Document ID: chunk:federal_register_of_legislation:F2024C01224:schedule:1:p1
Version: federal_register_of_legislation:F2024C01224
Segment Type: schedule
Provision Reference: sch 1 (pt 1/2)
Character Range: 244251–246701

Schedule 1—Payment limits for pensions with a commencement day before 1 January 2006
(subregulation 1.07(2))

1. Subject to clauses 3, 4 and 4A, the maximum limits mentioned in paragraph 1.07(2)(d) are determined under the formula:

  where:
AB means the amount in the RSA:
 (a) on 1 July in the financial year in which the payments are made; or
 (b) if that year is the year in which the pension payments commence—on the commencement day; and
PVF means the maximum pension valuation factor set out in Column 3 of Table 1 in this Schedule in relation to the item in the Table that represents the age of the beneficiary (or, subject to clause 5, in the case of the death of the original beneficiary, the age of the reversionary beneficiary) on:
 (a) 1 July in the financial year in which the payments are made; or
 (b) if that is the year in which the pension payments commence—the commencement day.
2. Subject to clauses 3, 3A, 3B and 4, the minimum limits mentioned in paragraph 1.07(2)(d) or (e) are determined under the formula:

  where:
AB means the amount in the RSA:
 (a) on 1 July in the financial year in which the payments are made; or
 (b) if that year is the year in which the pension payments commence—on the commencement day; and
PVF means the minimum pension valuation factor set out in Column 4 of Table 1 in this Schedule in relation to the item in the Table that represents the age of the beneficiary (or, subject to clause 5, in the case of the death of the original beneficiary, the age of the reversionary beneficiary) on:
 (a) 1 July in the financial year in which the payments are made; or
 (b) if that is the year in which the pension payments commence—the commencement day.
3. For a calculation of the maximum or minimum limit in the year in which the commencement day of the pension occurs if that day is a day other than 1 July, the appropriate value set out in Column 3 or Column 4 of Table 1 or Table 2, as the case requires, in this Schedule must be applied proportionally to the number of days in the financial year that include and follow the commencement day.
3A. For the financial years commencing on 1 July 2008, 1 July 2009, 1 July 2010, 1 July 2019, 1 July 2020, 1 July 2021 and 1 July 2022, the minimum limit is half of the amount determined under the formula in clause 2.
3B. For the financial years commencing on 1 July 2011 and 1 July 2012, the minimum limit is 75% of the amount determined under the formula