Minimum benefit for qualified transferred contributors
36 Minimum benefit for qualified transferred contributors
This clause applies to a transferred contributor who—
was, immediately before becoming a contributor to the earlier Fund, a contributor to the Superannuation Benefits Fund established under section 15S of the former Act, and
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 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),
becomes payable to or in respect of a transferred contributor to whom this clause applies, the employer-financed benefit shall be not less than the amount determined under subclause (3).
The amount to be determined for the purposes of subclause (2) is the sum of—
the notional accumulation, and
the amount calculated in accordance with the following formula—
where—
A represents the amount to be calculated,
M represents the number under the heading “Multiplier of salary” in Schedule 1 opposite the age specified in years in that Schedule that was the age of the transferred contributor concerned at that contributor’s exit date, and
S represents—
if the transferred contributor contributed to the new Fund at the rate of 1 per cent of salary—two-sevenths of the transferred 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 the transferred 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 the transferred contributor’s final salary, or
if the transferred contributor contributed to the new Fund at a rate exceeding 3 per cent of salary—the transferred contributor’s final salary.
In subclause (3), 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.
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