9
In forceCalculation of value of deferred benefit
Schedule 5Special provisions for deferring the benefits of certain contributors
Part 2Deferral of benefit for contributors aged 55 years and over in certain circumstances
9 Calculation of value of deferred benefit
(1)
The initial value of a deferred benefit is to be calculated in accordance with section 43 as if the contributor had ceased employment.
(2)
If a contributor has attained the early retirement age before the exit date, for the purpose of calculating the value of the employer-financed benefit to be deferred under subclause (1), K in the formula in section 43 (6) (b) is to equal one.
This Act’s bill:Explanatory memorandum
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