Calculation of certain pension rates
80D Calculation of certain pension rates
The following rates of pension:
the annual rate at which standard age retirement pension is payable to a person under subsection 56(5);
the annual rate at which standard early retirement pension is payable to a person under subsection 60(2);
the annual rate at which invalidity pension is payable to a person under subsection 67(4A), 68(4A), 70(4A) or 71(4A);
are worked out by using the formula:
Start formula Basic pension rate minus start fraction Surcharge deduction amount over Conversion factor end fraction end formula
where:
basic pension rate means the annual rate at which the pension to which the person is entitled would be payable to the person if the person’s surcharge debt account were not in debit when the pension becomes payable.
conversion factor means the factor that is applicable to the person under the determination made by CSC under subsection 154AB(1).
surcharge deduction amount means the person’s surcharge deduction amount.
The following rates of pension:
the annual rate at which additional age retirement pension is payable to a person under subsection 57(1A);
the annual rate at which additional early retirement pension is payable to a person under subsection 61(1A);
are worked out by using the formula:
Start formula Basic pension rate minus start fraction Surcharge deduction amount over Conversion factor end fraction end formula
where:
basic pension rate means the annual rate at which the pension to which the person is entitled would be payable to the person if the person’s surcharge debt account were not in debit when the pension becomes payable.
conversion factor means the factor that is applicable to the person under the determination made by CSC under subsection 154AB(2).
surcharge deduction amount means the person’s surcharge deduction amount.
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