Notes:
The minimum pension to be paid in the financial year is worked out by multiplying the member's pension account balance by a percentage factor for the relevant age. The percentage factors vary from 4% for ages under 64 in steps to 14% for those aged 95 or older (there are some special post GFC and Covid-19 reductions). The result is rounded to the nearest $10 but we suggest a higher amount is paid to be confident the requirement is met. Where the pension commences after 1 July in a year, the minimum payment for the first year is calculated proportionally. No minimum pension payment is required if the commencement is after the 1st of June.
Results:
The minimum required pension is: $
Based on the following
Age:
Pension Factor:
Perc of Year:
Unrounded Value:
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