Superannuation Act 1916

The conversion benefit provided for a contributor under this Part is the amount that is equal to the sum of the benefits set out in subsections (2), (3) and (4).

The benefit provided under this subsection is the amount of a benefit payable in respect of a contributor calculated in accordance with section 37A (4) (a) as if the contributor were retrenched on the conversion date for the contributor and was eligible for such a benefit. However, for the purposes of section 37A (5), if the contributor has reached the maturity age on or before the conversion date, item “M”, as referred to in section 37A (6), is taken to be equal in value to item “A”, as referred to in that subsection.

The benefit provided under this subsection is an amount equal to the greater of the following amounts—

the amount of the basic benefit provided to the contributor under the State Authorities Non-contributory Superannuation Act 1987, calculated as if the contributor had been retrenched on the conversion date for the contributor and the benefit was payable on that date, and reduced by the amount, if any, that it would have been reduced by under section 26A of that Act if it had been so payable,

$18,000.

The benefit provided under this subsection is an amount equal to the amount, if any, that would be payable under section 15A (6AB) in respect of the contributor if the contributor were retrenched on the conversion date for the contributor.

If the amount of the conversion benefit calculated under this section is less than the minimum benefit payable to the contributor, the amount of the conversion benefit is to be the amount of the minimum benefit.

STC may make a determination under section 61RA only in respect of the amount of the conversion benefit that consists of the amount of the benefit provided under subsection (2).

If STC has made a determination under section 61RA in relation to a conversion benefit, the amount of the benefit is reduced by the amount specified in the determination.