Support Query
How does Simple Fund 360 calculate the minimum and maximum pension amount for an allocated pension?
Calculation
The calculation used is dependent upon the commencement day of the income stream. Simple Fund 360 uses the following link as a reference for obtaining the payment valuation factors and percentage factors
Payment Factors for Allocated Income Streams
Bear in mind that when referencing the above link, the table you will refer to depends on the commencement day of the income stream. Use the table below as a general guide.
| Commencement Day | Table |
| Before 1 January 2006 | Table 1 (SISR Schedule 1A) |
| From 1 January 2006 to 19 September 2007 | Table 2 (SISR Schedule 1AAB) |
| From 20 September 2007 | Table 3 (SISAR Schedule 7) |
For more details about Pension Commencements based on the dates above, please see the following ATO article: Pension standards for self-managed super funds.
Example
Minimum calculation
Age = 64
Date of Pension commencement = 01/07/2006 (Table 2)
Balance = $500,000
Minimum Payment Factor = 17.7
COVID-19 Reduction = 50%. (For further information regarding Simple Fund 360 updates regarding COVID-19, please click here)
( Balance / 17.7 ) x 50%
( $500,000 / 17.7 ) x 50% = $14,124.29
Maximum calculation
Age = 64
Date of Pension commencement = 01/07/2006 (Table 2)
Balance = $500,000
Maximum Payment Factor = 10.1
( Balance / 10.1 )
( $500,000 / 10.1 ) = $49,504.95
.