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.