RBF Life Pension
conversion factors
As a current or former RBF member (dependent on eligibility),
you may be entitled to purchase an RBF Life Pension under
certain circumstances.
Some RBF Life Pensions are calculated using actuarial
pension factors based on life expectancy. These RBF Life
Pensions can be reversionary, or non-reversionary.
If your RBF Life Pension is reversionary, two-thirds of your
RBF Life Pension will be paid to your surviving spouse on
your death.
If your RBF Life Pension is non-reversionary, life pension
payments will cease on the date of your death. No benefits
are payable to your surviving spouse.
RBF Life Pension conversion factors are used to
determine the annual value of your RBF Life Pension at
commencement. Once this value is established, the annual
value of your RBF Life Pension is adjusted by movements
in the Consumer Price Index on a six monthly basis. The
initial annual value of the RBF Life Pension is calculated by
dividing the amount being used to purchase your RBF Life
Pension (the purchase price of the pension) by the relevant
RBF Life Pension conversion factor. The RBF Life Pension is
paid on a fortnightly basis. An example is shown to the right.
Example 1
Michael was born on 18 August 1954 and retires from
the workforce on 16 January 2016 and elects to
commence an RBF Life Pension. He was 61 on the
day his pension commenced.
Michael has a benefit of $500,000 which he has
decided to use to purchase an RBF Life Pension.
Michael is male, he is 61 and he has chosen a
reversionary RBF Life Pension therefore his RBF Life
Pension conversion factor is currently 20.97. His annual
pension value is calculated in the following way:
Total purchase price of the pension
RBF Life Pension conversion factor
In this example:
$500,000
20.97
Total gross pension: $23,843.59
When Michael dies, two-thirds of the RBF Life Pension
value at the time of his death will revert to his surviving
spouse1. His surviving spouse will also have the option
of converting some or all of the RBF Life Pension into
a lump sum benefit.
If Michael does not have a surviving spouse at the time
of his death, the pension ceases.
No funds are paid to the estate.
The Superannuation Commission will determine if a potential beneficiary
qualifies as a surviving spouse based on the RBF Regulations.
RBF Life Pension conversion factors • 1
RBF Life Pension conversion factors effective 11 January 20172,3
Pensions with reversion to surviving spouse
Age
Pensions with NO reversion to surviving spouse
Male
Female
Male
Female
55
23.2800
22.8900
21.5300
22.1700
56
22.9200
22.5200
21.1300
21.7900
57
22.5500
22.1400
20.7100
21.4100
58
22.1700
21.7600
20.2900
21.0100
59
21.7800
21.3600
19.8600
20.6100
60
21.3800
20.9500
19.4100
20.1900
61
20.9700
20.5300
18.9600
19.7700
62
20.5500
20.1000
18.4900
19.3300
63
20.1100
19.6500
18.0000
18.8700
64
19.6600
19.1900
17.5100
18.4100
65
19.2000
18.7200
17.0000
17.9200
66
18.7300
18.2300
16.4800
17.4300
67
18.2500
17.7400
15.9500
16.9200
68
17.7500
17.2300
15.4100
16.4100
69
17.2500
16.7100
14.8700
15.8800
70
16.7400
16.1800
14.3300
15.3400
71
16.2200
15.6400
13.7800
14.8000
72
15.6900
15.1000
13.2300
14.2500
73
15.1500
14.5400
12.6700
13.6900
74
14.6000
13.9800
12.0900
13.1200
75
14.0400
13.4100
11.5100
12.5500
76
13.4700
12.8400
10.9200
11.9800
77
12.8900
12.2700
10.3300
11.4100
78
12.3100
11.7100
9.7400
10.8500
79
11.7400
11.1400
9.1800
10.2900
80
11.1800
10.5900
8.6500
9.7500
81
10.6300
10.0400
8.1400
9.2100
82
10.0800
9.5100
7.6500
8.6900
83
9.5400
8.9900
7.1600
8.1900
84
8.9900
8.4900
6.6700
7.7100
85
8.4500
8.0000
6.1800
7.2500
86
7.9100
7.5300
5.6900
6.7900
87
7.3800
7.0700
5.2100
6.3400
88
6.8800
6.6100
4.7600
5.8800
89
6.4100
6.1500
4.3800
5.4200
90
6.0000
5.6900
4.0600
4.9500
91
5.6100
5.2600
3.7800
4.4900
92
5.2500
4.8600
3.5200
4.0600
93
4.9100
4.5200
3.2800
3.7000
94
4.5900
4.2300
3.0500
3.4000
2
Life Pension conversion factors for members or surviving partners of members who are less than age 55 are available on request.
3
RBF Life Pension factors are reviewed on an annual basis and may be subject to change from time to time. Changes to RBF Life Pension conversion
factors are notified in the Tasmanian Government Gazette.
2 • RBF Life Pension conversion factors
Pensions with reversion to surviving spouse
Age
Pensions with NO reversion to surviving spouse
Male
Female
Male
Female
95
4.2800
4.0000
2.8200
3.1700
96
3.9900
3.8400
2.5900
3.0300
97
3.7200
3.6900
2.3700
2.9100
98
3.4700
3.5500
2.1600
2.8000
99
3.2400
3.4300
1.9800
2.7100
100
3.0500
3.3000
1.8400
2.6200
101
2.9000
3.1600
1.7500
2.5300
102
2.7700
3.0100
1.6700
2.4300
103
2.6400
2.8200
1.6000
2.3100
104
2.5200
2.6000
1.5200
2.1800
105
2.4000
2.3300
1.4500
2.0400
106
2.2700
2.0000
1.3700
1.8900
107
2.1300
1.7000
1.2700
1.7000
108
1.9500
1.4400
1.1300
1.4400
109
1.7200
1.0900
0.9200
1.0900
Need help?
After reading this fact sheet you may require further information or assistance.
Please see the ‘Contributory Scheme Life Pension’ fact sheet for more information about benefits and features of the
RBF Life Pension. The fact sheet is available on our website at www.rbf.com.au
Personal appointments are available in Hobart, Launceston, Burnie and Devonport by appointment only. To arrange
an appointment call the RBF Enquiry Line on 1800 622 631.
Contacting RBF
RBF Enquiry Line:
800 622 631 or
1
+61 3 8687 1863
(international)
Visit:
www.rbf.com.au
Fax:
(03) 9245 5827 or
+61 3 9245 5827
(international)
Write:
BF, Reply Paid 446,
R
Hobart TAS 7001
Office:
Ground Floor,
21 Kirksway Place,
Hobart
© April 2017 The Superannuation Commission
This fact sheet contains general information only. It is not intended to
be, and should not be relied upon as legal, financial or other advice.
It has been prepared without taking into account your personal objectives,
financial situation or needs. The governing rules of RBF will prevail over any
misstatement in this fact sheet.
The privacy of your personal information is important to RBF. We hold your
personal information securely and use it only for the purposes described in
the RBF ‘Privacy Policy Statement’, available on the RBF website at
www.rbf.com.au
Henty House,
91–97 Charles Street,
Launceston
AL/S/00323 (V1-04/17) Issued by the Superannuation Commission (ABN 93 598 914 092) as trustee of the Retirement Benefits Fund (ABN 51 737 334 954)
RBF Life Pension conversion factors • 3
RBF20508_Life pension conversion factors_0317_FA
Contact RBF if you would like additional
information or assistance.