Superannuation Industry (Supervision) Regulations 1994

SCHEDULE 1A  

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Subregulations 1.05(4) and 1.06(4)

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

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History

Sch 1A heading substituted by SLI No 333 of 2005, reg 3 and Sch 2 item 32, effective 1 January 2006. The heading formerly read:

PAYMENT LIMITS

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; and

PVF means the maximum pension valuation factor set out in Column 3 in 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.

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History

Sch 1A cl 1 amended by SLI No 333 of 2005, reg 3 and Sch 2 item 33, by substituting " Subject to clauses 3, 4 and 5, " for " Subject to clauses 3 and 4 " , effective 1 January 2006.

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