You have calculated the member’s interim balance and created their new pension account. Now it’s time to finalize the calculation of minimum and maximum pension payments and the amount that must be withdrawn for the remainder of this year.
Click the CALCULATE PENSION MINIMUM button.
Mclowd will calculate the minimum pension the Fund is required to pay to this Member.
Mclowd now displays full details of the newly created member account.
Note that it displays
- the account balance,
- the respective preserved, restricted non-preserved, and unrestricted components, and the taxable and non-taxable components.
- the purchase price of the newly created pension account.
- reversionary pension details
- beneficiary age
- minimum percentage that must be withdrawn annually
- minimum and maximum withdrawal amounts for a full year
- number of days in this financial year that the member will be drawing a pension
- minimum amount that must be withdrawn this financial year
Review the calculation to verify that the amount is correct for the Member’s age. (Refer to the article ‘’How much do I have to withdraw from my account-based pension each year?’’ at https://www.moneysmart.gov.au/superannuation-and-retirement/income-sources-in-retirement/income-from-super/account-based-pensions)
Click SAVE DETAILS.
Mclowd asks you to confirm that you wish to update Preservation and Taxable components
Click OK to proceed, or CANCEL to go back and make changes.
Mclowd now displays the Member Details screen showing the newly created account, together with Commencement Date, minimum drawing requirements (percentage and $) and tax-free percentage.
Click on the underlined Account Description at any time to return to the Details screen shown above and edit the Reversionary Pension Details. Other fields will be displayed but not editable.