OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS 1987 (REPEALED)

SCHEDULE 1A - PAYMENT LIMITS  

(subregulations 3E(4) and 3F(4) )

CLAUSE 4  

4    
An amount determined under the formula that is not evenly divisible by 10 is to be rounded to the nearest amount that is so divisible.

Column 1 Item	Column 2 Age of Beneficiary	Column 3 Maximum Pension Valuation Factor	Column 4 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	0	9.1
62	81	0	8.7
63	82	0	8.3
64	83	0	7.9
65	84	0	7.5
66	85	0	7.1
67	86	0	6.8
68	87	0	6.4
69	88	0	6.1
70	89	0	5.8
71	90	0	5.5
72	91	0	5.3
73	92	0	5.0
74	93	0	4.8
75	94	0	4.6
76	95	0	4.4
77	96	0	4.2
78	97	0	4.0
79	98	0	3.8
80	99	0	3.7
81	100 or more	0	3.5

EXAMPLE

Ms Johnson, who turns 60 on 5 September 1993, invests $ 100,000 in an allocated pension fund on 1 October 1993. The date of the first payment to Ms Johnson is 1 January 1994.

Assume a fund earning rate of 7 % .

1993/94: The maximum and minimum payments for 1993/94 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 total payments to Ms Johnson at 30 June 1994 are $ 6,000.

1994/95: The maximum and minimum payments for the year 1994/95 are based on:

(a) the account balance on 1 July 1994 which is $ 99,145 (residue $ 94,000 + interest of $ 5,145); and

(b) the beneficiary ' s age of 60 on 1 July 1994:

$ 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)