Account based pensions (ABPs)

Minimum percentage factors1
Age	2008/09 to 2010/11		2011/12 to 2012/13	2013/14 and later years
Under 65	2.00%		3.00%	4.00%
65 – 74	2.50%		3.75%	5.00%
75 – 79	3.00%		4.50%	6.00%
80 – 84	3.50%		5.25%	7.00%
85 – 89	4.50%		6.75%	9.00%
90 – 94	5.50%		8.25%	11.00%
95 and over	7.00%		10.50%	14.00%

Minimum payment in commencement year		Pension commenced prior to 1 June: pro-rate minimum by number of days in financial year that includes and follows the pension commencement day Pension commenced from 1 June to 30 June: no minimum pension required
Minimum payment in commutation year		Pro-rate minimum by number of days income stream payable in financial year up to commutation date Pre-commutation minimum payment not required if: commutation is a partial commutation and remaining account balance is sufficient to meet annual minimum payment; or commutation results from death, family law split, surcharge payment or exercise of right under financial product cooling-off period.
Maximum payments		No maximum, except for TTR pensions

Feedback