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 1.  

1.    
Subject to clauses 3 , 4 and 5 , the maximum limits mentioned in paragraph 1.05(4)(f) or 1.06(4)(e) are determined under the formula:

AB   PVF

where:

AB means the amount of the annuity account balance, or pension account balance, as the case requires:

(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 annuity payments, or pension payments, commence - on the commencement day.

PVF means the maximum pension valuation factor set out in Column 3 of the Table in this Schedule in relation to the item in the Table that represents the age of the 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 annuity payments, or pension payments, commence - the commencement day.