Minimum pension rates
Joy Kulavong
2 years ago • 1 min read
Members with a pension must make payments at least annually and meet their minimum pension payment requirements.
The minimum pension payment amount for an account-based pension is a set percentage of the member's account balance at commencement or at 1 July for every subsequent year.
The percentage varies according to the member's age and the year the pension is paid.
| AGE | PAYMENT FACTOR (From 1 July 2023) |
|---|---|
| Under 65 | 4.00% |
| 65–74 | 5.00% |
| 75–79 | 6.00% |
| 80–84 | 7.00% |
| 85–89 | 9.00% |
| 90–94 | 11.00% |
| 95 or more | 14.00% |
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