Document ID: chunk:federal_register_of_legislation:F2024C00852:reg:8:p3
Version: federal_register_of_legislation:F2024C00852
Segment Type: reg
Provision Reference: reg 8 (pt 3/8)
Character Range: 7580–10460

to the extent that is reasonably possible:
                   (A) results in the present value of the sum of the annual income payment and age pension amount for the member being maximised and constant for each year over the assumed drawdown period, or a drawdown period inputted by the member; and
              (B) takes into account the statutory assumptions; and
                  (C) results in the member's account being drawn down to zero at or before the end of the period; and
              (iii) if the estimate is worked out on the assumption that the member has a partner—the following assumptions or, if the member has changed any of those assumptions, the assumptions inputted by the member:
                  (A) the estimate is calculated assuming that the partner has the same estimated lump sum amount as the member which is converted to a series of annual income payments in the same manner as for the member; and
                  (B) the age pension amount for the member is half of the age pension amount for the member and their partner.
estimated lump sum amount: see the definition of retirement estimate.
inputted means, in relation to a person, inputted by or with the consent of the person.
interactive retirement estimate means, in relation to a member of a superannuation entity, a retirement estimate provided by an electronic facility or device which:
           (a) may initially provide a retirement estimate that is not based on information inputted by the member; and
           (b) in any case, allows the member to input information for the purpose of the retirement estimate.
member data means, in relation to a retirement estimate of a member of a superannuation entity, the member's age, current balance held with the fund, adjusted current contributions, insurance premiums (if insurance is held at the date of the estimate) and total administration fees.
member's online portal means an electronic facility provided by the trustee of a superannuation entity in relation to a member's superannuation product.
periodic statement has the same meaning as in subsection 1017D(1) of the Act.
present value of a calculation or estimate of an amount payable or accruing to a person at a future time is the amount worked out using the following formula:
           (a) where the amount is payable or accrues to the person before they reach the assumed retirement age:

                C
           (1+r) n

           where:
           C is the estimate of the amount payable or accruing at the future time.
           n is the number of years and part years between the present date and the future time that the amount is payable or accrues.
           r is:
              (i) if this formula is used between the date ASIC Corporations (Amendment) Instrument 2024/733 commences and 31 December 2024—either 0.037 or 0.04; or
              (ii) if