Document ID: chunk:federal_register_of_legislation:F2024C00852:reg:8:p5
Version: federal_register_of_legislation:F2024C00852
Segment Type: reg
Provision Reference: reg 8 (pt 5/8)
Character Range: 12829–15868

time that the amount is payable or accrues as is inputted by the person;
              Note: The default number assumes an inflation rate of 2.5% per year (being the mid-point of the Reserve Bank of Australia's target range for consumer price inflation).
           (c) where the person has already reached the assumed retirement age:

          _  C
          (1+s) b

           where:
           C is the estimate of the amount payable or accruing at the future time.
           b is the number of years and part years between the present date and the future time that the amount is payable or accrues.
           s is 0.025 or such other value inputted by the person.
              Note: The default number assumes an inflation rate of 2.5% per year (being the mid-point of the Reserve Bank of Australia's target range for consumer price inflation).
preservation age has the same meaning as in regulation 6.01 of the Superannuation Industry (Supervision) Regulations 1994.
retirement estimate in relation to a member of a superannuation entity:
           (a) means an estimate by the trustee of the following amounts, worked out using any relevant statutory assumptions and the member data and specified as amounts in dollars rounded to the nearest three significant figures:
              (i) an amount (the estimated lump sum amount) representing
                  (A)  if the member does not have a superannuation product that is in the retirement phase—the present value of the estimated balance of the member's account with the superannuation entity when the member is at the assumed retirement age; or
                  (B)  if the member has a superannuation product that is in the retirement phase—their current balance;
              (ii) either:
                  (A) an amount representing the present value of the estimated average annual income payment the member will get if the drawdown assumptions are applied in relation to the estimated lump sum amount; or
                  (B) amounts representing the present value of each estimated annual income payment the member will get if the drawdown assumptions are applied in relation to the estimated lump sum amount; and
              Note:  A retirement estimate may include an age pension amount: subsection 6(3).
           (b) in the case of a retirement estimate that is an interactive retirement estimate, may include a numerical confidence level or interval relating to the estimate.
retirement phase has the same meaning as in section 995-1 of the Income Tax Assessment Act 1997.
statutory assumption means an assumption that reflects a rate or amount fixed by legislation.
           Note:  Statutory assumptions include a rate of taxation, the minimum drawdown rules for payments of superannuation pensions and the rate of compulsory superannuation contributions.

       superannuation calculator means a facility, device, table or other thing provided by a person (the provider) that works out a numerical calculation or finds out the result of a numerical