RETIREMENT SAVINGS ACCOUNTS REGULATIONS 1997
(regulation 1.08A )SECTION 1(1) 1(1)
Subject to clauses 2, 3, 3A and 3B, the amount of payments mentioned in paragraph 1.07(3D)(a) is the amount worked out using the formula:
Account balance x Percentage factor
In subclause (1): -
(a) the amount of the pension account balance:
(i) on 1 July in the financial year in which the payment is made; or
(ii) if that year is the year in which the pension payments commence - on the commencement day; or
(b) if the amount of the pension account balance under paragraph (a) is less than the withdrawal benefit to which the beneficiary would be entitled if the pension were to be fully commuted - the amount of the withdrawal benefit.
(a) 1 July in the financial year in which the payment is made; or
(b) if that is the year in which the pension payments commence - the commencement day.
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