Amount of productivity benefit on or after 1 July 1992
8AA Amount of productivity benefit on or after 1 July 1992
This clause applies in respect of service rendered by a member on or after 1 July 1992.
Where, in a pay period, a member whose total period of effective service is less than 20 years renders 14 days effective service, then, subject to subclause (7), the amount of productivity benefit (exclusive of interest) to be credited to that member in respect of that pay period is calculated using the formula:
where:
ARP is the annual rate of pay applicable to the member; and
percentage is the percentage specified in subclause (2A), (2B) or (2C) in respect of the member for the date on which the pay period ends.
For the definition of percentage in subclause (2), the following table specifies the percentage in respect of non‑recipient members and recipient members with at least 12 months service for a pay period ending between 1 July 1992 and 30 June 2015.
Percentages—non‑recipient members and certain recipient members from 1992 to 2015 | ||
|---|---|---|
Item | Date pay period ends | Percentage |
1 | Between 1 July 1992 and 31 December 1992 | 3.6 |
2 | Between 1 January 1993 and 30 June 1995 | 4.5 |
3 | Between 1 July 1995 and 30 June 1998 | 5.4 |
4 | Between 1 July 1998 and 30 June 2013 | 9.0 |
5 | Between 1 July 2013 and 30 June 2014 | 9.25 |
6 | Between 1 July 2014 and 30 June 2015 | 9.5 |
For the definition of percentage in subclause (2), the following table specifies the percentage in respect of recipient members with less than 12 months service for a pay period ending between 1 July 1992 and 30 June 2015.
Percentages—recipient members with less than 365 days service from 1992 to 2015 | ||
|---|---|---|
Item | Date pay period ends | Percentage |
1 | Between 1 July 1992 and 31 December 1992 | 4.0 |
2 | Between 1 January 1993 and 30 June 1995 | 5.0 |
3 | Between 1 July 1995 and 30 June 1998 | 6.0 |
4 | Between 1 July 1998 and 30 June 2013 | 9.0 |
5 | Between 1 July 2013 and 30 June 2014 | 9.25 |
6 | Between 1 July 2014 and 30 June 2015 | 9.5 |
For the definition of percentage in subclause (2), the percentage in respect of all members for a pay period ending on or after 1 July 2015 is the charge percentage specified in the table in subsection 19(2) of the Superannuation Guarantee (Administration) Act 1992 for the financial year in which the pay period ends.
Where, in a pay period, a member whose total period of effective service is not less than 20 years renders 14 days effective service, then, subject to subclause (7), the amount of productivity benefit (exclusive of interest) to be credited to that member in respect of that pay period is calculated using the formula:
where ARP is the annual rate of pay applicable to the member.
Where, in a pay period, a member renders a period of effective service of less than 14 days, then, subject to subclause (7), the amount of productivity benefit (exclusive of interest) to be credited to that member in respect of that pay period is calculated in accordance with the formula
where:
B is the amount of benefit in respect of a member in respect of the pay period ascertained using the formula in subclause (2) or (3) as the case may be; and
D is the number of days effective service in the pay period.
Where, in a pay period, a member renders 14 days service, then, subject to subclause (7), the amount of productivity benefit (being interest) to be credited to that member in respect of that pay period is calculated using the formula:
where:
B is the amount of benefit (including interest) that has accrued in respect of the member immediately before commencement of the pay period; and
I is:
if the pay period ends on or before 31 December 2014—the factor specified in the Schedule for the calendar year in which the pay period ends; or
if the pay period ends on or after 1 January 2015—the annual interest rate for the calendar year in which the pay period ends, divided by 100.
Annual interest rate is defined in subclause 3(1).
Where, in a pay period, a member renders a period of service of less than 14 days, then, subject to subclause (7), the amount of productivity benefit (being interest) to be credited to that member in respect of that pay period is calculated using the formula:
where:
B is the amount of benefit (including interest) that has accrued in respect of the member immediately before commencement of the pay period; and
D is the number of days service in the pay period; and
I is:
if the pay period ends on or before 31 December 2014—the factor specified in the Schedule for the calendar year in which the pay period concludes; or
if the pay period ends on or after 1 January 2015—the annual interest rate for the calendar year in which the pay period concludes, divided by 100.
Annual interest rate is defined in subclause 3(1).
Where an amount ascertained in accordance with subclause (2), (3), (4), (5) or (6) includes a fraction of a cent:
if the fraction is one‑half or greater, the amount is increased by one cent; or
if the fraction is less than one‑half, the fraction is disregarded.
In the application of subclauses (5) and (6) in respect of a period of service of the member in a pay period which concludes in the period from and including 1 July 1992 to and including 31 December 1992, the factor in the Schedule for the calendar year 1992 is reduced by 15%.
For the purposes of this clause, where a member completes 20 years’ effective service in a pay period, the member is regarded as being, in relation to that pay period, a member whose total period of effective service is not less than 20 years.
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