An allocated pension is a type of pension where the payments are determined by minimum and maximum annual withdrawals of a percentage of the portfolio. 

There are no special rules limiting your choice of investments, so allocated pensions can be managed according to your risk profile with the full range of investment assets and strategies available to super funds.  This means you are not limited to a highly conservative cash and bond type portfolio and the low returns that go with that.  (Unlike annuities, where typically the portfolio and the returns are very conservative). 

From 1 July 2007, there will be no maximum withdrawal rate, so the maximum withdrawal could be 100% of the account balance.  

From 1 July 2007 there will be a simple age based formula for the minimum percentage withdrawals.

Although a terminology has been introduced calling pensions from 1 July 2007 "Minimum Standard Pensions", they are still allocated pensions and it is correct to refer to them as "allocated pensions".  "Minimum standard" refers to the pension meeting the new rules that apply to allocated pensions, like the new minimum withdrawal rates:

Before 1 July 2007, allocated pension minimum and maximums are determined by age based Pension Valuation Factors.  The minimum and maximum withdrawals are set by dividing the account balance at 1 July by these numbers: (i.e. a 67 year old can withdraw between 1/14.9^th and 1/7.6^th of their account balance.)