The responsibility to check the accuracy and appropriateness of the result remains with the user as a condition of use.
The minimum pension to be paid in the financial year is calculated by multiplying the member's
pension account balance by a percentage factor based on their relevant age.
The percentage factors vary in increments from 4% for ages under 64 to 14% for those aged 95 or
older (there are also some special post global financial crisis and Covid-19 reductions).
The result is rounded to the nearest $10 but we suggest paying a higher amount to ensure the
requirement is met.
Where the pension commences after 1 July in a year, the minimum payment for the first year is
If the commencement of a pension is after the 1st of June, then no minimum pension payment is
required in that year.