Document ID: chunk:federal_register_of_legislation:F2024C00852:reg:8:p2
Version: federal_register_of_legislation:F2024C00852
Segment Type: reg
Provision Reference: reg 8 (pt 2/8)
Character Range: 4881–7829

calculation means the result of a numerical calculation performed by a superannuation calculator.
current balance means, in relation to a retirement estimate for a member of a superannuation entity, the balance of the member's account with the superannuation entity at the date of the retirement estimate.
date, in relation to a retirement estimate for a member of a superannuation entity, means:
           (a) if the retirement estimate is included in or with a periodic statement—the date of the last day of the reporting period covered by the periodic statement; and
           (b) otherwise—the date specified by the trustee for the purpose of the retirement estimate.
default age pension assumptions mean, in relation to the age pension amount for a member of a superannuation entity, the following assumptions:
           (a) upon reaching pension age (within the meaning of the Social Security Act 1991), the member qualifies for an age pension under section 43 of the Social Security Act 1991;
           (b) the member has a partner;
           (c) the member and their partner jointly own their own home;
           (d) at the assumed retirement age for the member, the member and their partner each have a single superannuation fund retirement benefit equal to the estimated lump sum amount for the member;
           (e) the member and their partner have no other assets or income affecting the amount of the age pension payable to the member or their partner including any other superannuation accounts.
defined benefit interest has the same meaning as in regulation 1.03AA of the Superannuation Industry (Supervision) Regulations 1994.
drawdown assumptions means, in relation to a retirement estimate for a member of a superannuation entity:
           (a) if the estimate does not include an age pension amount— the estimated lump sum amount is converted into a series of annual income payments in a manner that, to the extent that is reasonably possible:
              (i) results in the present value of each annual income payment being constant for each year over the assumed drawdown period, or a drawdown period inputted by the member; and
              (ii) takes into account the statutory assumptions; and
              (iii) results in the member's account being drawn down to zero at the end of the drawdown period; and
           (b) if the estimate includes an age pension amount—the following assumptions:
              (i) if the retirement estimate is not an interactive retirement estimate—the default age pension assumptions;
              (ii) the assumption that the estimated lump sum amount is converted into a series of annual income payments in a manner that, 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,