Superannuation Act 1986

(1) The NTGDIS benefit is calculated in accordance with the following formula:

B = 17.5% x S x Y x P

where:

B is the amount of the benefit.

S is the member's benefit salary.

Y is a multiplier based on the member's age, as at the member's exit date, in accordance with subsection (2).

P is, for a part-time member, the member's part-time ratio and, for any other member, 1.

(a) if the member is, on the exit date, 60 years of age or above – the multiplier is zero;

(b) if the member is, on the exit date, 55 years of age or above but less than 60 years of age – the multiplier is the number of years between the member's age at the exit date and 60 years (expressing a part of a year as a decimal fraction);

(c) if the member is, on the exit date, 50 years of age or above but less than 55 years – the multiplier is the number of years between the member's age at the exit date and the member's nominal retirement age less the number of years between the exit date and the date on which the member attained 50 years of age (expressing a part of a year as a decimal fraction);

(d) if the member is, on the exit date, less than 50 years of age – the multiplier is the number of years between the member's age on the exit date and the member's nominal retirement age (expressing a part of a year as a decimal fraction).