SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994 - SCHEDULE 1B Pension valuation factors

Commonwealth Consolidated Regulations

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SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994 - SCHEDULE 1B

Pension valuation factors

(paragraph 1.06(6)(g) and subregulation 1.08(1))

1. The pension valuation factor for:

(a) a pension that is to be indexed at a rate greater than 8% each year; or

(b) a pension that is included in a class of pensions that are to be indexed at a rate that is greater than 8% each year;

is the factor determined in writing by the Regulator, on a case - by - case basis, in relation to that pension or class of pensions.

2. The pension valuation factor for any other pension is the factor applicable to the pension under the following tables.

3. A reference in the tables to Age is a reference to the age of the recipient on the commencement day of the relevant pension. If the age of a person on that day falls between 2 of the ages specified in a table, the pension valuation factor is to be determined by reference to the factors specified under the next greater age group in the table.

4. If a pension has no reversion, the pension valuation factor for the pension is to be the relevant factor specified in the relevant table in the Below 50% group.

5. If the rules of a superannuation fund provide that a pension is indexed to movements in salary, the pension valuation factor for the pension is the relevant factor specified in the table relating to an indexation rate of 8%.

6. If a pension is indexed by reference to movements in a price index published by the Australian Statistician, the pension valuation factor for the pension is the relevant factor applicable under the table into which the standard indexation rate falls.

7. Subject to clause 8, if the governing rules of a superannuation fund provide for a pension to be indexed at the discretion of the trustees of the fund, the pension valuation factor is to be determined as if the indexation rate were a rate worked out by:

(a) adding together the indexation rates determined by the trustees for pensions of same kind as that pension in respect of each year in the period of 5 years of which the year of income in which the pension commences to be paid is the last year; and

(b) dividing the result by 5.

8. If a superannuation fund to which clause 7 applies has been in existence, or making pension payments, for less than a continuous period of 5 years, the pension valuation factor is to be the relevant factor specified in the table that relates to the standard indexation rate.

Tables

Indexation rate of 8%
Reversion
Age next birthday of recipient on commencement day of pension
20 or less
21 to 25
26 to 30
31 to 35
36 to 40
41 to 45
46 to 50
51 to 55
56 to 60
61 to 65
66 to 70
71 to 75
76 to 80
81 or more
Below 50%
33
31
29
27
25
23
21
18
16
14
12
10
9
9
50% - 75%
34
33
31
29
27
25
22
20
18
15
13
11
10
9
Above 75%
35
34
32
30
28
26
24
21
19
16
14
12
10
10

Indexation rate of at least 7% but less than 8%
Reversion
Age next birthday of recipient on commencement day of pension
20 or less
21 to 25
26 to 30
31 to 35
36 to 40
41 to 45
46 to 50
51 to 55
56 to 60
61 to 65
66 to 70
71 to 75
76 to 80
81 or more
Below 50%
26
25
24
23
21
20
18
16
14
13
11
10
9
8
50% - 75%
27
26
25
24
23
21
19
18
16
14
12
10
9
9
Above 75%
28
27
26
25
24
22
20
19
17
15
13
11
10
9

Indexation rate of at least 6% but less than 7%
Reversion
Age next birthday of recipient on commencement day of pension
20 or less
21 to 25
26 to 30
31 to 35
36 to 40
41 to 45
46 to 50
51 to 55
56 to 60
61 to 65
66 to 70
71 to 75
76 to 80
81 or more
Below 50%
22
21
20
19
18
17
16
14
13
12
10
9
8
8
50% - 75%
22
22
21
20
19
18
17
16
14
13
11
10
9
8
Above 75%
23
22
22
21
20
19
18
16
15
13
12
10
9
8

Indexation rate of at least 5% but less than 6%
Reversion
Age next birthday of recipient on commencement day of pension
20 or less
21 to 25
26 to 30
31 to 35
36 to 40
41 to 45
46 to 50
51 to 55
56 to 60
61 to 65
66 to 70
71 to 75
76 to 80
81 or more
Below 50%
18
18
17
17
16
15
14
13
12
11
10
9
8
8
50% - 75%
19
18
18
17
17
16
15
14
13
12
10
9
8
8
Above 75%
19
19
18
18
17
17
16
15
13
12
11
9
8
8

Indexation rate of at least 4% but less than 5%
Reversion
Age next birthday of recipient on commencement day of pension
20 or less
21 to 25
26 to 30
31 to 35
36 to 40
41 to 45
46 to 50
51 to 55
56 to 60
61 to 65
66 to 70
71 to 75
76 to 80
81 or more
Below 50%
16
15
15
15
14
13
13
12
11
10
9
8
8
7
50% - 75%
16
16
15
15
15
14
13
13
12
11
10
9
8
7
Above 75%
16
16
16
15
15
15
14
13
12
11
10
9
8
7

Indexation rate of at least 3% but less than 4%
Reversion
Age next birthday of recipient on commencement day of pension
20 or less
21 to 25
26 to 30
31 to 35
36 to 40
41 to 45
46 to 50
51 to 55
56 to 60
61 to 65
66 to 70
71 to 75
76 to 80
81 or more
Below 50%
14
14
13
13
13
12
11
11
10
9
8
8
7
7
50% - 75%
14
14
14
13
13
13
12
11
11
10
9
8
7
7
Above 75%
14
14
14
14
13
13
12
12
11
10
9
8
8
7

Indexation rate of at least 2% but less than 3%
Reversion
Age next birthday of recipient on commencement day of pension
20 or less
21 to 25
26 to 30
31 to 35
36 to 40
41 to 45
46 to 50
51 to 55
56 to 60
61 to 65
66 to 70
71 to 75
76 to 80
81 or more
Below 50%
12
12
12
12
11
11
10
10
9
9
8
7
7
7
50% - 75%
12
12
12
12
12
11
11
10
10
9
8
8
7
7
Above 75%
12
12
12
12
12
12
11
11
10
9
9
8
7
7

Indexation rate of at least 1% but less than 2%
Reversion
Age next birthday of recipient on commencement day of pension
20 or less
21 to 25
26 to 30
31 to 35
36 to 40
41 to 45
46 to 50
51 to 55
56 to 60
61 to 65
66 to 70
71 to 75
76 to 80
81 or more
Below 50%
11
11
11
11
10
10
10
10
9
8
7
7
7
6
50% - 75%
11
11
11
11
11
10
10
10
9
8
8
7
7
6
Above 75%
11
11
11
11
11
10
10
10
9
9
8
7
7
6

Indexation rate less than 1%
Reversion
Age next birthday of recipient on commencement day of pension
20 or less
21 to 25
26 to 30
31 to 35
36 to 40
41 to 45
46 to 50
51 to 55
56 to 60
61 to 65
66 to 70
71 to 75
76 to 80
81 or more
Below 50%
10
10
10
10
9
9
9
8
8
8
7
7
6
6
50% - 75%
10
10
10
10
10
9
9
9
8
8
7
7
6
6
Above 75%
10
10
10
10
10
10
9
9
9
8
8
7
7
6

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Reversion	Age next birthday of recipient on commencement day of pension
Reversion	20 or less	21 to 25	26 to 30	31 to 35	36 to 40	41 to 45	46 to 50	51 to 55	56 to 60	61 to 65	66 to 70	71 to 75	76 to 80	81 or more
Below 50%	33	31	29	27	25	23	21	18	16	14	12	10	9	9
50% - 75%	34	33	31	29	27	25	22	20	18	15	13	11	10	9
Above 75%	35	34	32	30	28	26	24	21	19	16	14	12	10	10