Superannuation Industry (Supervision) Regulations 1994

SCHEDULE 1AAB  

Subregulations 1.05(4) and 1.06(4)


PAYMENT LIMITS FOR ANNUITIES AND PENSIONS WITH A COMMENCEMENT DAY ON AND AFTER 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


Column 1 Column 2 Column 3 Column 4
Item Age of Beneficiary Maximum Pension Valuation Factor Minimum Pension Valuation Factor
1 20 or less 12.0 29.2
2 21 12.0 29.0
3 22 12.0 28.9
4 23 12.0 28.7
5 24 12.0 28.6
6 25 12.0 28.4
7 26 12.0 28.3
8 27 12.0 28.1
9 28 12.0 27.9
10 29 12.0 27.8
11 30 12.0 27.6
12 31 12.0 27.4
13 32 12.0 27.2
14 33 12.0 27.0
15 34 12.0 26.8
16 35 12.0 26.6
17 36 12.0 26.4
18 37 12.0 26.2
19 38 12.0 26.0
20 39 12.0 25.8
21 40 12.0 25.5
22 41 12.0 25.3
23 42 12.0 25.0
24 43 12.0 24.8
25 44 12.0 24.5
26 45 12.0 24.2
27 46 12.0 24.0
28 47 12.0 23.7
29 48 12.0 23.4
30 49 12.0 23.1
31 50 12.0 22.8
32 51 11.9 22.5
33 52 11.8 22.2
34 53 11.8 21.8
35 54 11.7 21.5
36 55 11.5 21.1
37 56 11.4 20.8
38 57 11.3 20.4
39 58 11.2 20.1
40 59 11.0 19.7
41 60 10.9 19.3
42 61 10.7 18.9
43 62 10.5 18.5
44 63 10.3 18.1
45 64 10.1 17.7
46 65   9.9 17.3
47 66   9.6 16.8
48 67   9.3 16.4
49 68   9.1 16.0
50 69   8.7 15.5
51 70   8.4 15.1
52 71   8.0 14.6
53 72   7.6 14.2
54 73   7.2 13.7
55 74   6.7 13.3
56 75   6.2 12.8
57 76   5.7 12.3
58 77   5.1 11.9
59 78   4.5 11.4
60 79   3.8 10.9
61 80   3.1 10.5
62 81   2.3 10.0
63 82   1.4   9.6
64 83 1   9.1
65 84 1   8.7
66 85 1   8.3
67 86 1   7.9
68 87 1   7.5
69 88 1   7.2
70 89 1   6.9
71 90 1   6.6
72 91 1   6.3
73 92 1   6.0
74 93 1   5.8
75 94 1   5.5
76 95 1   5.3
77 96 1   5.1
78 97 1   4.9
79 98 1   4.7
80 99 1   4.5
81 100 or more 1   4.4

Example :

Clive Long, who turns 65 on 8 February 2006, invests $100,000 in an allocated pension fund on 1 March 2006. The date of the first payment to Mr Long is 1 April 2006.

2005/06: The maximum and minimum payments for 2005/06 are based on:

  • (a) the account balance on the day of purchase; and
  • (b) the beneficiary ' s age of 65 on the day of purchase:


    $100,000
    9.9
    × 122
    365
    = $3,376.23 (maximum limit, rounded to $3,380)


    $100,000
    17.3
    × 122
    365
    = $1,932.06 (minimum limit, rounded to $1,930)

  • Assume that total payments to Mr Long at 30 June 2006 are $3,000.

    2006/07: The maximum and minimum payments for 2006/07 are based on:

  • (a) the account balance on 1 July 2006 which is $99,300 (residue $97,000 + earnings of $2,300); and
  • (b) the beneficiary ' s age of 65 on 1 July 2006:


    $99,300
    9.9
    = $10,030.30 (maximum limit, rounded to $10,030)


    $99,300
    17.3
    = $5,739.88 (minimum limit, rounded to $5,740)




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