The following table shows the relevant percentage factor based on the member’s age.
Age Determination
A member's age is determined based on one of the following criteria:
- As of 1 July if the pension commenced in a previous financial year.
- On the commencement day if the pension begins during the current financial year.
Account Balance Definition
The pension account balance is defined as:
- The balance on 1 July if the pension commenced in a prior financial year.
- The balance on the commencement day of the pension started during the financial year.
First-Year Payment Calculation
For pensions that commence after 1 July, the minimum payment amount for the first year is calculated proportionately based on the remaining days in the financial year, starting from the commencement day.
Minimum Payment Amount
Note: If the pension commences on or after 1 June in a financial year, no minimum payment is required for that financial year.
The minimum payment amount may also be influenced by the winding up of funds.
SF360 is rounding the minimum payment down to the closest $10. Should it not round up to the next $10?
According to the Superannuation Industry (Supervision) Regulations 1994 - Schedule 7, Section 5:
An amount determined under this Schedule is to be rounded to the nearest 10 whole dollars. If the amount ends in an exact 5 dollars, it is to be rounded up to the next 10 whole dollars.