Annual income may be varied by ±10% of the amount calculated using the payment factors. However, for the 2011/12 and 2012/13 financial years the annual income can be between 67.5% and 110% (inclusive) of the amount calculated using the payment factors. In 2013/14 and later years the annual income can be between 90% and 110% (inclusive) of the amount calculated using the payment factors.
|
Payment Factors |
|||
|
Remaining term |
Required PF |
Remaining term |
Required PF |
|
1 or less |
1.00 |
36 |
20.29 |
|
2 |
1.90 |
37 |
20.57 |
|
3 |
2.80 |
38 |
20.84 |
|
4 |
3.67 |
39 |
21.10 |
|
5 |
4.52 |
40 |
21.36 |
|
6 |
5.33 |
41 |
21.60 |
|
7 |
6.11 |
42 |
21.83 |
|
8 |
6.87 |
43 |
22.06 |
|
9 |
7.61 |
44 |
22.28 |
|
10 |
8.32 |
45 |
22.50 |
|
11 |
9.00 |
46 |
22.70 |
|
12 |
9.66 |
47 |
22.90 |
|
13 |
10.30 |
48 |
23.09 |
|
14 |
10.92 |
49 |
23.28 |
|
15 |
11.52 |
50 |
23.46 |
|
16 |
12.09 |
51 |
23.63 |
|
17 |
12.65 |
52 |
23.80 |
|
18 |
13.19 |
53 |
23.96 |
|
19 |
13.71 |
54 |
24.11 |
|
20 |
14.21 |
55 |
24.26 |
|
21 |
14.70 |
56 |
24.41 |
|
22 |
15.17 |
57 |
24.55 |
|
23 |
15.62 |
58 |
24.69 |
|
24 |
16.06 |
59 |
24.82 |
|
25 |
16.48 |
60 |
24.94 |
|
26 |
16.89 |
61 |
25.07 |
|
27 |
17.29 |
62 |
25.19 |
|
28 |
17.67 |
63 |
25.30 |
|
29 |
18.04 |
64 |
25.41 |
|
30 |
18.39 |
65 |
25.52 |
|
31 |
18.74 |
66 |
25.62 |
|
32 |
19.07 |
67 |
25.72 |
|
33 |
19.39 |
68 |
25.82 |
|
34 |
19.70 |
69 |
25.91 |
|
35 |
20.00 |
70 or over |
26.00 |
|
Note: The term may be varied by up to 12 months in the last year of the income stream. |
|||
Relevant number
The 2015-2017 Australian Life Tables are used as the basis for determining the range of available terms for TAPs. For account based pensions that commenced before 1 January 2015, the Life Tables are used to determine the relevant number for the purposes of the social security income test (see page 82) and for pensions that commenced before 1 July 2007, the Life Tables were used to determine the relevant number for the purposes of the deductible amount.
|
Date of commencement |
Australian Life Table |
|
1/1/2000 – 31/12/2004 |
1995-1997 tables |
|
1/1/2005 – 31/12/2009 |
2000-2002 tables |
|
1/1/2010 – 31/12/2014 |
2005-2007 tables |
|
1/1/2015 – 31/12/2019 |
2010-2012 tables |
|
On or after 1/1/2020 |
2015-2017 tables |
Term Allocated Pension (TAP) – available terms for pensions commencing from 1 January 2020
|
Age |
Male |
Female |
|
60 |
25 – 40 |
27 – 40 |
|
61 |
24 – 39 |
27 – 39 |
|
62 |
23 – 38 |
26 – 38 |
|
63 |
22 – 37 |
25 – 37 |
|
64 |
21 – 36 |
24 – 36 |
|
65 |
20 – 35 |
23 – 35 |
|
66 |
20 – 34 |
22 – 34 |
|
67 |
19 – 33 |
21 – 33 |
|
68 |
18 – 32 |
20 – 32 |
|
69 |
17 – 31 |
20 – 31 |
|
70 |
16 – 30 |
19 – 30 |
|
71 |
16 – 29 |
18 – 29 |
|
72 |
15 – 28 |
17 – 28 |
|
73 |
14 – 27 |
16 – 27 |
|
74 |
13 – 26 |
15 – 26 |
|
75 |
13 – 25 |
15 – 25 |
|
76 |
12 – 24 |
14 – 24 |
|
77 |
11 – 23 |
13 – 23 |
|
78 |
11 – 22 |
12 – 22 |
|
79 |
10 – 21 |
12 – 21 |
|
80 |
10 – 20 |
11 – 20 |
For TAPs commenced prior to 1 January 2005 there is choice of either the 1995-1997 or 2000-2002 Life Tables.
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