Retirement Savings Accounts Regulations 1997

SCHEDULE 1  

(subregulation 1.07(2) )

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

SECTION 1.  

1.    
Subject to clauses 3 , 4 and 4A , the maximum limits mentioned in paragraph 1.07(2)(d) are determined under the formula:

AB     PVF

where:

" AB " means the amount in the RSA:

(a) on 1 July in the financial year in which the payments are made; or

(b) if that year is the year in which the pension payments commence - on the commencement day; and

" PVF " means the maximum pension valuation factor set out in Column 3 of Table 1 in this Schedule in relation to the item in the Table that represents the age of the beneficiary (or, subject to clause 5 , in the case of the death of the original beneficiary, the age of the reversionary beneficiary) on:

(a) 1 July in the financial year in which the payments are made; or

(b) if that is the year in which the pension payments commence - the commencement day.