Document ID: chunk:federal_register_of_legislation:F2024C01224:clause:1a_81
Version: federal_register_of_legislation:F2024C01224
Segment Type: clause
Provision Reference: sch 1A cl 81
Character Range: 265166–266190

81    100 or more         1                                 4.4

Example
       Clive Long, who turns 65 on 8 February 2006, invests $100,000 in an allocated pension fund on 1 March 2006. The date of the first payment to Mr Long is 1 April 2006.
2005/06: The maximum and minimum payments for 2005/06 are based on:
(a) the account balance on the day of purchase; and
(b) the beneficiary's age of 65 on the day of purchase:

 (maximum limit, rounded to $3,380)

 (minimum limit, rounded to $1,930)

Assume that total payments to Mr Long at 30 June 2006 are $3,000.
2006/07: The maximum and minimum payments for 2006/07 are based on:
(a) the account balance on 1 July 2006 which is $99,300 (residue $97,000 + earnings of $2,300); and
(b) the beneficiary's age of 65 on 1 July 2006:

 (maximum limit, rounded to $10,030)

 (minimum limit, rounded to $5,740)

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

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