Definitions
25 Definitions
For the purposes of this Act—
accrued benefit points, in relation to a contributor at the contributor’s exit date, means—
the maximum benefit points for the contributor, or
if the number ascertained by adding together all the contributed points figures for the contributor is less than the maximum benefit points for the contributor—that lesser number.
adjusted length, in relation to a contributor’s membership period, means the adjusted length of the membership period ascertained as provided by section 26.
applicable superannuation period, in relation to a contributor, means a superannuation period that occurs during the period that commences on the contributor’s first contribution date and ends on the contributor’s final contribution date, except where—
a direction by the Board under section 21 (arrears of contributions) is in force in relation to the superannuation period, or
the contributor was not liable to contribute to the Fund in respect of the superannuation period by reason that it occurred during leave without pay or between a cessation and resumption of employment with an employer.
average contribution rate per cent, in relation to a contributor at the contributor’s exit date, means the lesser of—
6 per cent, and
the rate per cent calculated in accordance with the formula—
where—
R represents the rate per cent to be ascertained,
G represents the sum of the rates per cent of salary at which the contributor was liable to pay a contribution for each applicable superannuation period, and
N represents the number of those applicable superannuation periods.
contributed points figure, in relation to a contributor, means the figure that, in relation to each applicable superannuation period for the contributor that occurs before the contributor attains the age of 60 years, is ascertained in accordance with the formula—
where—
F represents the figure to be ascertained,
K represents the rate per cent of salary at which the contributor had elected to pay the contribution to the Fund for the superannuation period, and
R represents the salary ratio applicable to the contributor at the commencement of the superannuation period.
contributor’s component, in relation to a benefit payable to, or in relation to, a contributor, means the amount certified by the Board as the balance at credit in the contributor’s account at the time the benefit is paid.
employer’s component, in relation to a benefit payable to, or in relation to, a contributor, means the amount calculated in accordance with the formula—
where—
E represents the amount to be ascertained,
S represents the final salary of the contributor, and
A represents the accrued benefit points for the contributor at the contributor’s exit date.
final salary, in relation to a contributor, means the amount calculated as provided by section 27.
maximum benefit points, in relation to a contributor at the contributor’s exit date, means—
where the contributor has not attained the age of 55 years at the exit date—
150, or
if the number prescribed by subsection (2) (a) for the contributor is less than 150—the number so prescribed,
where, at the exit date, the contributor has attained the age of 55 years but has not attained the age of 60 years—the number prescribed by subsection (2) (b) for the contributor, or
where the contributor is of or over the age of 60 years at the exit date—
180, or
if the number prescribed by subsection (2) (c) for the contributor is less than 180—the number so prescribed.
membership period, in relation to a contributor, means, subject to section 33 (4), the period that commenced on the contributor’s entry date and ended on the contributor’s exit date, any period during which the contributor provided for preservation of a benefit being disregarded.
prospective benefit points, in relation to a contributor at the contributor’s exit date, means—
the number calculated in accordance with the formula—
where—
P represents the number to be ascertained,
C represents the contributor’s average contribution rate per cent,
R represents the salary ratio applicable to the contributor at the contributor’s exit date, and
H represents the number of complete superannuation periods that would occur during the period that commences immediately after the contributor’s final contribution date and ends immediately before the 55th anniversary of the contributor’s birth, or
if it is a lesser number than that calculated under paragraph (a)—the number that, when added to the number of the contributor’s accrued benefit points at the exit date, would produce a number equal to the maximum benefit points that would have been attributable to the contributor if contributions had continued at the contributor’s average contribution rate per cent, the salary ratio had remained constant until the exit date and the exit date had immediately preceded the 55th anniversary of the contributor’s birth.
supplementary benefit, in relation to a contributor, means the amount calculated in accordance with the formula—
where—
L represents the amount to be ascertained,
S represents the final salary for the contributor, and
P represents the prospective benefit points for the contributor at the contributor’s exit date.
For the purposes of the definition of maximum benefit points in subsection (1), the number prescribed by this subsection in relation to a contributor is—
where the contributor has not attained the age of 55 years—the number ascertained by multiplying by 6 the adjusted length of the contributor’s membership period,
where the contributor has attained the age of 55 years but has not attained the age of 60 years—the sum of—
the maximum benefit points ascertained in relation to the contributor as if the contributor’s exit date had immediately preceded the contributor’s attainment of the age of 55 years, and
the number ascertained by multiplying by 0.5 the number of completed months that have elapsed since the contributor attained the age of 55 years, or
where the contributor is of or over the age of 60 years—the sum of—
the maximum benefit points ascertained in relation to the contributor as if the contributor’s exit date had immediately preceded the contributor’s attainment of the age of 55 years, and
30.
For the purposes of this Part, the length of a period shall be expressed—
where it is less than one year—as a fractional part of a year,
where it is a whole number of years—as that number of years, or
where it is a whole number of years and a fractional part of a year—as that number of years and that fractional part of a year,
any such fractional part being calculated on a daily basis to 4 decimal places.
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