Retirement Savings Accounts Regulations 1997
(subregulation 1.07(2) )
PAYMENT LIMITS FOR PENSIONS WITH A COMMENCEMENT DAY BEFORE 1 JANUARY 2006
View history note
Hide history noteFor the purposes of clause 5 , a reversionary beneficiary is a child beneficiary until: (a) his or her 16th birthday; or (b) if the person mentioned in paragraph (a) is a full-time student at age 16 - the end of his or her full-time studies or his or her 25th birthday (whichever occurs sooner).
| Column 1 | Column 2 | Column 3 | Column 4 |
|
Item
no. |
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 1997, invests $100,000 in an RSA on 1 October 1997. The date of the first payment to Ms Fortune is 1 January 1998. | |
| Assume that the interest applied to the RSA is 7%. | |
| 1997/98: The maximum and minimum payments for 1997/98 are based on: | |
| (a) the RSA 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 | (maximum limit,
rounded to $4,200) |
|||
| Assume that total payments to Ms Fortune at 30 June 1998 are $6,000. | |||||||
| 1998/99: The maximum and minimum payments for the year 1998/99 are based on: | |||||||
| (a) the RSA balance on 1 July 1998 which is $99,145 (residue $94,000 + interest of $5,145); and | |||||||
| (b) the beneficiary ' s age of 60 on 1 July 1998: |
|
$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) |
| Column 1 | Column 2 | Column 3 | Column 4 |
| Item
no. |
Age of Beneficiary | Maximum Pension Valuation Factor | Minimum Pension Valuation Factor |
| 1 | 0 | 8.3 | 17.4 |
| 2 | 1 | 8.1 | 16.9 |
| 3 | 2 | 7.9 | 16.4 |
| 4 | 3 | 7.6 | 15.9 |
| 5 | 4 | 7.3 | 15.4 |
| 6 | 5 | 7.0 | 14.8 |
| 7 | 6 | 6.6 | 14.3 |
| 8 | 7 | 6.2 | 13.7 |
| 9 | 8 | 5.8 | 13.1 |
| 10 | 9 | 5.4 | 12.4 |
| 11 | 10 | 4.8 | 11.8 |
| 12 | 11 | 4.3 | 11.1 |
| 13 | 12 | 3.7 | 10.5 |
| 14 | 13 | 3.0 | 9.7 |
| 15 | 14 | 2.2 | 9.0 |
| 16 | 15 | 1.4 | 8.3 |
| 17 | 16 | 1.0 | 7.5 |
| 18 | 17 | 1.0 | 6.7 |
| 19 | 18 | 1.0 | 5.9 |
| 20 | 19 | 1.0 | 5.1 |
| 21 | 20 | 1.0 | 4.2 |
| 22 | 21 | 1.0 | 3.3 |
| 23 | 22 | 1.0 | 2.4 |
| 24 | 23 | 1.0 | 1.5 |
| 25 | 24 | 1.0 | 1.0 |
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