Superannuation Pension Conversion Factors Determination No. 1/2004 (Cth)

SUPERANNUATION PENSION CONVERSION FACTORS DETERMINATION No. 1/2004

The PARLIAMENTARY RETIRING ALLOWANCES TRUST makes this Determination under subsection 22A(1) of the Parliamentary Contributory Superannuation Act 1948.

Dated this 9 day of December 2004

Signed Nick Minchin   Signed John Watson

……………………………………….   …………………………………..

For and on behalf of the

Parliamentary Retiring

Allowances Trust

1            Name of Determination

This Determination is the Superannuation Pension Conversion Factors Determination No. 1/2004.

2          Commencement

This Determination commences on the date of its notification in the Gazette (Commencement Date).

3          Cessation of 2001 Determination

The Determination made by the Parliamentary Retiring Allowances Trust on 19 September 2001, called Factors to Convert Surcharge Deduction Amount and Surcharge Commutation Amount to Yearly Amount, ceases to have effect from the Commencement Date.

4          Cessation of 1998 Determination

For the avoidance of doubt, the Determination made by the Parliamentary Retiring Allowances Trust on 10 September 1998, called Factors to Convert Surcharge Deduction Amount to a Yearly Amount, ceased to have effect on 19 September 2001.

5                Determination

The conversion factors that, having regard to:

(a)      the age of the member when the benefit becomes payable;

(b)      whether the member or the person is male or female; and

(c)      whether the benefit is a retirement pension or an invalidity pension;

are applicable for the purpose of working out the yearly amount that would have to be paid to discharge a liability equal to the member’s surcharge deduction amount, are those factors set out in Tables A, B, C and D of the Schedule.

SCHEDULE

Table A:          Male Retirement Pension Conversion Factors

Table B:          Female Retirement Pension Conversion Factors

Table C:         Male Invalid Pension Conversion Factors

Table D:         Female Invalid Pension Conversion Factors

Table A:  Male Retirement Pension Conversion Factors

Age at last birthday prior to start of pension	Pension Factor
16	33.9
17	33.8
18	33.6
19	33.4
20	33.2
21	33.1
22	32.9
23	32.7
24	32.5
25	32.3
26	32.1
27	31.9
28	31.7
29	31.5
30	31.2
31	31.0
32	30.7
33	30.5
34	30.2
35	30.0
36	29.7
37	29.4
38	29.1
39	28.9
40	28.6
41	28.2
42	27.9
43	27.6
44	27.3
45	26.9
46	26.6
47	26.2
48	25.9

Age at last birthday prior to start of pension	Pension Factor
49	25.5
50	25.1
51	24.7
52	24.3
53	23.9
54	23.5
55	23.1
56	22.6
57	22.2
58	21.7
59	21.2
60	20.7
61	20.3
62	19.8
63	19.2
64	18.7
65	18.2
66	17.6
67	17.1
68	16.5
69	16.0
70	15.4
71	14.8
72	14.2
73	13.6
74	13.0
75	12.4
76	11.8
77	11.2
78	10.6
79	10.0
80	9.4

Table B:  Female Retirement Pension Conversion Factors

Age at last birthday prior to start of pension	Pension Factor
16	33.7
17	33.5
18	33.4
19	33.2
20	33.0
21	32.8
22	32.6
23	32.4
24	32.2
25	32.0
26	31.7
27	31.5
28	31.3
29	31.0
30	30.8
31	30.5
32	30.3
33	30.0
34	29.7
35	29.4
36	29.2
37	28.9
38	28.6
39	28.2
40	27.9
41	27.6
42	27.3
43	26.9
44	26.6
45	26.2
46	25.8
47	25.5
48	25.1
Age at last birthday prior to start of pension	Pension Factor
49	24.7
50	24.3
51	23.9
52	23.5
53	23.1
54	22.6
55	22.2
56	21.7
57	21.3
58	20.8
59	20.3
60	19.9
61	19.4
62	18.9
63	18.4
64	17.9
65	17.3
66	16.8
67	16.3
68	15.8
69	15.2
70	14.7
71	14.1
72	13.5
73	13.0
74	12.4
75	11.9
76	11.3
77	10.7
78	10.2
79	9.6
80	9.0

Table C:  Male Invalid Pension Conversion Factors

Age at last birthday prior to start of pension	Pension Factor
16	33.2
17	33.0
18	32.8
19	32.7
20	32.5
21	32.3
22	32.1
23	32.0
24	31.8
25	31.6
26	31.4
27	31.1
28	30.9
29	30.7
30	30.4
31	30.2
32	30.0
33	29.7
34	29.4
35	29.2
36	28.9
37	28.6
38	28.3
39	28.0
40	27.7
41	27.4
42	27.0
43	26.7
44	26.4
45	26.0
46	25.7
47	25.3
48	24.9
Age at last birthday prior to start of pension	Pension Factor
49	24.6
50	24.2
51	23.8
52	23.4
53	22.9
54	22.5
55	22.1
56	21.6
57	21.2
58	20.7
59	20.3
60	19.8
61	19.3
62	18.8
63	18.3
64	17.8
65	17.3
66	16.8
67	16.2
68	15.7
69	15.2
70	14.6
71	14.1
72	13.5
73	13.0
74	12.4
75	11.8
76	11.2
77	10.7
78	10.1
79	9.5
80	9.0

Table D:  Female Invalid Pension Conversion Factors

Age at last birthday prior to start of pension	Pension Factor
16	32.4
17	32.2
18	32.0
19	31.8
20	31.6
21	31.4
22	31.2
23	30.9
24	30.7
25	30.5
26	30.2
27	30.0
28	29.7
29	29.5
30	29.2
31	28.9
32	28.6
33	28.3
34	28.0
35	27.7
36	27.4
37	27.1
38	26.8
39	26.4
40	26.1
41	25.7
42	25.4
43	25.0
44	24.7
45	24.3
46	23.9
47	23.5
48	23.1
Age at last birthday prior to start of pension	Pension Factor
49	22.7
50	22.2
51	21.8
52	21.4
53	20.9
54	20.5
55	20.0
56	19.6
57	19.1
58	18.6
59	18.1
60	17.7
61	17.2
62	16.7
63	16.2
64	15.7
65	15.1
66	14.6
67	14.1
68	13.6
69	13.1
70	12.5
71	12.0
72	11.5
73	10.9
74	10.4
75	9.9
76	9.4
77	8.9
78	8.4
79	7.9
80	7.5