From 1 January 2006
New Pension Valuation Factors for new allocated pensions only
As a result of increasing life expectancies, new Pension Valuation Factors (PVF’s) apply to all allocated pensions commenced on or after 1 January 2006. NB: The new PVF's can not be applied to pensions which commenced prior to 1 January 2006.
Transitional Period for pensions which commenced on or after 1 January and before 1 July 2006
For new allocated pensions starting between 1 January 2006 and 30 June 2006, trustees may use either the new pension valuation factors (contained in schedule 1AAB of the SISR) or the previous pension valuation factors (contained in Schedule 1A of the SISR) for pension payments made on or before 30 June 2006. The transitional period has been put in place to allow funds time to implement the changes. The new pension valuation factors must be used for all pension payments made after 30 June 2006 (for pensions commencing from 1 January 2006).
|
Age (1) |
Maximum PVF |
Minimum PVF |
|
Age (1) |
Maximum PVF |
Minimum PVF |
|
20 or less |
12.0 |
29.2 |
|
61 |
10.7 |
18.9 |
|
21 |
12.0 |
29.0 |
|
62 |
10.5 |
18.5 |
|
22 |
12.0 |
28.9 |
|
63 |
10.3 |
18.1 |
|
23 |
12.0 |
28.7 |
|
64 |
10.1 |
17.7 |
|
24 |
12.0 |
28.6 |
|
65 |
9.9 |
17.3 |
|
25 |
12.0 |
28.4 |
|
66 |
9.6 |
16.8 |
|
26 |
12.0 |
28.3 |
|
67 |
9.3 |
16.4 |
|
27 |
12.0 |
28.1 |
|
68 |
9.1 |
16.0 |
|
28 |
12.0 |
27.9 |
|
69 |
8.7 |
15.5 |
|
29 |
12.0 |
27.8 |
|
70 |
8.4 |
15.1 |
|
30 |
12.0 |
27.6 |
|
71 |
8.0 |
14.6 |
|
31 |
12.0 |
27.4 |
|
72 |
7.6 |
14.2 |
|
32 |
12.0 |
27.2 |
|
73 |
7.2 |
13.7 |
|
33 |
12.0 |
27.0 |
|
74 |
6.7 |
13.3 |
|
34 |
12.0 |
26.8 |
|
75 |
6.2 |
12.8 |
|
35 |
12.0 |
26.6 |
|
76 |
5.7 |
12.3 |
|
36 |
12.0 |
26.4 |
|
77 |
5.1 |
11.9 |
|
37 |
12.0 |
26.2 |
|
78 |
4.5 |
11.4 |
|
38 |
12.0 |
26.0 |
|
79 |
3.8 |
10.9 |
|
39 |
12.0 |
25.8 |
|
80 |
3.1 |
10.5 |
|
40 |
12.0 |
25.5 |
|
81 |
2.3 |
10.0 |
|
41 |
12.0 |
25.3 |
|
82 |
1.4 |
9.6 |
|
42 |
12.0 |
25.0 |
|
83 |
1 |
9.1 |
|
43 |
12.0 |
24.8 |
|
84 |
1 |
8.7 |
|
44 |
12.0 |
24.5 |
|
85 |
1 |
8.3 |
|
45 |
12.0 |
24.2 |
|
86 |
1 |
7.9 |
|
46 |
12.0 |
24.0 |
|
87 |
1 |
7.5 |
|
47 |
12.0 |
23.7 |
|
88 |
1 |
7.2 |
|
48 |
12.0 |
23.4 |
|
89 |
1 |
6.9 |
|
49 |
12.0 |
23.1 |
|
90 |
1 |
6.6 |
|
50 |
12.0 |
22.8 |
|
91 |
1 |
6.3 |
|
51 |
11.9 |
22.5 |
|
92 |
1 |
6.0 |
|
52 |
11.8 |
22.2 |
|
93 |
1 |
5.8 |
|
53 |
11.8 |
21.8 |
|
94 |
1 |
5.5 |
|
54 |
11.7 |
21.5 |
|
95 |
1 |
5.3 |
|
55 |
11.5 |
21.1 |
|
96 |
1 |
5.1 |
|
56 |
11.4 |
20.8 |
|
97 |
1 |
4.9 |
|
57 |
11.3 |
20.4 |
|
98 |
1 |
4.7 |
|
58 |
11.2 |
20.1 |
|
99 |
1 |
4.5 |
|
59 |
11.0 |
19.7 |
|
100 or more |
1 |
4.4 |
|
60 |
10.9 |
19.3 |
|
|
|
|
(1) Age at commencement of pension and at 1 July each year.
Source: SIS Regs Schedule 1AAB
Note:
Income is pro-rated during the first year and on commutation (where allowable).
If commencing between 1 June and 30 June, the first income payment does not have to be made until the following financial year.
Annual income is not recalculated on partial commutation but is recalculated at each 1 July.