Superannuation Industry (Supervision) Regulations 1994

SCHEDULE 1A

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

SECTION 5.

5.
In a year in which a PVF of 1 is used in calculating the maximum limit under clause 1 , payment of the full account balance may be made at any time during the year.

View history note

TABLE

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

Example :
Iva Fortune, who turns 60 on 5 September 1994, invests $100,000 in an allocated pension fund on 1 October 1994. The date of the first payment to Ms Fortune is 1 January 1995.
Assume a fund earning rate of 7%.
1994/95: The maximum and minimum payments for 1994/95 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 that total payments to Ms Fortune at 30 June 1995 are $6,000.
1995/96: The maximum and minimum payments for the year 1995/96 are based on:
	(a) the account balance on 1 July 1995 which is $99,145 (residue $94,000 + interest of $5,145); and
	(b) the beneficiary ' s age of 60 on 1 July 1995:

$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)

View history note

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.