Document ID: chunk:federal_register_of_legislation:F2024C01224:schedule:1:p2
Version: federal_register_of_legislation:F2024C01224
Segment Type: schedule
Provision Reference: sch 1 (pt 2/2)
Character Range: 246485–248212

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 in clause 2.
4. An amount determined under the formula that is not evenly divisible by 10 is to be rounded to the nearest amount that is so divisible.
4A. In a year in which a PVF of 1 is used in calculating the maximum limit under clause 1, payment of the full account balance may be made at any time during the year.
5. If the reversionary beneficiary mentioned in clause 1 or 2 is a child beneficiary at the time of the first payment, the maximum and minimum pension valuation factors set out in Column 3 and Column 4 of Table 2 in this Schedule must be used.
6. In the case of a reversionary beneficiary mentioned in clause 1 or 2, the maximum and minimum limits for reversionary benefits must be calculated:
 (a) on or before the 1 July next after the death of the original beneficiary; or
 (b) if the death of the original beneficiary occurs in the period from 1 April to 30 June (inclusive) in a year, recalculation may be extended beyond 1 July in that year to the earliest normal RSA recalculation date after the financial year in which the death occurred.
7. For the purposes of clause 5, a reversionary beneficiary is a child beneficiary until:
 (a) his or her 16th birthday; or
 (b) if the person mentioned in paragraph (a) is a full‑time student at age 16—the end of his or her full‑time studies or his or her 25th birthday (whichever occurs sooner).

     Table 1 Factors for allocated pensions—general

Item  Age of Beneficiary  Maximum Pension Valuation Factor  Minimum Pension Valuation Factor