The maximum and minimum annual payment for an allocated pension is found from the formula:
Maximum payment = Allocated Pension Account Balance/Maximum Factor
and
Minimum payment = Allocated Pension Account Balance/Minimum Factor,
where the Allocated Pension Account Balance, and the relevant factors for the age of the beneficiary, are calculated as at 1 July of the relevant year of income (or on the date of commencement of the pension, if it commenced during the year).
The factors are based on the table below.
