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1992 No. 463 OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS (AMENDMENT) - REG 9
9 New Schedule 1A
9.1 After Schedule 1, insert:
SCHEDULE 1A Subregulations 3E (4)
and 3F (4) PAYMENT LIMITS 1. Subject to clauses 3 and 4, the maximum limits
mentioned in paragraph 3E (4) (f) or 3F (4) (f) 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
Schedule 1A in relation to the item in the Schedule 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 =x
payments, commence-the commencement day. 2. Subject to clauses 3 and
4, the minimum limits mentioned in paragraph 3E (4) (f) or 3F (4) (f)
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 minimum pension valuation factor set out in Column 4 in
Schedule 1A in relation to the item in the Schedule 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. 3. For a calculation of the
maximum or minimum limit in the year in which the commencement day of
the pension or annuity occurs if that day is a day other than 1 July,
the appropriate value set out in Column 3 or Column 4 must be applied
proportionally to the number of days in the financial year that
include and follow the commencement day. 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 Column 2 Column 3 Column 4
Item Age of Maximum Pension Minimum Pension
Beneficiary Valuation Factor 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 x 273 =
$8,310.50 (maximum limit, rounded to $8,310)
9.0 365
$100,000 x 273 = $4,201.93 (minimum limit, rounded to $4,200)
17.8 365
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:
$99145 = $11,016.11 (maximum limit, rounded to $11,020)
9.0
$99145 = $5,569.94 (minimum limit, rounded to $5,570)
17.8
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