Minimum Required Pension 

Account Based Pension Ver2018.2.au 

Data Input:


Name:                        

Date of Birth:             

Pension Start/Review:

Pension Ac Balance:  


Notes:


The minimum pension to be paid in the financial year is worked out by multiplying the member's pension account balance by a percentage factor for the relevant age. The percentage factors vary from 4% for ages under 64 in steps to 14% for those aged 95 or older (there are some special post GFC reductions). The result is rounded to the nearest $10 but we suggest a higher amount is paid to be prudent the measure is met. Where the pension commences after 1 July in a year, the minimum payment for the first year is calculated proportionally. No minimum pension payment is required if the commencement is after the 1st of June.

Results:


  The minimum required pension is: $


  Based on the following
  Age:      
  Pension Factor:
  Perc of Year:  
  Unrounded Value:
 



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