Superannuation Industry (Supervision) Regulations 1994

Statutory Rules No. 57, 1994

made under the

Superannuation Industry (Supervision) Act 1993

Compilation No. 129

Compilation date:                              11 December 2021

Includes amendments up to:            F2021L01616

Registered:                                         16 December 2021

This compilation is in 2 volumes

Volume 1:       regulations 1.01–14.31

Volume 2:       Schedules and Endnotes

Each volume has its own contents

About this compilation

This compilation

This is a compilation of the Superannuation Industry (Supervision) Regulations 1994 that shows the text of the law as amended and in force on 11 December 2021 (the compilation date).

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.

Uncommenced amendments

The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Legislation Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the series page on the Legislation Register for the compiled law.

Application, saving and transitional provisions for provisions and amendments

If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.

Editorial changes

For more information about any editorial changes made in this compilation, see the endnotes.

Modifications

If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the series page on the Legislation Register for the compiled law.

Self‑repealing provisions

If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.

  

  

  

Contents

Schedule 1AAA—Approved auditors—professional organisations             1

Schedule 1AA                                                                                                                     2

Part 1—Exempt public sector superannuation schemes (1994‑95 and 1995‑96 years of income)                                                                                                                      2

Part 2—Exempt public sector superannuation schemes (1996‑97 year of income)           5

Part 3—Exempt public sector superannuation schemes (1997‑98 year of income and subsequent years of income)                                                                        8

Schedule 1A—Payment limits for annuities and pensions with a commencement day before 1 January 2006   11

Schedule 1AAB—Payment limits for annuities and pensions with a commencement day on and after 1 January 2006         16

Schedule 1B—Pension valuation factors                                             21

Schedule 1—Conditions of release of benefits                               25

Part 1—Regulated superannuation funds                                                            25

Part 2—Approved deposit funds                                                                                28

Schedule 2—Modifications of the OSS laws in relation to preserved benefits in regulated superannuation funds                          31

Part 1—Modifications of the Occupational Superannuation Standards Act 1987            31

Part 2—Modifications of the Occupational Superannuation Standards Regulations     32

Schedule 2A—Information in notice under subsection 60E(2) of Act        34

Schedule 3—Prescribed form of advertisement of scheme for winding‑up or dissolution                                                                                            35

Schedule 4—Approved bodies                                                                       36

1............ Approved bodies............................................................................... 36

Schedule 6—Payments for market linked income streams 41

Schedule 7—Minimum payment amount for a superannuation income stream                                                                                                       44

Endnotes                                                                                                                                    46

Endnote 1—About the endnotes                                                                            46

Endnote 2—Abbreviation key                                                                                47

Endnote 3—Legislation history                                                                             48

Endnote 4—Amendment history                                                                           57

Endnote 5—Editorial changes                                                                               86

Schedule 1AAA—Approved auditors—professional organisations

(subregulation 1.04(2))

  

 

Item	Professional Organisation	Manner of Association
1.	CPA Australia Limited	Member
2.	The Institute of Chartered Accountants in Australia	Member
3.	Institute of Public Accountants	Member or Fellow
4.	Association of Taxation and Management Accountants	Member or Fellow
5.	National Tax and Accountants Association Ltd	Fellow
6.	SMSF Professionals’ Association of Australia Limited	SMSF Specialist Auditor

Schedule 1AA 

(subregulation 1.04(4A))

Part 1—Exempt public sector superannuation schemes (1994‑95 and 1995‑96 years of income)

  

Commonwealth

Schemes established by or operated under:

            Defence Act 1903

            Defence Force Retirement and Death Benefits Act 1973

            Governor‑General Act 1974

            Judges’ Pensions Act 1968

            Parliamentary Contributory Superannuation Act 1948

New South Wales

Schemes established by or operated under:

            First State Superannuation Act 1992

            Judges’ Pensions Act 1953

            Local Government and other Authorities (Superannuation) Act 1927

            New South Wales Retirement Benefits Act 1972

            Parliamentary Contributory Superannuation Act 1971

            Police Regulation (Superannuation) Act 1906

            Public Authorities Superannuation Act 1985

            Public Sector Executives Superannuation Act 1989

            State Authorities Non‑contributory Superannuation Act 1987

            State Authorities Superannuation Act 1987

            State Public Service Superannuation Act 1985

            Superannuation Act 1916

            Superannuation Administration Act 1991

            Transport Employees Retirement Benefits Act 1967

Victoria

Schemes established by or operated under:

            Attorney‑General and Solicitor General Act 1972

            Coal Mines (Pensions) Act 1958

            Constitution Act 1975

            County Court Act 1958

            Judicial Remuneration Tribunal Act 1995

            Justices Act 1958

            Magistrates Courts Act 1989

            Magistrates (Summary Proceedings) Act 1975

            Mint Act 1958

            Ombudsman Act 1973

            Public Prosecutions Act 1994

            Supreme Court Act 1986

Schemes established under trust deeds:

            City of Melbourne Superannuation Fund

            County Court Associates Superannuation Scheme

            Emergency Services Superannuation Scheme

            Gas and Fuel Superannuation Fund

            Holmesglen Construction Superannuation Plan

            Hospitals Superannuation Fund

            Local Authorities Superannuation Fund

            Melbourne Water Corporation Employees’ Superannuation Fund

            Parliamentary Contributory Superannuation Fund

            Pharmaceutical Organisations Superannuation Fund

            Port of Geelong Authority Superannuation Fund

            Port of Melbourne Authority Superannuation Scheme

            State Casual Employees Superannuation Fund

            State Employees Retirement Benefits Fund

            State Superannuation Fund

            Supreme Court Associates Superannuation Scheme

            Transport Superannuation Fund

            Victorian Electricity Industry Superannuation Fund

            Victorian Superannuation Fund

            Zoological Board of Victoria Superannuation Fund

Queensland

Schemes established by or operated under:

            Fire Service Act 1990

            Governors’ Pensions Act 1977

            Judges (Pensions and Long Leave) Act 1957

            Parliamentary Contributory Superannuation Act 1970

            Police Superannuation Act 1974

            State Service Superannuation Act 1972

            Superannuation (Government and Other Employees) Act 1988

            Superannuation (State Public Sector) Act 1990

South Australia

Schemes established by or operated under:

            Electricity Corporations Act 1994

            Governors’ Pensions Act 1976

            Judges’ Pensions Act 1971

            Parliamentary Superannuation Act 1974

            Police Superannuation Act 1990

            Southern State Superannuation Act 1994

            Superannuation Act 1988

            Superannuation (Benefit Scheme) Act 1992

Schemes established under trust deeds

            Lyell McEwen Health Service Incorporated Superannuation Fund

            Police Occupational Superannuation Scheme

Western Australia

Schemes established by or operated under:

            Government Employees Superannuation Act 1987

            Judges’ Salaries and Pensions Act 1950

            Parliamentary Superannuation Act 1970

            Superannuation and Family Benefits Act 1938

Tasmania

Schemes established by or operated under:

            Judges’ Contributory Pensions Act 1968

            Parliamentary Retiring Benefits Act 1985

            Parliamentary Superannuation Act 1973

            Retirement Benefits Act 1993

            Solicitor‑General Act 1983

Australian Capital Territory

Schemes established by or operated under:

            Superannuation (Legislative Assembly Members) Act 1991

Northern Territory

Schemes established by or operated under:

            Administrators Pension Act 1981

            Legislative Assembly Members’ Superannuation Act 1979

            Superannuation Act 1986

            Supreme Court (Judges Pensions) Act 1980

Schemes established under trust deeds or other means

            Northern Territory Police Supplementary Benefit Scheme

            Northern Territory Supplementary Superannuation Scheme

Part 2—Exempt public sector superannuation schemes (1996‑97 year of income)

  

Commonwealth

Schemes established by or operated under:

            Defence Act 1903

            Defence Force Retirement and Death Benefits Act 1973

            Governor‑General Act 1974

            Judges’ Pensions Act 1968

            Parliamentary Contributory Superannuation Act 1948

New South Wales

Schemes established by or operated under:

            First State Superannuation Act 1992

            Judges’ Pensions Act 1953

            Local Government and Other Authorities (Superannuation) Act 1927

            New South Wales Retirement Benefits Act 1972

            Parliamentary Contributory Superannuation Act 1971

            Police Regulation (Superannuation) Act 1906

            Public Authorities Superannuation Act 1985

            Public Sector Executives Superannuation Act 1989

            State Authorities Non‑contributory Superannuation Act 1987

            State Authorities Superannuation Act 1987

            State Public Service Superannuation Act 1985

            Superannuation Act 1916

            Superannuation Administration Act 1996

            Transport Employees Retirement Benefits Act 1967

Victoria

Schemes established by or operated under:

            Attorney General and Solicitor General Act 1972

            Coal Mines (Pensions) Act 1958

            Constitution Act 1975

            County Court Act 1958

            County Court (Jurisdictions) Act 1968

            Emergency Services Superannuation Act 1986

            Hospitals Superannuation Act 1988

            Justices Act 1958

            Local Authorities Superannuation Act 1988

            Magistrates (Summary Proceedings) Act 1975

            Mint Act 1958

            Ombudsman Act 1973

            Parliamentary Salaries and Superannuation Act 1968

            Port of Geelong Authority Act 1958

            Port of Melbourne Authority Act 1958

            Public Prosecutions Act 1994

            Public Sector Superannuation (Administration) Act 1993

            State Superannuation Act 1988

            Supreme Court Act 1986

Queensland

            Government Officers’ Superannuation Scheme (GoSuper)

            Governors’ Pension Scheme

            Judges Pension Scheme

            Parliamentary Contributory Superannuation Fund

            Police Superannuation Fund (Police Super)

            Queensland Fire Service Superannuation Plan

            State Service Superannuation Fund (State Super)

South Australia

Schemes established by or operated under:

            Electricity Corporations Act 1994

            Governors’ Pensions Act 1976

            Judges’ Pensions Act 1971

            Parliamentary Superannuation Act 1974

            Police Superannuation Act 1990

            Southern State Superannuation Act 1994

            Superannuation Act 1988

            Superannuation (Benefit Scheme) Act 1992

Schemes established by or under trust deeds

            Lyell McEwen Health Service Incorporated Superannuation Fund

            Police Occupational Superannuation Scheme

Western Australia

Schemes established by or operated under:

            Government Employees Superannuation Act 1987

            Judges’ Salaries and Pensions Act 1950

            Parliamentary Superannuation Act 1970

            Superannuation and Family Benefits Act 1938

Tasmania

Schemes established by or operated under:

            Governor of Tasmania Act 1982

            Judges’ Contributory Pensions Act 1968

            Parliamentary Retiring Benefits Act 1985

            Parliamentary Superannuation Act 1973

            Retirement Benefits Act 1993

            Solicitor‑General Act 1983

Australian Capital Territory

Schemes established by or operated under:

            Superannuation (Legislative Assembly Members) Act 1991

Northern Territory

Schemes established by or operated under:

            Administrators Pension Act 1981

            Legislative Assembly Members’ Superannuation Act 1979

            Superannuation Act 1986

            Supreme Court (Judges Pensions) Act 1980

Other schemes

            Northern Territory Police Supplementary Benefit Scheme

            Northern Territory Supplementary Superannuation Scheme

Part 3—Exempt public sector superannuation schemes (1997‑98 year of income and subsequent years of income)

  

Commonwealth

Schemes established by or operated under:

            Australian Defence Force Cover Act 2015

            Defence Act 1903

            Defence Force Retirement and Death Benefits Act 1973

            Defence Forces Retirement Benefits Act 1948

            Federal Circuit and Family Court of Australia Act 2021

            Governor‑General Act 1974

            Judges’ Pensions Act 1968

            Papua New Guinea (Staffing Assistance) Act 1973

            Parliamentary Contributory Superannuation Act 1948

            Superannuation Act 1922

New South Wales

Schemes established by or operated under:

            Judges’ Pensions Act 1953

            Local Government and Other Authorities (Superannuation) Act 1927

            New South Wales Retirement Benefits Act 1972

            Parliamentary Contributory Superannuation Act 1971

            Police Regulation (Superannuation) Act 1906

            Public Authorities Superannuation Act 1985

            State Authorities Non‑contributory Superannuation Act 1987

            State Authorities Superannuation Act 1987

            State Public Service Superannuation Act 1985

            Superannuation Act 1916

            Superannuation Administration Act 1996

            Transport Employees Retirement Benefits Act 1967

Victoria

Schemes established by or operated under:

            Attorney General and Solicitor General Act 1972

            Constitution Act 1975

            County Court Act 1958

            Emergency Services Superannuation Act 1986

            Magistrates’ Court Act 1989

            Ombudsman Act 1973

            Parliamentary Salaries and Superannuation Act 1968

            Police Regulation Act 1958

            Public Prosecutions Act 1994

            State Employees Retirement Benefits Act 1979

            State Superannuation Act 1988

            Supreme Court Act 1986

            Transport Superannuation Act 1988

Queensland

            Governors’ Pension Scheme

            Judges Pension Scheme

South Australia

Schemes established by or operated under:

            Electricity Corporations Act 1994

            Governors’ Pensions Act 1976

            Judges’ Pensions Act 1971

            Parliamentary Superannuation Act 1974

            Police Superannuation Act 1990

            Southern State Superannuation Act 2009

            Superannuation Act 1988

Other schemes

            Super SA Select

Western Australia

Schemes established by or operated under:

            Judges’ Salaries and Pensions Act 1950

            Parliamentary Superannuation Act 1970

            State Superannuation Act 2000

Tasmania

Schemes established by or operated under:

            Judges’ Contributory Pensions Act 1968

            Public Sector Superannuation Reform Act 1999

            Retirement Benefits Act 1993

            Retirement Benefits (Parliamentary Superannuation) Regulations 2012

Australian Capital Territory

Schemes established by or operated under:

            Legislative Assembly (Members’ Superannuation) Act 1991

            Supreme Court Act 1933

Northern Territory

Schemes established by or operated under:

            Administrators Pension Act 1981

            Legislative Assembly Members’ Superannuation Act 1979

            Superannuation Act 1986

            Supreme Court (Judges Pensions) Act 1980

Other schemes

            Northern Territory Police Supplementary Benefit Scheme

            Northern Territory Supplementary Superannuation Scheme

Schedule 1A—Payment limits for annuities and pensions with a commencement day before 1 January 2006

(subregulations 1.05(4) and 1.06(4))

  

1.                Subject to clauses 3, 4 and 5, the maximum limits mentioned in paragraph 1.05(4)(f) or 1.06(4)(e) are determined under the formula:

                  

where:

AB means the amount of the annuity account balance, or pension account balance, as the case requires:

                     (a)  on 1 July in the financial year in which the payments are made; or

                     (b)  if that year is the year in which the annuity payments, or pension payments, commence—on the commencement day; and

PVF means the maximum pension valuation factor set out in Column 3 in the Table in this Schedule in relation to the item in the Table that represents the age of the beneficiary on:

                     (a)  1 July in the financial year in which the payments are made; or

                     (b)  if that is the year in which the annuity payments, or pension payments, commence—the commencement day.

2.                Subject to clauses 3, 3A, 3B and 4, the minimum limits mentioned in paragraph 1.05(4)(f) or 1.06(4)(e) are determined under the formula:

                  

where:

AB means the amount of the annuity account balance, or pension account balance, as the case requires:

                     (a)  on 1 July in the financial year in which the payments are made; or

                     (b)  if that year is the year in which the annuity payments, or pension payments, commence—on the commencement day; and

PVF means the minimum pension valuation factor set out in Column 4 in the Table to this Schedule in relation to the item in the Table that represents the age of the beneficiary on:

                     (a)  1 July in the financial year in which the payments are made; or

                     (b)  if that is the year in which the annuity payments, or pension payments, commence—the commencement day.

3.                For a calculation of the maximum or minimum limit in the year in which the commencement day of the pension or annuity occurs if that day is a day other than 1 July, the appropriate value set out in Column 3 or Column 4 must be applied proportionally to the number of days in the financial year that include and follow the commencement day.

3A.             For the financial years commencing on 1 July 2008, 1 July 2009, 1 July 2010, 1 July 2019, 1 July 2020 and 1 July 2021, the minimum limit is half of the amount determined under the formula in clause 2.

3B.              For the financial years commencing on 1 July 2011 and 1 July 2012, the minimum limit is 75% of the amount determined under the formula in clause 2.

4.                An amount determined under the formula in clause 1 or clause 2, is rounded to the nearest 10 whole dollars.

5.                In a year in which a PVF of 1 is used in calculating the maximum limit under clause 1, payment of the full account balance may be made at any time during the year.

Table

Column 1 Item	Column 2 Age of Beneficiary	Column 3 Maximum Pension Valuation Factor	Column 4 Minimum Pension Valuation Factor
1	20 or less	10	28.6
2	21	10	28.5
3	22	10	28.3
4	23	10	28.1
5	24	10	28.0
6	25	10	27.8
7	26	10	27.6
8	27	10	27.5
9	28	10	27.3
10	29	10	27.1
11	30	10	26.9
12	31	10	26.7
13	32	10	26.5
14	33	10	26.3
15	34	10	26.0
16	35	10	25.8
17	36	10	25.6
18	37	10	25.3
19	38	10	25.1
20	39	10	24.8
21	40	10	24.6
22	41	10	24.3
23	42	10	24.0
24	43	10	23.7
25	44	10	23.4
26	45	10	23.1
27	46	10	22.8
28	47	10	22.5
29	48	10	22.2
30	49	10	21.9
31	50	9.9	21.5
32	51	9.9	21.2
33	52	9.8	20.9
34	53	9.7	20.5
35	54	9.7	20.1
36	55	9.6	19.8
37	56	9.5	19.4
38	57	9.4	19.0
39	58	9.3	18.6
40	59	9.1	18.2
41	60	9.0	17.8
42	61	8.9	17.4
43	62	8.7	17.0
44	63	8.5	16.6
45	64	8.3	16.2
46	65	8.1	15.7
47	66	7.9	15.3
48	67	7.6	14.9
49	68	7.3	14.4
50	69	7.0	14.0
51	70	6.6	13.5
52	71	6.2	13.1
53	72	5.8	12.6
54	73	5.4	12.2
55	74	4.8	11.7
56	75	4.3	11.3
57	76	3.7	10.8
58	77	3.0	10.4
59	78	2.2	10.0
60	79	1.4	9.5
61	80	1	9.1
62	81	1	8.7
63	82	1	8.3
64	83	1	7.9
65	84	1	7.5
66	85	1	7.1
67	86	1	6.8
68	87	1	6.4
69	88	1	6.1
70	89	1	5.8
71	90	1	5.5
72	91	1	5.3
73	92	1	5.0
74	93	1	4.8
75	94	1	4.6
76	95	1	4.4
77	96	1	4.2
78	97	1	4.0
79	98	1	3.8
80	99	1	3.7
81	100 or more	1	3.5

Example:

Iva Fortune, who turns 60 on 5 September 1994, invests $100,000 in an allocated pension fund on 1 October 1994. The date of the first payment to Ms Fortune is 1 January 1995.

Assume a fund earning rate of 7%.

1994/95: The maximum and minimum payments for 1994/95 are based on:

(a)     the account balance on the day of purchase; and

(b)     the beneficiary’s age of 60 on the day of purchase:

        

        

Assume that total payments to Ms Fortune at 30 June 1995 are $6,000.

1995/96: The maximum and minimum payments for the year 1995/96 are based on:

(a)     the account balance on 1 July 1995 which is $99,145 (residue $94,000 + interest of $5,145); and

(b)     the beneficiary’s age of 60 on 1 July 1995:

        

        

Schedule 1AAB—Payment limits for annuities and pensions with a commencement day on and after 1 January 2006

(subregulations 1.05(4) and 1.06(4))

  

1.                Subject to clauses 3, 4 and 5, the maximum limits mentioned in paragraph 1.05(4)(f) or 1.06(4)(e) are determined under the formula:

                  

where:

AB means the amount of the annuity account balance, or pension account balance, as the case requires:

                     (a)  on 1 July in the financial year in which the payments are made; or

                     (b)  if that year is the year in which the annuity payments, or pension payments, commence—on the commencement day.

PVF means the maximum pension valuation factor set out in Column 3 of the Table in this Schedule in relation to the item in the Table that represents the age of the beneficiary on:

                     (a)  1 July in the financial year in which the payments are made; or

                     (b)  if that is the year in which the annuity payments, or pension payments, commence—the commencement day.

2.                Subject to clauses 3, 3A, 3B and 4, the minimum limits mentioned in paragraph 1.05(4)(f) or 1.06(4)(e) are determined under the formula:

                  

where:

AB means the amount of the annuity account balance, or pension account balance, as the case requires:

                     (a)  on 1 July in the financial year in which the payments are made; or

                     (b)  if that year is the year in which the annuity payments, or pension payments, commence—on the commencement day.

PVF means the minimum pension valuation factor set out in Column 4 of the Table in this Schedule in relation to the item in the Table that represents the age of the beneficiary on:

                     (a)  1 July in the financial year in which the payments are made; or

                     (b)  if that is the year in which the annuity payments, or pension payments, commence—the commencement day.

3.                For a calculation of the maximum or minimum limit in the year in which the commencement day of the pension or annuity occurs if that day is a day other than 1 July, the appropriate value set out in Column 3 or Column 4 of the Table in this Schedule as the case requires, must be applied proportionally to the number of days in the financial year that include and follow the commencement day.

3A.             For the financial years commencing on 1 July 2008, 1 July 2009, 1 July 2010, 1 July 2019, 1 July 2020 and 1 July 2021, the minimum limit is half of the amount determined under the formula in clause 2.

3B.              For the financial years commencing on 1 July 2011 and 1 July 2012, the minimum limit is 75% of the amount determined under the formula in clause 2.

4.                An amount determined under the formula in clause 1 or clause 2, is rounded to the nearest 10 whole dollars.

5.                In a year in which a PVF of 1 is used in calculating the maximum limit under clause 1, payment of the full account balance may be made at any time during the year.

Table

Column 1 Item	Column 2 Age of Beneficiary	Column 3 Maximum Pension Valuation Factor	Column 4 Minimum Pension Valuation Factor
1	20 or less	12.0	29.2
2	21	12.0	29.0
3	22	12.0	28.9
4	23	12.0	28.7
5	24	12.0	28.6
6	25	12.0	28.4
7	26	12.0	28.3
8	27	12.0	28.1
9	28	12.0	27.9
10	29	12.0	27.8
11	30	12.0	27.6
12	31	12.0	27.4
13	32	12.0	27.2
14	33	12.0	27.0
15	34	12.0	26.8
16	35	12.0	26.6
17	36	12.0	26.4
18	37	12.0	26.2
19	38	12.0	26.0
20	39	12.0	25.8
21	40	12.0	25.5
22	41	12.0	25.3
23	42	12.0	25.0
24	43	12.0	24.8
25	44	12.0	24.5
26	45	12.0	24.2
27	46	12.0	24.0
28	47	12.0	23.7
29	48	12.0	23.4
30	49	12.0	23.1
31	50	12.0	22.8
32	51	11.9	22.5
33	52	11.8	22.2
34	53	11.8	21.8
35	54	11.7	21.5
36	55	11.5	21.1
37	56	11.4	20.8
38	57	11.3	20.4
39	58	11.2	20.1
40	59	11.0	19.7
41	60	10.9	19.3
42	61	10.7	18.9
43	62	10.5	18.5
44	63	10.3	18.1
45	64	10.1	17.7
46	65	9.9	17.3
47	66	9.6	16.8
48	67	9.3	16.4
49	68	9.1	16.0
50	69	8.7	15.5
51	70	8.4	15.1
52	71	8.0	14.6
53	72	7.6	14.2
54	73	7.2	13.7
55	74	6.7	13.3
56	75	6.2	12.8
57	76	5.7	12.3
58	77	5.1	11.9
59	78	4.5	11.4
60	79	3.8	10.9
61	80	3.1	10.5
62	81	2.3	10.0
63	82	1.4	9.6
64	83	1	9.1
65	84	1	8.7
66	85	1	8.3
67	86	1	7.9
68	87	1	7.5
69	88	1	7.2
70	89	1	6.9
71	90	1	6.6
72	91	1	6.3
73	92	1	6.0
74	93	1	5.8
75	94	1	5.5
76	95	1	5.3
77	96	1	5.1
78	97	1	4.9
79	98	1	4.7
80	99	1	4.5
81	100 or more	1	4.4

Example:

Clive Long, who turns 65 on 8 February 2006, invests $100,000 in an allocated pension fund on 1 March 2006. The date of the first payment to Mr Long is 1 April 2006.

2005/06: The maximum and minimum payments for 2005/06 are based on:

(a)     the account balance on the day of purchase; and

(b)     the beneficiary’s age of 65 on the day of purchase:

        

        

Assume that total payments to Mr Long at 30 June 2006 are $3,000.

2006/07: The maximum and minimum payments for 2006/07 are based on:

(a)     the account balance on 1 July 2006 which is $99,300 (residue $97,000 + earnings of $2,300); and

(b)     the beneficiary’s age of 65 on 1 July 2006:

        

        

Schedule 1B—Pension valuation factors

(paragraph 1.06(6)(g) and subregulation 1.08(1))

  

1.                The pension valuation factor for:

                     (a)  a pension that is to be indexed at a rate greater than 8% each year; or

                     (b)  a pension that is included in a class of pensions that are to be indexed at a rate that is greater than 8% each year;

is the factor determined in writing by the Regulator, on a case‑by‑case basis, in relation to that pension or class of pensions.

2.                The pension valuation factor for any other pension is the factor applicable to the pension under the following tables.

3.                A reference in the tables to Age is a reference to the age of the recipient on the commencement day of the relevant pension. If the age of a person on that day falls between 2 of the ages specified in a table, the pension valuation factor is to be determined by reference to the factors specified under the next greater age group in the table.

4.                If a pension has no reversion, the pension valuation factor for the pension is to be the relevant factor specified in the relevant table in the Below 50% group.

5.                If the rules of a superannuation fund provide that a pension is indexed to movements in salary, the pension valuation factor for the pension is the relevant factor specified in the table relating to an indexation rate of 8%.

6.                If a pension is indexed by reference to movements in a price index published by the Australian Statistician, the pension valuation factor for the pension is the relevant factor applicable under the table into which the standard indexation rate falls.

7.                Subject to clause 8, if the governing rules of a superannuation fund provide for a pension to be indexed at the discretion of the trustees of the fund, the pension valuation factor is to be determined as if the indexation rate were a rate worked out by:

                     (a)  adding together the indexation rates determined by the trustees for pensions of same kind as that pension in respect of each year in the period of 5 years of which the year of income in which the pension commences to be paid is the last year; and

                     (b)  dividing the result by 5.

8.                If a superannuation fund to which clause 7 applies has been in existence, or making pension payments, for less than a continuous period of 5 years, the pension valuation factor is to be the relevant factor specified in the table that relates to the standard indexation rate.

Tables

Indexation rate of 8%

Reversion	Age next birthday of recipient on commencement day of pension
	20 or less	21 to 25	26 to 30	31 to 35	36 to 40	41 to 45	46 to 50	51 to 55	56 to 60	61 to 65	66 to 70	71 to 75	76 to 80	81 or more
Below 50%	33	31	29	27	25	23	21	18	16	14	12	10	9	9
50%‑75%	34	33	31	29	27	25	22	20	18	15	13	11	10	9
Above 75%	35	34	32	30	28	26	24	21	19	16	14	12	10	10

Indexation rate of at least 7% but less than 8%

Reversion	Age next birthday of recipient on commencement day of pension
	20 or less	21 to 25	26 to 30	31 to 35	36 to 40	41 to 45	46 to 50	51 to 55	56 to 60	61 to 65	66 to 70	71 to 75	76 to 80	81 or more
Below 50%	26	25	24	23	21	20	18	16	14	13	11	10	9	8
50%‑75%	27	26	25	24	23	21	19	18	16	14	12	10	9	9
Above 75%	28	27	26	25	24	22	20	19	17	15	13	11	10	9

Indexation rate of at least 6% but less than 7%

Reversion	Age next birthday of recipient on commencement day of pension
	20 or less	21 to 25	26 to 30	31 to 35	36 to 40	41 to 45	46 to 50	51 to 55	56 to 60	61 to 65	66 to 70	71 to 75	76 to 80	81 or more
Below 50%	22	21	20	19	18	17	16	14	13	12	10	9	8	8
50%‑75%	22	22	21	20	19	18	17	16	14	13	11	10	9	8
Above 75%	23	22	22	21	20	19	18	16	15	13	12	10	9	8

Indexation rate of at least 5% but less than 6%

Reversion	Age next birthday of recipient on commencement day of pension
	20 or less	21 to 25	26 to 30	31 to 35	36 to 40	41 to 45	46 to 50	51 to 55	56 to 60	61 to 65	66 to 70	71 to 75	76 to 80	81 or more
Below 50%	18	18	17	17	16	15	14	13	12	11	10	9	8	8
50%‑75%	19	18	18	17	17	16	15	14	13	12	10	9	8	8
Above 75%	19	19	18	18	17	17	16	15	13	12	11	9	8	8

Indexation rate of at least 4% but less than 5%

Reversion	Age next birthday of recipient on commencement day of pension
	20 or less	21 to 25	26 to 30	31 to 35	36 to 40	41 to 45	46 to 50	51 to 55	56 to 60	61 to 65	66 to 70	71 to 75	76 to 80	81 or more
Below 50%	16	15	15	15	14	13	13	12	11	10	9	8	8	7
50%‑75%	16	16	15	15	15	14	13	13	12	11	10	9	8	7
Above 75%	16	16	16	15	15	15	14	13	12	11	10	9	8	7

Indexation rate of at least 3% but less than 4%

Reversion	Age next birthday of recipient on commencement day of pension
	20 or less	21 to 25	26 to 30	31 to 35	36 to 40	41 to 45	46 to 50	51 to 55	56 to 60	61 to 65	66 to 70	71 to 75	76 to 80	81 or more
Below 50%	14	14	13	13	13	12	11	11	10	9	8	8	7	7
50%‑75%	14	14	14	13	13	13	12	11	11	10	9	8	7	7
Above 75%	14	14	14	14	13	13	12	12	11	10	9	8	8	7

Indexation rate of at least 2% but less than 3%

Reversion	Age next birthday of recipient on commencement day of pension
	20 or less	21 to 25	26 to 30	31 to 35	36 to 40	41 to 45	46 to 50	51 to 55	56 to 60	61 to 65	66 to 70	71 to 75	76 to 80	81 or more
Below 50%	12	12	12	12	11	11	10	10	9	9	8	7	7	7
50%‑75%	12	12	12	12	12	11	11	10	10	9	8	8	7	7
Above 75%	12	12	12	12	12	12	11	11	10	9	9	8	7	7

Indexation rate of at least 1% but less than 2%

Reversion	Age next birthday of recipient on commencement day of pension
	20 or less	21 to 25	26 to 30	31 to 35	36 to 40	41 to 45	46 to 50	51 to 55	56 to 60	61 to 65	66 to 70	71 to 75	76 to 80	81 or more
Below 50%	11	11	11	11	10	10	10	10	9	8	7	7	7	6
50%‑75%	11	11	11	11	11	10	10	10	9	8	8	7	7	6
Above 75%	11	11	11	11	11	10	10	10	9	9	8	7	7	6

Indexation rate less than 1%

Reversion	Age next birthday of recipient on commencement day of pension
	20 or less	21 to 25	26 to 30	31 to 35	36 to 40	41 to 45	46 to 50	51 to 55	56 to 60	61 to 65	66 to 70	71 to 75	76 to 80	81 or more
Below 50%	10	10	10	10	9	9	9	8	8	8	7	7	6	6
50%‑75%	10	10	10	10	10	9	9	9	8	8	7	7	6	6
Above 75%	10	10	10	10	10	10	9	9	9	8	8	7	7	6

Schedule 1—Conditions of release of benefits

(Subregulations 1.03AB(2) and 6.01(2), regulation 6.01A, paragraphs 6.15A(1)(a) and (b), (2)(b), (3)(b), (4)(c) and (5)(c), subparagraph 6.16(3)(b)(ii) and paragraphs 6.18(3)(a), 6.19(3)(a), 6.23(3)(a) and 7A.01A(a) and (c))

Part 1—Regulated superannuation funds

  

 

Column 1 Item	Column 2 Conditions of release	Column 3 Cashing restrictions
101	Retirement	Nil
102	Death	Nil
102A	Terminal medical condition	Nil
103	Permanent incapacity	Nil
103A	Former temporary resident to whom regulation 6.20A or 6.20B applies, requesting in writing the release of his or her benefits	Amount that is at least the amount of the temporary resident’s withdrawal benefit in the fund, paid: (a) as a single lump sum; or
		(b) if the fund receives any combination of contributions, transfers and rollovers after cashing the benefits—in a way that ensures that the amount is cashed
103B	The trustee is required to pay an amount to the Commissioner of Taxation under the Superannuation (Unclaimed Money and Lost Members) Act 1999, or may pay an amount to the Commissioner of Taxation under Part 3D of that Act, for the person’s superannuation interest in the fund	Amount that the trustee is required to pay to the Commissioner of Taxation under the Superannuation (Unclaimed Money and Lost Members) Act 1999, or may pay to the Commissioner of Taxation under Part 3D of that Act, for the person’s superannuation interest in the fund, paid as a lump sum to the Commissioner
104	Termination of gainful employment with a standard employer‑sponsor of the regulated superannuation fund on or after 1 July 1997 (where the member’s preserved benefits in the fund at the time of the termination are less than $200)	Nil
105	Severe financial hardship	For a person taken to be in severe financial hardship under paragraph 6.01(5)(a)—in each 12 month period (beginning on the date of first payment), a single lump sum not less than $1,000 (except if the amount of the person’s preserved benefits and restricted non‑preserved benefits is less than that amount) and not more than $10,000
		For a person taken to be in severe financial hardship under paragraph 6.01(5)(b)—Nil.
106	Attaining age 65	Nil
107	The Regulator has determined under subregulation 6.19A(2) that a specified amount of benefits in the regulated superannuation fund may be released on a compassionate ground	A single lump sum, not exceeding an amount determined, in writing, by the Regulator, being an amount that:
		(a) taking account of the ground and of the person’s financial capacity, is reasonably required; and
		(b) in the case of the ground mentioned in paragraph 6.19A(1)(b)—in each 12 month period (beginning on the date of first payment), does not exceed an amount equal to the sum of: (i) 3 months’ repayments; and (ii) 12 months’ interest on the outstanding balance of the loan
107A	The Regulator has determined under subregulation 6.19B(3) (about coronavirus) that a specified amount of benefits in the regulated superannuation fund may be released on a compassionate ground	A single lump sum, not exceeding the amount determined, in writing, by the Regulator in relation to the fund
108	Termination of gainful employment with an employer who had, or any of whose associates had, at any time, contributed to the regulated superannuation fund in relation to the member	1.   Preserved benefits: Non‑commutable life pension or non‑commutable life annuity 2.   Restricted non‑preserved benefits:  Nil
109	Temporary incapacity	A non‑commutable income stream cashed from the regulated superannuation fund for:
		(a) the purpose of continuing (in whole or part) the gain or reward which the member was receiving before the temporary incapacity; and
		(b) a period not exceeding the period of incapacity from employment of the kind engaged in immediately before the temporary incapacity
109A	For acquiring a superannuation interest (within the meaning of the 1997 Tax Act) that supports a deferred superannuation income stream to be provided under a contract or rules that meet the standards of subregulation 1.06A(2)	The restrictions contained in paragraph 1.06A(3)(e)
110	Attaining preservation age	Any of the following: (a) a transition to retirement income stream; (b) a non‑commutable allocated annuity; (c) a non‑commutable allocated pension; (d) a non‑commutable annuity; (e) a non‑commutable pension
111	Being a lost member who is found, and the value of whose benefit in the fund, when released, is less than $200	Nil
111A	The Commissioner of Taxation gives a superannuation provider a release authority under Division 131 in Schedule 1 to the Taxation Administration Act 1953	The restrictions contained in sections 131‑35 and 131‑40 in that Schedule
111B	A person gives a superannuation provider a release authority under section 135‑40 in Schedule 1 to the Taxation Administration Act 1953	The restrictions contained in sections 135‑75 and 135‑85 in that Schedule
113	A person gives a transitional release authority to a superannuation provider under section 292‑80B of the Income Tax (Transitional Provisions) Act 1997	Restrictions contained in subsections 292‑80C(1) and (2) of the Income Tax (Transitional Provisions) Act 1997
113A	A former resident of Australia has: (a) moved permanently to New Zealand; and (b) nominated a provider of a KiwiSaver Scheme for the purposes of this item	Amount that is at least the amount of the former resident’s withdrawal benefit in the fund, paid: (a) as a single lump sum; or (b) if the fund receives any combination of contributions, transfers and rollovers after cashing the benefits—in a way that ensures that the amount is cashed
114	Any other condition, if expressed to be a condition of release, in an approval under subparagraph 62(1)(b)(v) of the Act	Restrictions expressed in the approval to be cashing restrictions applying to the condition of release

Part 2—Approved deposit funds

  

 

Column 1 Item no.	Column 2 Conditions of release	Column 3 Cashing restrictions
201	Retirement	Nil
202	Death	Nil
202A	Terminal medical condition	Nil
203	Permanent incapacity	Nil
204	Former temporary resident to whom regulation 6.24A applies, requesting in writing the release of his or her benefits	Amount that is at least the amount of the temporary resident’s withdrawal benefit in the fund, paid: (a) as a single lump sum; or
		(b) if the fund receives any combination of contributions, transfers and rollovers after cashing the benefits—in a way that ensures that the amount is cashed
204A	The trustee is required to pay an amount to the Commissioner of Taxation under the Superannuation (Unclaimed Money and Lost Members) Act 1999, or may pay an amount to the Commissioner of Taxation under Part 3D of that Act, for the person’s superannuation interest in the fund	Amount that the trustee is required to pay to the Commissioner of Taxation under the Superannuation (Unclaimed Money and Lost Members) Act 1999, or may pay to the Commissioner of Taxation under Part 3D of that Act, for the person’s superannuation interest in the fund, paid as a lump sum to the Commissioner
205	Severe financial hardship	For a person taken to be in severe financial hardship under paragraph 6.01(5)(a)—in each 12 month period (beginning on the date of first payment), a single lump sum not less than $1,000 (except if the amount of the person’s preserved benefits and restricted non‑preserved benefits is less than that amount) and not more than $10,000
		For a person taken to be in severe financial hardship under paragraph 6.01(5)(b)—Nil
206	Attaining age 65	Nil
207	The Regulator has determined under subregulation 6.19A(2) that a specified amount of benefits in the approved deposit fund may be released on a compassionate ground	A single lump sum, not exceeding the amount determined, in writing, by the Regulator, being an amount that: (a) taking account of the ground and of the person’s financial capacity, is reasonably required; and (b) in the case of the ground mentioned in paragraph 6.19A(1)(b)—in each 12 month period (beginning on the date of first payment), does not exceed an amount equal to the sum of: (i) 3 months’ repayments; and (ii) 12 months’ interest on the outstanding balance of the loan.
207AA	The Regulator has determined under subregulation 6.19B(3) (about coronavirus) that a specified amount of benefits in the approved deposit fund may be released on a compassionate ground	A single lump sum, not exceeding the amount determined, in writing, by the Regulator in relation to the fund
207A	For acquiring a superannuation interest (within the meaning of the 1997 Tax Act) that supports a deferred superannuation income stream to be provided under a contract or rules that meet the standards of subregulation 1.06A(2)	The restrictions contained in paragraph 1.06A(3)(e)
208	Attaining preservation age	Any of the following: (a) a transition to retirement income stream;
		(b) a non‑commutable allocated annuity; (c) a non‑commutable allocated pension; (d) a non‑commutable annuity; (e) a non‑commutable pension
208A	The Commissioner of Taxation gives a superannuation provider a release authority under Division 131 in Schedule 1 to the Taxation Administration Act 1953	The restrictions contained in sections 131‑35 and 131‑40 in that Schedule
208B	A person gives a superannuation provider a release authority under section 135‑40 in Schedule 1 to the Taxation Administration Act 1953	The restrictions contained in sections 135‑75 and 135‑85 in that Schedule
210	A person gives a transitional release authority to a superannuation provider under section 292‑80B of the Income Tax (Transitional Provisions) Act 1997	Restrictions contained in subsections 292‑80C(1) and (2) of the Income Tax (Transitional Provisions) Act 1997
211	Being a lost member who is found, and the value of whose benefit in the fund, when released, is less than $200	Nil

Note:       The definitions set out in subregulation 6.01(2) apply, unless they are in material or expressed not to apply, to Schedule 1; see that subregulation.

Schedule 2—Modifications of the OSS laws in relation to preserved benefits in regulated superannuation funds

(subregulation 6.02(2))

Part 1—Modifications of the Occupational Superannuation Standards Act 1987

  

101.  Section 7 (Operating standards for superannuation funds)

101.1   After subsection 7(3), insert:

             (4)  Despite any other provision of this Act, superannuation funds must comply with the standards prescribed for the purposes of this section.

Part 2—Modifications of the Occupational Superannuation Standards Regulations

  

201.  Regulation 3 (Interpretation)

201.1   Paragraph 3(2)(a):

            Omit the paragraph.

201A.  Regulation 8 (Vesting standards)

201A.1            After subregulation 8(1A), insert:

          (1B)  Paragraph (1A)(a) does not apply in relation to contributions made in accordance with a prescribed agreement or award.

202.  Regulation 9 (Preservation standards)

202.1A            Subparagraph 9(1)(a)(i):

            Omit “subject to regulation 10,”.

202.1   Paragraph 9(1)(b):

            After “the fund”, insert “before the commencement day”.

202.2   Paragraph 9(1)(c):

            Omit the paragraph, substitute:

                     (c)  member‑financed benefits must be preserved if they arise from contributions made by a member to a superannuation fund during any period during which the member did not have employer support in the fund, being a period that:

                              (i)  commenced on or after 13 March 1989 (in the case of a private sector fund) or 1 July 1990 (in the case of a public sector fund); and

                             (ii)  ended before the commencement day;

                     (d)  member‑financed benefits must be preserved if they arise from contributions (other than undeducted contributions) made to a superannuation fund in relation to the member on or after the commencement day;

                     (e)  benefits must be preserved if they arise from payments from the Superannuation Holding Accounts Special Account;

                      (f)  benefits must be preserved if they arise from eligible spouse contributions within the meaning of section 159TC of the Tax Act;

                     (g)  benefits must be preserved if they arise from a capital gains tax exempt component rolled over to the fund because of subsection 160ZZPZF(1), 160ZZPZH(7) or 160ZZPZI(5) of the Tax Act.

202.3   Subregulation 9(3):

            After “arising”, insert “before the commencement day,”.

202.4   Add at the end:

             (5)  In paragraphs (1)(b), (c) and (d) and subregulation (3):

commencement day has the same meaning as in Part 6 of the Superannuation Industry (Supervision) Regulations.

undeducted contributions has the same meaning as in Part 6 of the Superannuation Industry (Supervision) Regulations.

202A.  New regulation 10A

202A.1            After regulation 10, insert:

10A.  Preservation standard—interaction of subparagraph 9(1)(a)(i) and regulation 10

                   Where, apart from this regulations, a fund must preserve, in respect of a member:

                     (a)  the amount of benefits in compliance with subparagraph 9(1)(a)(i); and

                     (b)  an amount of benefits in compliance with regulation 10;

it is sufficient compliance with those provisions if the fund preserves the greater of those amounts.

203.  Regulation 11 (Preservation and portability standards)

203.1   Omit the regulation.

204.  Regulation 12 (Preservation standards not to apply in certain cases)

204.1   Omit the regulation.

Schedule 2A—Information in notice under subsection 60E(2) of Act

  

Note:       See subregulation 9AB.19(2).

 

Hello [insert the name of the beneficiary of the superannuation entity],

Your superannuation product [insert the name of the superannuation entity and the name of the Part 6A product] has performed poorly under an annual performance test that was introduced by the Australian Government to make sure Australians are getting the most out of their super. As a result, we are required to write to you and suggest that you consider moving your money into a different superannuation product.

You currently have $[insert the beneficiary’s account balance on the date of this letter] invested with [insert the name of the superannuation entity]. In the last year you paid $[insert total fees and costs charged to beneficiary in previous financial year] in total fees and costs for your account with [insert the name of the superannuation entity].

Switching to a different super product is easy, and there are no fees involved.

By switching into a better performing product, you can potentially save thousands of dollars more for retirement. For example, by earning 1% higher net return over a 30‑year period, you could be 20% better off at retirement.

Using the Australian Government’s YourSuper comparison tool you will be able to compare the fees and returns of all MySuper products. Go to ato.gov.au/yoursuper or the QR code below:

[insert QR code for ato.gov.au/yoursuper]

Your questions answered

Why have I received this letter?

The Australian Government has introduced an annual performance test of superannuation products to make sure Australians are getting the most out of their super.

The purpose of this letter is to notify you of the poor performance of your superannuation product and to provide you with information to help you decide whether you want to stay with your current product or choose a better performing product.

Even a small difference in performance can make a big difference at retirement.

What is the annual performance test?

The annual performance test assesses the returns of your product (after your super fund deducts fees) over the last [insert the number of financial years in the lookback period for the Part 6A product] years. The test compares the returns your product delivered with the returns that a comparable product would have delivered over the same period.

Products that fail this test are required to notify their members.

You can find out more about superannuation at moneysmart.gov.au.

Schedule 3—Prescribed form of advertisement of scheme for winding‑up or dissolution

(regulation 13.20)

  

Scheme for [insert ‘Winding‑up’, ‘Dissolution’ or both] of [insert name of superannuation entity]

                   Acting under subsection 142(1) of the Superannuation Industry (Supervision) Act 1993, [insert name of Regulator] has formulated a scheme for the [insert ‘Winding‑up’, ‘Dissolution’ or both] of [insert name of superannuation entity].

Summary of scheme:

                   [Set out a summary of the scheme].

                   The trustee of [insert name of superannuation entity] has been notified in writing of the scheme.

                   Any person whose interests are affected by the scheme may obtain a copy of the scheme from the offices of [insert name of Regulator] listed below.

                   [Insert details of the Regulator’s offices].

Schedule 4—Approved bodies

Note:       See the definition of approved body in subregulation 13.15A(2).

  

  

1  Approved bodies

                   Each body in the following table is an approved body for the purposes of regulation 13.15A.

 

Approved bodies
Item	Body
1A	AB NASDAQ Vilnius (XLIT)
1	ASX24 (formerly known as Sydney Futures Exchange)
2	ASX Clear (Futures) Pty Limited
3	ASX Clear Pty Limited
4	ASX operated by ASX Limited
5	Athens Exchange (ATHEX)
6	Athens Exchange Clearing House (ATHEX Clear)
7	BATS BZX Options Exchange
8	BME Clearing
9	BM&FBOVESPA
10	Bombay Stock Exchange
11	Borsa Istanbul
11A	Borsa Istanbul Futures & Options Market
12	Boston Options Exchange
13	Bourse de Montréal
14	Budapesti Értéktözsde
15	Bursa Malaysia Derivatives (BMD)
16	Cantor Clearinghouse, L.P.
17	Cassa di Compensazione e Garanzia S.p.A (CCG)
18	CBOE Futures Exchange
19	CCP Austria Abwicklungsstelle für Börsengeschäfte GmbH (CCP .A)
20	CDSClear operated by LCH.Clearnet SA
21	CEGH Gas Exchange of Vienna Stock Exchange
22	Central Depository (Pte) Limited
23	Chicago Board of Trade (CBOT)
24	Chicago Board Options Exchange (CBOE)
25	Chicago Climate Futures Exchange
26	China Financial Futures Exchange (CFFEX)
27	CME Clearing
28	CME Clearing Europe (CMECE)
28A	CommodityClear operated by LCH.Clearnet Limited
29	Commodity Exchange (COMEX) operated by New York Mercantile Exchange, Inc.
30	Dalian Commodity Exchange
31	Dubai Gold & Commodities Exchange (DGCX)
32	Dubai Mercantile Exchange (DME)
33	Electronic Liquidity Exchange operated by ELX Futures LP
35	EPEX SPOT SE
36	Eurex Clearing AG
37	Eurex Deutschland
37A	EuroGCplus operated by LCH.Clearnet SA
38	Euronext Amsterdam Derivatives Regulated Market operated by Euronext Amsterdam NV
39	Euronext Amsterdam Securities Regulated Market operated by Euronext Amsterdam NV
40	Euronext Brussels Derivatives Regulated Market operated by Euronext Brussels SA/NV
41	Euronext Brussels Securities Regulated Market operated by Euronext Brussels SA/NV
42	Euronext Lisbon Derivatives Regulated Market operated by Euronext Lisbon – Sociedade Gestora de Mercados Regulamentados, S.A.
43	Euronext Lisbon Securities Regulated Market operated by Euronext Lisbon – Sociedade Gestora de Mercados Regulamentados, S.A.
44	Euronext London Securities Regulated Market operated by Euronext London Limited
45	Euronext Paris Derivatives Regulated Market by Euronext Paris S.A.
46	Euronext Paris Securities Regulated Market by Euronext Paris S.A.
47	Euronext Paris MATIF (Marché à Terme International de France) (XMAT)
48	Euronext Paris MONEP (Marché des Options Négociables de Paris) (XMON)
49	European Central Counterparty N.V. (EuroCCP)
50	European Climate Exchange (ECX)
51	European Commodity Clearing AG
52	European Energy Exchange (EEX)
53	ForexClear operated by LCH.Clearnet Limited
54	HKFE Clearing Corporation Limited (HKCC)
55	Hong Kong Exchange and Clearing Ltd (HKEX)
56	Hong Kong Futures Exchange Limited (HKFE)
57	Hong Kong Securities Clearing Company Limited (HKSCC)
58	Hungarian Power Exchange operated by HUPX Ltd
59	ICAP Securities and Derivatives Exchange (ISDX)
60	ICE Clear Credit LLC
61	ICE Clear Europe Limited
62	ICE Clear Netherlands B.V.
63	ICE Clear Singapore
64	ICE Clear US, Inc
65	ICE Endex Derivatives B.V.
66	ICE Futures Canada, Inc
67	ICE Futures Europe
68	ICE Futures U.S., Inc
69	International Securities Exchange
70	Italian Derivatives Market (IDEM)
71	Italian Stock Exchange operated by Borsa Italiana S.p.A
72	Jakarta Futures Exchange (JFX)
73	Japan Securities Clearing Corporation (JSCC)
74	Johannesburg Stock Exchange (JSE)
74A	JSE Commodity Derivatives Market
75	KDPW_CCP S.A.
76	Keler CCP
77	KOSPI Market operated by the Korea Exchange
78	LME Clear Limited
79	Mercado Español de Futuros Financieros
80	Mexican Derivatives Exchange (MexDer)
81	Minneapolis Grain Exchange, Inc.
82	Montréal Climate Exchange (MCex)
83	NASDAQ BX, Inc.
84	NASDAQ Commodities operated by NASDAQ Oslo ASA
85	NASDAQ Copenhagen A/S
86	NASDAQ Derivatives Markets operated by NASDAQ Stockholm AB
87	NASDAQ Futures (NFX) operated by NASDAQ Futures, Inc.
88	NASDAQ Helsinki Ltd
89	NASDAQ Iceland hf.
90	NASDAQ NLX Ltd
91	NASDAQ OMX Armenia
92	NASDAQ PHLX LLC
93	NASDAQ PSX operated by NASDAQ PHLX LLC
94	NASDAQ Riga, AS (XRIS)
95	NASDAQ Stockholm AB (XSTO)
96	NASDAQ Tallinn AS (XTAL)
97	National Stock Exchange of India Ltd
98	New York Stock Exchange (NYSE) operated by the New York Stock Exchange LLC
99	Nodal Clear, LLC
100	Nodal Exchange, LLC
101	NYMEX Emissions operated by New York Mercantile Exchange, Inc.
102	NYMEX operated by New York Mercantile Exchange, Inc.
103	NYSE MKT operated by NYSE MKT LLC
104	NYSE Amex Option operated by NYSE MKT LLC
105	NYSE Arca Equities operated by NYSE Arca Equities, Inc.
106	NYSE Arca Options operated by NYSE Arca Equities, Inc.
106A	NZX Main Board operated by NZX Limited
107	OMIClear, C.C., S.A.
108	OneChicago LLC
109	Osaka Exchange, Inc. (OSE)
110	Oslo Bors operated by Oslo Børs ASA
111	OTC Clearing Hong Kong Limited (OTC Clear)
112	Power Exchange Central Europe, a.s. (PXE)
113	Powernext SA
114	RepoClear operated by LCH.Clearnet Limited
115	RepoClear operated by LCH.Clearnet SA
116	Shanghai Futures Exchange (SHFE)
117	Singapore Exchange Derivatives Clearing Limited (SGX‑DC)
117A	Singapore Exchange Derivatives Trading Limited (SGX‑DT)
118	Singapore Exchange Securities Trading Limited (SGX‑ST)
119	SIX x‑clear Ltd
120	SwapClear operated by LCH.Clearnet Limited
121	Taiwan Futures Exchange (TAIFEX)
122	Tel Aviv Stock Exchange Ltd
123	Thailand Futures Exchange (TFEX) operated by the Thailand Futures Exchange Public Company Limited
124	The Chicago Mercantile Exchange (CME)
126	The Derivatives market operated by Moscow Exchange MICEX‑RTS
127	The Equity and Bond market operated by Moscow Exchange MICEX‑RTS
128	The Equity Derivatives Market operated by the Johannesburg Stock Exchange Limited (formerly SAFEX)
129	The London Metal Exchange
130	The London Stock Exchange Derivatives Market
132	The Main Market operated by the London Stock Exchange
133	The Official Market and Second Regulated Market operated by Wiener Börse AG
134	The Options Clearing Corporation (OCC)
135	The SEHK Options Clearing House Limited (SEOCH)
136	The Stock Exchange of Hong Kong Limited
138	Tokyo Commodity Exchange, Inc
139	Tokyo Financial Exchange, Inc (TFX)
140	Tokyo Stock Exchange, Inc. (TSE)
141	Toronto Stock Exchange operated by TSX Inc.
143	Warsaw Stock Exchange (GPW)
144	A body that performs clearing house functions, in relation to an approved body that does not itself perform those functions, in accordance with the rules of the approved body or a law of the country where the approved body is situated

Schedule 6—Payments for market linked income streams

(subregulations 1.05(10) and 1.06(8))

  

1.                Subject to the following clauses, the total amount of the payments mentioned in paragraph 1.05(10)(b) or 1.06(8)(b) is determined using the formula:

                  

where:

AB means the amount of the market linked annuity account balance, or market linked pension account balance, as the case requires:

                     (a)  on 1 July in the financial year in which the payment is made; or

                     (b)  if that year is the year in which the market linked annuity or pension commences—on the commencement day.

PF means the payment factor set out in Column 3 in the Table in relation to the item in the Table that represents the term of the market linked annuity or pension remaining, expressed in whole years in accordance with clause 5, on:

                     (a)  1 July in the financial year in which the payment is made; or

                     (b)  if that is the year in which the annuity or pension commences—the commencement day.

2.                Payment of the account balance is sufficient to meet the payment for the financial year if, during the year, the account balance becomes less than the lesser of the following amounts:

                     (a)  the amount determined under clause 1;

                     (b)  the balance of the amount determined under clause 1 that remains to be paid for the year.

3.                If, in the final year of the annuity or pension, after payment of the amount determined under clause 1, there is a residual balance in the account—payment of the account balance must be made within 28 days after:

                     (a)  the end of the term of the annuity or pension; or

                     (b)  if a period is chosen under clause 7—the end of that period.

4.                An amount determined under the formula in clause 1 is rounded to the nearest 10 whole dollars.

5.                For clause 1, the remaining term of a market linked annuity or pension is rounded as follows:

                     (a)  if the commencement day of the market linked annuity or pension is on or after 1 January in a financial year—rounded up to the nearest whole year;

                     (b)  if the commencement day of the market linked annuity or pension is on or before 31 December in a financial year—rounded down to the nearest whole year.

6.                If the commencement day of the pension or annuity is a day other than 1 July—the appropriate factor set out in Column 3 of the Table must be applied proportionally to the number of days in the financial year that include and follow the commencement day in that financial year.

7.                If, on 1 July in a financial year (current year):

                     (a)  the payment factor that applies to an account balance for a market linked annuity or pension is 1.00; and

                     (b)  the payment factor that applied on 1 July in the previous financial year was not 1.00;

payments made in respect of the current year and the period after (if any) are taken to be determined in accordance with clause 1 if they comply with the following conditions:

                     (c)  payment of the account balance over one of the following periods:

                              (i)  if the remaining term of the annuity or pension is greater than 12 months—that period;

                             (ii)  12 months;

                     (d)  if payments are made in accordance with paragraph (c)—the provider has no obligation to make any other payment that, but for this clause, would have been determined on 1 July in the subsequent financial year.

8.                An amount is taken to have been determined in accordance with clause 1 of this Schedule if the amount is:

                     (a)  not less than the amount determined in accordance with clause 1 of this Schedule, less 10 per cent of that amount; and

                     (b)  not greater than the amount determined in accordance with clause 1 of this Schedule, plus 10 per cent of that amount.

9.                Clause 8 does not apply if clause 10 or 11 applies.

10.              For the financial years commencing on 1 July 2008, 1 July 2009, 1 July 2010, 1 July 2019, 1 July 2020 and 1 July 2021, an amount is taken to have been determined in accordance with clause 1 if the amount is:

                     (a)  not less than 45% of the amount determined in accordance with clause 1; and

                     (b)  not greater than 110% of the amount determined in accordance with clause 1.

11.              For the financial years commencing on 1 July 2011 and 1 July 2012, an amount is taken to have been determined in accordance with clause 1 if the amount is:

                     (a)  not less than 67.5% of the amount determined in accordance with clause 1; and

                     (b)  not greater than 110% of the amount determined in accordance with clause 1.

Table

Item	Term of annuity or pension remaining rounded in whole years	Payment Factor
1	70 or more	26.00
2	69	25.91
3	68	25.82
4	67	25.72
5	66	25.62
6	65	25.52
7	64	25.41
8	63	25.30
9	62	25.19
10	61	25.07
11	60	24.94
12	59	24.82
13	58	24.69
14	57	24.55
15	56	24.41
16	55	24.26
17	54	24.11
18	53	23.96
19	52	23.80
20	51	23.63
21	50	23.46
22	49	23.28
23	48	23.09
24	47	22.90
25	46	22.70
26	45	22.50
27	44	22.28
28	43	22.06
29	42	21.83
30	41	21.60
31	40	21.36
32	39	21.10
33	38	20.84
34	37	20.57
35	36	20.29
36	35	20.00
37	34	19.70
38	33	19.39
39	32	19.07
40	31	18.74
41	30	18.39
42	29	18.04
43	28	17.67
44	27	17.29
45	26	16.89
46	25	16.48
47	24	16.06
48	23	15.62
49	22	15.17
50	21	14.70
51	20	14.21
52	19	13.71
53	18	13.19
54	17	12.65
55	16	12.09
56	15	11.52
57	14	10.92
58	13	10.30
59	12	9.66
60	11	9.00
61	10	8.32
62	9	7.61
63	8	6.87
64	7	6.11
65	6	5.33
66	5	4.52
67	4	3.67
68	3	2.80
69	2	1.90
70	1 or less	1.00