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  SuperannuationWithdrawalsReasonable Benefit Limits      Monday, 1 March 2021  

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Reasonable Benefit Limits


 

From 1 July 2007 Reasonable Benefit Limits (RBLs) have been abolished.

 

 

   
RBL's
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Age 55 and over

 

Year

Lump sum

Pension

AWOTE index

2006-07

$678,149

$1,356,291

1.045

2005-06

$648,946

$1,297,886

1.048

2004-05

$619,223

$1,238,440

1.053

2003-04

$588,056

$1,176,106

1.046

2002-03

$562,195

$1,124,384

1.062

2001-02

$529,373

$1,058,742

1.046

2000-01

$506,092

$1,012,181

1.042

1999-00

$485,692

$971,382

1.031

1998-99

$471,088

$942,175

1.036

1997-98

$454,718

$909,435

1.046

1996-97

$434,720

$869,440

1.040

1995-96

$418,000

$836,000

1.045

1994-95

$400,000

$800,000

 

 

The lump sum amounts above apply if the benefit is taken as cash, in specie or an allocated pension.

 

The pension amounts above apply if at least 50% of the benefits are taken as a complying pension.

 

 

Before age 55

 

If benefits are paid before age 55, the RBL is reduced by 2.5% for each whole year the person is under that age, beginning at the birthday immediately before the benefits are paid. 

 

 

AWOTE indexation factors

 

The indexation factors in the table above can be used to index up to the current financial year for:

 

> transitional RBL’s, and

 

> a benefit received in a previous financial year.

 

For previously received benefits, index as follows:

 

AWOTE index number for 2nd last quarter (1)

AWOTE index number for payment quarter (2)

 

(1) Two quarters before the benefit was paid.

 

(2) The quarter in which the benefit was paid.

 

Indexation does not apply for periods less than 12 months.

 

 


This page was last edited on 29 December 2020

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