use 16 to calculate how much is enough for retirement, page-9

If you were not indexing annual income by 2.5%pa, then your factor of 16 is about right:

	Age	Year ending	Account balance	Pension amount
1	55	30/6/2018	$1,264,465	$72,717
2	56	30/6/2019	$1,246,478	$80,000
3	57	30/6/2020	$1,227,581	$80,000
4	58	30/6/2021	$1,207,727	$80,000
5	59	30/6/2022	$1,186,869	$80,000
6	60	30/6/2023	$1,164,954	$80,000
7	61	30/6/2024	$1,141,930	$80,000
8	62	30/6/2025	$1,117,740	$80,000
9	63	30/6/2026	$1,092,326	$80,000
10	64	30/6/2027	$1,065,625	$80,000
11	65	30/6/2028	$1,037,572	$80,000
12	66	30/6/2029	$1,008,099	$80,000
13	67	30/6/2030	$977,134	$80,000
14	68	30/6/2031	$944,601	$80,000
15	69	30/6/2032	$910,422	$80,000
16	70	30/6/2033	$874,512	$80,000
17	71	30/6/2034	$836,784	$80,000
18	72	30/6/2035	$797,146	$80,000
19	73	30/6/2036	$755,502	$80,000
20	74	30/6/2037	$711,749	$80,000
21	75	30/6/2038	$665,782	$80,000
22	76	30/6/2039	$617,487	$80,000
23	77	30/6/2040	$566,747	$80,000
24	78	30/6/2041	$513,439	$80,000
25	79	30/6/2042	$457,432	$80,000
26	80	30/6/2043	$398,589	$80,000
27	81	30/6/2044	$336,768	$80,000
28	82	30/6/2045	$271,817	$80,000
29	83	30/6/2046	$203,577	$80,000
30	84	30/6/2047	$131,883	$80,000
31	85	30/6/2048	$56,560	$80,000
32	86	30/6/2049	$1,449	$56,560