Benefit on death before early retirement age
38 Benefit on death before early retirement age
The benefit provided by this section is payable by STC where a contributor dies before attaining the early retirement age during employment with an employer and is so payable—
where the contributor is survived by a spouse or de facto partner—to the contributor’s spouse or de facto partner, or
where the contributor is not survived by a spouse or de facto partner—to the personal representatives of the contributor or, if appropriate, in accordance with section 51 (Payment without grant of probate etc).
The benefit provided by this section in relation to a contributor is an amount equal to the sum of—
the amount of the contributor-financed benefit,
an amount of employer-financed benefit calculated in accordance with the formula—
where—
E represents the amount to be ascertained,
S represents the higher of the contributor’s final salary or the contributor’s final average salary, and
A represents the accrued benefit points for the contributor at the contributor’s exit date, and
where an approval under section 20 (Additional benefit) is in force—the amount of the additional benefit.
If STC makes a determination under section 45A in relation to a benefit to be provided by this section, the amount of that benefit is reduced by the amount specified in STC’s determination.
This Act’s bill:Explanatory memorandum
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