Superannuation Act 1916

Except as provided by subsection (2), a reference (however expressed) in any other provision of this Act to the number of units of pension that, pursuant to section 12 (1), is appropriate to the salary being paid to a contributor on any particular day shall, if 1 or more deduction factors are required to be applied under this section by STC in relation to the contributor on that day, be construed as a reference to the number of units calculated in accordance with the following formula—

the number of years, if any, (including any fractional part of a year calculated on a daily basis) of the period that commenced when the contributor last became a contributor and ended on that day (but excluding any part of that period during which the person had been on leave of absence pursuant to section 48), and

the number of years, if any, (including any fractional part of a year calculated on a daily basis) by which that day precedes—

the date on which the person attains the maturity age, or

where any employment which, on that day, the contributor is entitled to count as service for the purposes of section 21 is, in total, for less than a period of 10 years—the expiration of the balance of that period of 10 years,

Where the number of units of pension calculated in accordance with the formula specified in subsection (1) is or includes a fraction of a unit—

if the fraction is less than one-half—the fraction shall be disregarded, or,

if the fraction is not less than one-half—the fraction shall be deemed to be a whole unit.