Account-based pensions are subject to annual minimum pension payments based on a fund member’s age and account balance. The minimum payment amount for a superannuation income stream (pension) is the account balance on 1 July (or account balance at start of income stream if a new income stream) multiplied by the percentage factor.
The percentage factor is is based on the beneficiary’s (recipient of income stream/pension) age on 1 July in the financial year in which the payment is made (or, if a new pension, the age of the beneficiary on commencement of the pension/income stream).
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