Adjustment of NTGDI Scheme benefits for death or retirement on or after 1 April 2010
52 Adjustment of NTGDI Scheme benefits for death or retirement on or after 1 April 2010
This section applies if:
(a) a benefit under Part 4 was paid to, or in respect of, a member before the commencement of Part 2, Division 2 of the 2010 Act; and
(b) the benefit trigger occurred on or after 1 April 2010; and
(c) the value for A in the formula in section 45N(1) used to calculate the amount of the benefit was less than 1.
(2) An additional benefit is payable under the NTGDI Scheme of an amount equal to the difference between:
(a) the amount of the benefit paid as mentioned in subsection (1); and
(b) the amount of the benefit that would have been payable under Part 4 if Part 2, Division 2 of the 2010 Act had commenced on 1 April 2010.
A benefit under subsection (2) must be paid:
to the member; or
if the member has died – to the member's estate.
(4) To avoid doubt, a benefit paid under Part 4 is not subject to any adjustment as a result of the enactment of Part 2, Division 2 of the 2010 Act if the benefit trigger occurred before 1 April 2010.
In this section:
2010 Act means the Superannuation Legislation Amendment Act 2010.
benefit trigger¸ for a benefit under Part 4, means the death or retirement as mentioned in section 45M for which the benefit is payable.
Division 2 Superannuation Trustee Board
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