Superannuation Act 1916

This section applies to the benefits provided under the following provisions—

section 27 (Amount of pension payable on retirement),

section 28A (Pension on retirement before reaching 60 years of age),

section 28AA (Pension on retirement before age 60—component pension),

section 29 (Breakdown pensions),

section 30 (Pensions to spouse or de facto partner on death of contributor),

section 37 (Retrenchment benefits payable to an employee who is retrenched after completing 10 years’ service),

section 37A (Retrenchment benefits payable to contributors having not less than 3 years’ contributing service),

section 38A (Withdrawal benefit),

section 47D (Benefits payable in respect of reduced value units),

Division 3A of Part 4 (Preserved benefits),

Part 3B (Conversion of existing entitlements).

For the purposes of section 61RA, the reduction in a benefit to which this section applies (other than a benefit under section 38A or 47D) is the amount calculated in accordance with the following formula—

For the purposes of section 61RA, the reduction in a benefit under section 38A (other than a benefit arising as a result of the death of a person) is the amount calculated in accordance with the following formula—

For the purposes of section 61RA, the reduction in a benefit under section 47D is the amount calculated in accordance with the following formula—

In this section—

In subsection (5), the symbol “M” represents—

in the case of a benefit arising under section 27, 28A, 28AA or 29—the benefit that would be payable under that section, but for section 61RA and this section, or

in the case of a benefit arising under section 30 in respect of a contributor who dies before reaching the age of 60 in the case of a man, or the maturity age in the case of a woman—two-thirds of the pension that, but for section 61RA and this section, would have been payable to the contributor under section 29 if the contributor had been retired immediately before death, or

in the case of a benefit arising under section 30 in respect of a contributor who dies on or after reaching the age of 60 in the case of a man, or the maturity age in the case of a woman—two-thirds of the pension that, but for section 61RA and this section, would have been payable under section 27 if the contributor had retired, or had been retired, immediately before death, or

in the case of a benefit arising under Part 3B or section 37 or 37A—the lump sum benefit that would be payable under the provision concerned but for section 61RA and this section, or

in the case of a benefit arising under Division 3A of Part 4—the total component pension preserved in accordance with section 52A.

For the purposes of the symbol “Q” in subsection (5), the formula prescribed by this subsection is—

in the case of benefits arising under section 29 or 30—the number of days of continuous contributory service that the person in respect of whom the pension is payable has had with one or more employers during the period beginning with the date when the person last became a contributor and ending with the later of the exit date and the date on which the person would have been eligible to retire under section 21 (1) if the person’s employment had continued to that date, or

in all other cases—the number of days of continuous contributory service that the person in respect of whom the pension is payable has had with one or more employers during the period beginning with the date on which the person last became a contributor and ending with the person’s exit day.

For the purposes of the symbols “C” and “D” in subsection (7), the period of a person’s continuous contributory service does not include any period during which the person is treated by section 48 (Breakdown pensioner held to be on leave) as being on leave without pay.

For the purposes of sections 31 and 52F, the benefit that emerges upon the death of the member is not to be reduced as it would already have been reduced in accordance with section 61RA when the member retired or when the benefit was preserved.