Pension Summary

 

Feature	Allocated Pension	Term Allocated (Market Linked) Pension	Lifetime Complying Pension	Life Expectancy (Fixed Term) Comp. Pension	Flexi Pension	Account Based  Pension
Complying	No	Yes	Yes	Yes	No	No
Availability as New	To 20/9/2007	To 20/9/07	No	No	No	Yes
Pension Level	Min/Max PVF Factors	PF divided into account balance at 30/6	Fixed by actuary	Fixed by actuary	Fixed by actuary	% Depending on age
Indexation	N/A	N/A	Fixed by actuary or greater of 5% or CPI + 1 if Asset Test Exempt	greater of 5% or CPI + 1	Average of last 3 years CPI	N/A
Residual Capital Value	No	No	No	No	Yes	No
Asset Test Exemption	No	50%	100% if commenced before 20/9/04 otherwise 50%	100% if commenced before 20/9/04 otherwise 50%	No	No
Income Test Efficient	Exempt amount is Purchase Price/Term	Exempt amount is Purchase Price/Term	Exempt amount is Purchase Price/Term	Exempt amount is Purchase Price/Term	Exempt amount is Purchase Price/Term	Exempt amount is Purchase Price/Term
Max Guarantee Term	N/A	N/A	10 years if started before 20/9/04 or 20 years if after	15 years if started before 20/9/04 or 20 years if after	N/A	N/A
Actuarial Requirement	Generally no	Generally no	Yes	Yes	Yes	Generally no
Commutability	Yes except preserved component	Within 6 months of start	No	No	limited to RBL Value	Yes except preserved component
Revert to Accumulation	Yes	No	No	No	Yes but limited to RBL Value	Yes
Rollover Allowability	To Account Based	To New Market Linked	To Market Linked	To Market Linked	To Account Based	To New Account Based Pension