Superannuation Act 1916

Minimum benefits STC must, after obtaining actuarial advice, determine what the minimum employer-financed benefit would have to be to ensure that there is no superannuation guarantee shortfall.

Increase in benefits So much of a pension component of a benefit or lump sum as is employer-financed is, despite any other provision of this or any other Act, not to be less than the minimum benefit determined under subsection (1). The benefit that would otherwise be payable under this Act is increased to the extent necessary for the purpose of complying with this section.

Increase in benefit to be paid from non-contributory scheme The amount of any increase in benefit is to be debited by STC from the employer reserve of the employer concerned established under the State Authorities Non-contributory Superannuation Act 1987.

Definition In this section, employer-financed benefit means the sum of so much of a pension component of a benefit or lump sum as is employer-financed under this Act, any basic benefit under the State Authorities Non-contributory Superannuation Act 1987 and any employer-financed benefit of a kind provided by the State Authorities Non-contributory Superannuation Act 1987.