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:
Start formula start fraction AB over PF end fraction end 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, 1 July 2021 and 1 July 2022, 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
Schedule 7—Minimum payment amount for a superannuation income stream
1 (1) Subject to clauses 3, 4, 4A and 4B, the amount of payments mentioned in paragraph 1.05(11A)(a) or 1.06(9A)(a) is the amount worked out using the formula:
Start formula account balance times percentage factor end formula
(2) In subclause (1):
account balance means:
(a) the amount of the annuity or pension account balance:
(i) on 1 July in the financial year in which the payment is made; or
(ii) if that year is the year in which the annuity or pension payments commence—on the commencement day; or
(b) if the amount of the annuity or pension account balance under paragraph (a) is less than the withdrawal benefit to which the beneficiary would be entitled if the annuity or pension were to be fully commuted—the amount of the withdrawal benefit.
percentage factor means the percentage factor specified in the item in the table that applies to the beneficiary because of the beneficiary’s age 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 payments commence—the commencement day.
2 (1) The amount of payments mentioned in
(a) subparagraph 1.05(11A)(b)(i) and sub‑subparagraph 1.05(11A)(b)(ii)(D); and
(b) subparagraph 1.06(9A)(b)(i) and sub‑subparagraph 1.06(9A)(b)(ii)(C);
is the amount worked out using the formula:
Start formula purchase price times percentage factor end formula
(2) In subclause (1):
purchase price means the total amount paid as consideration to purchase the income stream.
percentage factor means the percentage factor specified in the item in the table that applies to the beneficiary because of the beneficiary’s age on:
(a) the commencement day; or
(b) the anniversary of the commencement day.
3 For the determination of the minimum total payment in the year in which the commencement day of the annuity or pension occurs, if that day is a day other than 1 July, the applicable value specified 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.
4 If the commencement day of the annuity or pension is on or after 1 June in a financial year, no payment is required to be made for that financial year.
4A For the financial years commencing on 1 July 2008, 1 July 2009, 1 July 2010, 1 July 2019, 1 July 2020, 1 July 2021 and 1 July 2022, the amount of payments is half of the amount worked out using the formula in clause 1.
4B For the financial years commencing on 1 July 2011 and 1 July 2012, the amount of payments is 75% of the amount worked out using the formula in clause 1.
5 An amount determined under this Schedule is to be rounded to the nearest 10 whole dollars. If the amount ends in an exact 5 dollars, it is to be rounded up to the next 10 whole dollars.
Table
Item
Age of Beneficiary
Percentage factor
1
Under 65
4
2
65—74
5
3
75—79
6
4
80—84
7
5
85—89
9
6
90—94
11
7
95 or more
14
Endnotes
Endnote 1—About the endnotes
The endnotes provide information about this compilation and the compiled law.
The following endnotes are included in every compilation:
Endnote 1—About the endnotes
Endnote 2—Abbreviation key
Endnote 3—Legislation history
Endnote 4—Amendment history
Abbreviation key—Endnote 2
The abbreviation key sets out abbreviations that may be used in the endnotes.
Legislation history and amendment history—Endnotes 3 and 4
Amending laws are annotated in the legislation history and amendment history.
The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.
The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.
Editorial changes
The Legislation Act 2003 authorises First Parliamentary Counsel to make editorial and presentational changes to a compiled law in preparing a compilation of the law for registration. The changes must not change the effect of the law. Editorial changes take effect from the compilation registration date.
If the compilation includes editorial changes, the endnotes include a brief outline of the changes in general terms. Full details of any changes can be obtained from the Office of Parliamentary Counsel.
Misdescribed amendments
A misdescribed amendment is an amendment that does not accurately describe how an amendment is to be made. If, despite the misdescription, the amendment can be given effect as intended, then the misdescribed amendment can be incorporated through an editorial change made under section 15V of the Legislation Act 2003.