You have calculated the member's interim balance and created their new pension account.
Now it's time to finalise the calculation of minimum and maximum pension payments and the amount that must be withdrawn for the remainder of this year.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
othe account balance,
othe respective preserved, restricted non-preserved, and unrestricted components, and the taxable and non-taxable components.
othe purchase price of the newly created pension account.
oreversionary pension details
obeneficiary age
ominimum percentage that must be withdrawn annually
ominimum and maximum withdrawal amounts for a full year
onumber of days in this financial year that the member will be drawing a pension
ominimum amount that must be withdrawn this financial year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.
