Life Expectancy / Probability of Survival

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Editor:
Chris Browne
B.Comm, Dip FP
Chartered Accountant

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If you are not a subscriber, but you would like to receive all of them, please send your email address to admin@ratesmate.com.au with the Subject line: Send Free Newsletter.

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Life Expectancy / Probability of Survival

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From 1 July 2007, life expectancy has been removed as a factor in determining the tax-free and taxable components of a superannuation pension. Significantly, the pension is taxed the same regardless of whether there is a reversionary beneficiary or not.

However, life expectancy is still used to calculate the deductible amount for some superannuation pensions for Centrelink purposes and a reversionary pension still uses the longest life expectancy of the member or reversionary beneficiary (i.e. a lower deductible amount).

Centrelink do not use the Australian Life Tables published by the Australian Bureau of Statistics (ABS). Centrelink only use tables published by the Australian Government Actuary (AGA). Refer to the links below for more information.

Probability of Survival

Australian Life Tables (2005-2007) published by the AGA

Australian Life Tables (2004-2006) published by the ABS

Australian Life Tables (2000-2002) published by the AGA

For income streams started between 01/01/2000 and 31/12/2004

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This page was last edited on 21 January 2012

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