Document ID: chunk:federal_register_of_legislation:F2025C00069:schedule:1a:p1
Version: federal_register_of_legislation:F2025C00069
Segment Type: schedule
Provision Reference: sch 1A (pt 1/2)
Character Range: 772394–774911

Schedule 1A—Payment limits for annuities and pensions with a commencement day before 1 January 2006
(subregulations 1.05(4) and 1.06(4))

1.  Subject to clauses 3, 4 and 5, the maximum limits mentioned in paragraph 1.05(4)(f) or 1.06(4)(e) are determined under the formula:

where:
AB means the amount of the annuity account balance, or pension account balance, as the case requires:
 (a) on 1 July in the financial year in which the payments are made; or
 (b) if that year is the year in which the annuity payments, or pension payments, commence—on the commencement day; and
PVF means the maximum pension valuation factor set out in Column 3 in the Table in this Schedule in relation to the item in the Table that represents the age of the beneficiary on:
 (a) 1 July in the financial year in which the payments are made; or
 (b) if that is the year in which the annuity payments, or pension payments, commence—the commencement day.
2.  Subject to clauses 3, 3A, 3B and 4, the minimum limits mentioned in paragraph 1.05(4)(f) or 1.06(4)(e) are determined under the formula:

where:
AB means the amount of the annuity account balance, or pension account balance, as the case requires:
 (a) on 1 July in the financial year in which the payments are made; or
 (b) if that year is the year in which the annuity payments, or pension payments, commence—on the commencement day; and
PVF means the minimum pension valuation factor set out in Column 4 in the Table to this Schedule in relation to the item in the Table that represents the age of the beneficiary on:
 (a) 1 July in the financial year in which the payments are made; or
 (b) if that is the year in which the annuity payments, or pension payments, commence—the commencement day.
3.  For a calculation of the maximum or minimum limit in the year in which the commencement day of the pension or annuity occurs if that day is a day other than 1 July, the appropriate value set out in Column 3 or Column 4 must be applied proportionally to the number of days in the financial year that include and follow the commencement day.
3A.  For the financial years commencing on 1 July 2008, 1 July 2009, 1 July 2010, 1 July 2019, 1 July 2020, 1 July 2021 and 1 July 2022, the 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 in clause 1 or clause