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This Declaration may be cited as Superannuation (Productivity Benefit) Declaration No. 11.
[NOTE: This Declaration commences on gazettal: see Acts Interpretation Act 1901, ss. 46a and 48.]
Declared first interest factor
For the purposes of section 8a of the Superannuation (Productivity Benefit) Act 1988, the factor ascertained using the following formula is declared to be the declared first interest factor for the financial year commencing on 1 July 1992:
where:
“Interest rate” means 0.0945;
“Days” means:
in the case of an employee who becomes a fund employee—the number of days in the period:
commencing on the last day of the first pay period of the employee ending after 1 July 1992; and
ending at the end of the day on which an amount first becomes payable under section 4f of that Act; or
in the case of an employee who becomes entitled to receive an interim benefit under section 6 of that Act—the number of days between:
the last day of the first pay period of the employee ending after 1 July 1992; and
the day on which the employee became entitled to receive the benefit; or
in the case of an employee who neither becomes a fund employee nor becomes entitled to receive an interim benefit—the number of days between:
the last day of the first pay period of the employee ending after 1 July 1992; and
30 June 1993.