Income amounts
The Government sets age-based minimum limits for Account Based Pension and Transition to Retirement Pension (TRAP) pension payments.
Annual minimum pension payments will be calculated as the percentage below (depending on your age) multiplied by your TransPension account balance on the commencement of the pension, and at each subsequent 1 July.
The Government has revised its minimum payments for account-based superannuation pensions for the 2011/12 year.
| Your age at 1 July |
Minimum income % values 2011/12 |
| 3.00% |
| 3.75% |
| 4.50% |
| 5.25% |
| 6.75% |
| 8.25% |
| 10.50% |
This minimum will be rounded to the nearest $10.
For TRAP members there is a maximum pension amount. In a financial year you cannot receive more than 10% of your account balance. This is calculated on the commencement of your pension, and at each subsequent 1 July.