State Authorities Superannuation (Transitional Provisions) Regulation 1988

In this clause, a reference to an employer-financed benefit includes a lump sum benefit payable under clause 11 (additional benefit for qualified transferred contributors).

This clause applies to a transferred contributor who—

becomes covered for the additional benefit under the current Act, or

by virtue of clause 4 (transferred contributors), is taken to be covered for that additional benefit,

If—

a benefit becomes payable under section 38 of the current Act (benefit on death before early retirement age) or section 39 of that Act (benefit on total and permanent invalidity before early retirement age) to or in respect of a transferred contributor to whom this clause applies and no election is made under clause 16 (1) or 17 (1), or

a benefit is paid under section 37 of that Act (benefit at or after early retirement or on death at or after early retirement age) and the Board is satisfied that a benefit would have been payable under section 38 or 39 of that Act if the early retirement age had been 60 years,

For the purposes of subclause (3), the amount referred to in that subclause is the sum of—

the notional accumulation, and

the amount calculated in accordance with the following formula—

if the transferred contributor contributed to the new Fund at the rate of 1 per cent of salary—two-sevenths of that contributor’s final salary,

if the transferred contributor contributed to the new Fund at the rate of 2 per cent of salary—four-sevenths of that contributor’s final salary,

if the transferred contributor contributed to the new Fund at the rate of 3 per cent of salary—six-sevenths of that contributor’s final salary, or

if the transferred contributor contributed to the new Fund at a rate exceeding 3 per cent of salary—that contributor’s final salary.

In subclause (4), a reference to a rate, in relation to a transferred contributor, is a reference to the rate at which the contributor last elected or is taken to have last elected to contribute immediately before the benefit became payable.

If a benefit becomes payable to a transferred contributor to whom this clause applies under section 40 of the current Act (benefit on partial and permanent invalidity before early retirement age), the employer-financed benefit in respect of that contributor shall be not less than the notional accumulation.

If—

a benefit becomes payable under section 37 of the current Act to or in respect of a transferred contributor to whom this clause applies,

no election is made under clause 15 (pension rights—exit after age 60), and

the employer-financed benefit would, but for the operation of this subclause, be reduced by the operation of clause 10 (benefit to be adjusted in certain circumstances),