The minimum annual payment amount is worked out by multiplying the member’s pension account balance by a percentage factor. The amount is rounded to the nearest 10 whole dollars.
The following table shows the relevant percentage factor based on the member’s age.
Age is either calculated as at
- 1 July if the pension was commenced in a prior Financial Year
- The commencement day if the pension commences during the Financial Year.
Account balance means one of the following:
- the pension account balance on 1 July if the pension was commenced in a prior Financial Year
- if the pension commenced during the financial year – the balance on the commencement day
Where the pension commences after 1 July, the minimum payment amount for the first year is calculated proportionately to the number of days remaining in the financial year, starting from the commencement day.
SF360 is rounding the minimum payment down to the closest $10. Should it not round up to the next $10?
The rounding SF360 uses is as per clause 5 of Schedule 7 of the SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994 - SCHEDULE 7
"An amount determined under this Schedule is to be rounded to the nearest 10 whole dollars. If the amount ends in an exact 5 dollars, it is to be rounded up to the next 10 whole dollars."