Superannuation Act 1916

In this section—

began—

when the contributor last became a contributor, or

if, since last becoming a contributor, the contributor had been held to be on leave of absence without pay as provided by section 48—when an employer re-employed the contributor after that leave of absence, and

ended when the contributor’s employment with the employer ceased.

in respect of any relevant period ending before 1 July 1972—3.5 per cent per year, and

in respect of any relevant period beginning on or after 1 July 1972—the rate as fixed by STC from time to time, having regard to the earnings of the Fund and such other matters as STC considers relevant.

(Repealed)

If a contributor who has not completed 5 years’ contributory service is retrenched, resigns or is dismissed or discharged from the service of an employer, the contributor is, subject to section 38B, entitled to receive from the Fund the amount that would have been payable if the contributor had elected to take the benefit of section 38.

If a contributor who has completed 5 years’ but less than 10 years’ contributory service is retrenched, resigns or is dismissed or discharged from the service of an employer, the contributor is, subject to section 38B, entitled to receive from the Fund an amount equal to the sum of—

the amount that would have been payable if the contributor had elected to take the benefit of section 38, and

interest—

compounded on 30 June each year in respect of the period beginning with the day on which the contributor first became liable to make contributions under this Act and ending with the day on which the contributor ceased to be employed by that employer, and

calculated at the prescribed rate on the amount ascertained by applying the formula set out in subsection (5).

If a contributor who has 10 years’ contributory service or more is retrenched, resigns or is dismissed or discharged from the service of an employer, the contributor is, subject to section 38B, entitled to receive from the Fund an amount equal to the sum of—

the amount that would have been payable if the contributor had elected to take the benefit of section 38, and

interest—

compounded on 30 June each year in respect of the period beginning with the day on which the contributor first became liable to make contributions under this Act and ending with the day on which the contributor ceased to be employed by that employer, and

calculated at the prescribed rate on the amount ascertained by applying the formula set out in subsection (5), and

a further amount calculated in accordance with the following formula—

For the purposes of subsections (3) (b) and (4) (b), the formula is as follows—

Despite subsections (2), (3) and (4), the maximum amount that a contributor is entitled to receive from the Fund under this section is—

in the case of a contributor who has not attained the age of 55 years—the amount calculated by STC as the value of the lump sum that would have been payable to the contributor had he or she retired at 55 years of age and elected under section 21C to commute the whole of the pension to which the person was entitled on retirement at that age, or

in the case of a contributor who has attained the age of 55 years—the amount calculated by STC as the value of the lump sum that would have been payable to the contributor had he or she retired at his or her current age and elected under section 21C to commute the whole of the pension to which the person was entitled on retirement.

If STC calculates that the maximum amount that a contributor is entitled to receive from the Fund under subsection (5A) is less than the amount the contributor would have been entitled to receive under this section had the amendments made to this section by the Superannuation Legislation Amendment Act 1998 not been made, then the contributor is entitled to receive the greater amount (despite those amendments).

If STC has made a determination under section 61RA in respect of a benefit payable under this section, the amount of the benefit is reduced by the amount specified in STC’s determination.