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4.9.5 Life Expectancy, Pension Valuation Factor & Payment Factor Tables

Introduction

This section contains 7 life expectancy (section 9(1)-'life expectancy') tables, used to determine the relevant number for certain income streams (1.1.I.70). It also contains a table of pension valuation factors (section 1120(3)-'pension valuation factor') for defined benefit income streams (section 9(1)-'defined benefit income stream') as well as general provisions for pension valuation factors, pension valuation factors for allocated income streams and payment factors for market-linked income streams.

 

For lifetime, defined benefit and allocated income streams, the relevant number is based on the income support recipient's, or reversionary beneficiary's age (if applicable), at the beginning of the period to which the first income stream payment relates.

Example: A female income support recipient is 61.5 years of age on 1 January 2000. She purchases a life expectancy product, which commences payment on 2 January 2000. For the purposes of applying the correct life expectancy factor to the new product her age is 61. From the table at 4.9.5.45 her life expectancy is 23.25. This is because she is 61 in the 12-month period to which the first income stream payment relates.

 

Act reference: SSAct section 9(1)-'life expectancy', section 1120(3)-'pension valuation factor', section 9(1)-'defined benefit income stream'

 

In this section

This section contains the following topics:

4.9.5.05 Table of Life Expectancy - Payments Commenced Before 01/07/1983

4.9.5.10 Table of Life Expectancy - Payments Commenced on or after 01/07/1983 to 31/08/1988

4.9.5.20 Table of Life Expectancy - Payments Commenced on or after 01/09/1988 to 30/04/1993

4.9.5.30 Table of Life Expectancy - Payments Commenced on or after 01/05/1993 to 31/12/1995

4.9.5.40 Table of Life Expectancy - Payments Commenced on or after 01/01/1996 to 31/12/1999

4.9.5.45 Table of Life Expectancy - Payments Commenced on or after 01/01/2000 to 31/12/2004

4.9.5.46 Table of Life Expectancy - Payments Commenced on or after 01/01/2005 to 31/12/2009

4.9.5.47 Table of Life Expectancy - Payments Commenced on or after 01/01/2010

4.9.5.50 Pension Valuation Factors for Defined Benefit Income Streams

4.9.5.60 Pension Valuation Factors & Percentage Factors for Allocated & Account Based Income Streams

4.9.5.70 Payment Factors for Market-Linked Income Streams

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Last reviewed: 5 September 2011


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