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.

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**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.*