Superannuation Industry (Supervision) Regulations 1994

SCHEDULE 7  

(paragraph 1.05(11A)(a) , subparagraph 1.05(11A)(b)(i) , paragraph 1.06(9A)(a) , subparagraph 1.06(9A)(b)(i) and regulation 1.07D )

MINIMUM PAYMENT AMOUNT FOR A SUPERANNUATION INCOME STREAM

SECTION 2(1)  

2(1)    
The amount of payments mentioned in

(a)    subparagraph 1.05(11A)(b)(i) and sub-subparagraph 1.05(11A)(b)(ii)(D) ; and

(b)    subparagraph 1.06(9A)(b)(i) and sub-subparagraph 1.06(9A)(b)(ii)(C) ;

is the amount worked out using the formula:

purchase price × percentage factor.

2(2)    
In subclause (1) :

purchase price
means the total amount paid as consideration to purchase the income stream.

percentage factor
means the percentage factor specified in the item in the table that applies to the beneficiary because of the beneficiary ' s age on:

(a) the commencement day; or

(b) the anniversary of the commencement day.