Document ID: chunk:federal_register_of_legislation:F2024C01224:clause:1_81
Version: federal_register_of_legislation:F2024C01224
Segment Type: clause
Provision Reference: sch 1 cl 81
Character Range: 253393–254505

81    100 or more         1                                 3.5

Example
       Iva Fortune, who turns 60 on 5 September 1997, invests $100,000 in an RSA on 1 October 1997. The date of the first payment to Ms Fortune is 1 January 1998.
Assume that the interest applied to the RSA is 7%.
1997/98: The maximum and minimum payments for 1997/98 are based on:
         (a) the RSA balance on the day of purchase; and
         (b) the beneficiary's age of 60 on the day of purchase:

 (maximum limit, rounded to $8,310)

 (minimum limit, rounded to $4,200)
Assume that total payments to Ms Fortune at 30 June 1998 are $6,000.
       1998/99: The maximum and minimum payments for the year 1998/99 are based on:
         (a) the RSA balance on 1 July 1998 which is $99,145 (residue $94,000 + interest of $5,145); and
         (b) the beneficiary's age of 60 on 1 July 1998:

 (maximum limit, rounded to $11,020)

 (minimum limit, rounded to $5,570)

      Table 2 Factors for allocated pensions—child beneficiary (reversion)

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