Superannuation (Productivity Benefit) Declaration No. 7

This Declaration may be cited as Superannuation (Productivity Benefit) Declaration No. 7.

Specified formula

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 1991:

where:

“Interest rate” means 0.11;

“Days” means:

in the case of an employee who becomes a fund employee—the number of days between the date of the last day of the first pay period of the employee ending after 1 July 1991 and the day on which an amount first becomes payable under section 4f of that Act and including both of those days; 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 date of the last day of the first pay period of the employee ending after 1 July 1991 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 date of the last day of the first pay period of the employee ending after 1 July 1991 and 30 June 1992.