
3 22 10 28.3
4 23 10 28.1
5 24 10 28.0
6 25 10 27.8
7 26 10 27.6
8 27 10 27.5
9 28 10 27.3
10 29 10 27.1
11 30 10 26.9
12 31 10 26.7
13 32 10 26.5
14 33 10 26.3
15 34 10 26.0
16 35 10 25.8
17 36 10 25.6
18 37 10 25.3
19 38 10 25.1
20 39 10 24.8
21 40 10 24.6
22 41 10 24.3
23 42 10 24.0
24 43 10 23.7
25 44 10 23.4
26 45 10 23.1
27 46 10 22.8
28 47 10 22.5
29 48 10 22.2
30 49 10 21.9
31 50 9.9 21.5
32 51 9.9 21.2
33 52 9.8 20.9
34 53 9.7 20.5
35 54 9.7 20.1
36 55 9.6 19.8
37 56 9.5 19.4
38 57 9.4 19.0
39 58 9.3 18.6
40 59 9.1 18.2
41 60 9.0 17.8
42 61 8.9 17.4
43 62 8.7 17.0
44 63 8.5 16.6
45 64 8.3 16.2
46 65 8.1 15.7
47 66 7.9 15.3
48 67 7.6 14.9
49 68 7.3 14.4
50 69 7.0 14.0
51 70 6.6 13.5
52 71 6.2 13.1
53 72 5.8 12.6
54 73 5.4 12.2
55 74 4.8 11.7
56 75 4.3 11.3
57 76 3.7 10.8
58 77 3.0 10.4
59 78 2.2 10.0
60 79 1.4 9.5
61 80 1 9.1
62 81 1 8.7
63 82 1 8.3
64 83 1 7.9
65 84 1 7.5
66 85 1 7.1
67 86 1 6.8
68 87 1 6.4
69 88 1 6.1
70 89 1 5.8
71 90 1 5.5
72 91 1 5.3
73 92 1 5.0
74 93 1 4.8
75 94 1 4.6
76 95 1 4.4
77 96 1 4.2
78 97 1 4.0
79 98 1 3.8
80 99 1 3.7
81 100 or more 1 3.5


Example :
Iva Fortune, who turns 60 on 5 September 1994, invests $100,000 in an allocated pension fund on 1 October 1994. The date of the first payment to Ms Fortune is 1 January 1995.
Assume a fund earning rate of 7%.
1994/95: The maximum and minimum payments for 1994/95 are based on:
(a) the account balance on the day of purchase; and
(b) the beneficiary's age of 60 on the day of purchase:


$100,000
9.0    
× 273
365
= $8,310.50 (maximum limit, rounded to $8,310)
$100,000
17.8  
× 273
365
= $4,201.93 (minimum limit, rounded to $4,200)


Assume that total payments to Ms Fortune at 30 June 1995 are $6,000.
1995/96: The maximum and minimum payments for the year 1995/96 are based on:
(a) the account balance on 1 July 1995 which is $99,145 (residue $94,000 + interest of $5,145); and
(b) the beneficiary's age of 60 on 1 July 1995:


$99,145
9.0      
= $11,016.11 (maximum limit, rounded to $11,020)
$99,145
17.8    
= $5,569.94 (minimum limit, rounded to $5,570)




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