Account-Based Pensions - Percentage Factors
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Minimum annual payments

The minimum payment is determined by multiplying the account balance at commencement and then at 1st July each year by a percentage factor.

These percentage factors are as follows:

Age

Percentage of Account Balance for the
2013-14 - following years

Percentage of Account Balance for the 
2011-12 and 2012-13 years

Percentage of Account Balance for the 2008-09, 2009-10 and 2010-11 years

Under 65

4%

3%

2%

65 to 74

5%

3.75%

2.5%

75 to 79

6%

4.5%

3%

80 to 84

7%

5.25%

3.5%

85 to 89

9%

6.75%

4.5%

90 to 94

11%

8.25%

5.5%

95+

14%

10.5%

7%



If the pension is commenced part way through the year then the minimum is pro-rated for the balance of the year.

If pension commences on or after 1 June, no minimum payment is required to be made for that financial year.

A pro-rated minimum pension must be paid prior to a full commutation.

Maximum annual payments

There is no maximum limit to the payment amount. For transition to retirement income streams the maximum income limit will be 10% of the account balance.



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