Amount of payment on behalf of State Scheme contributor to complying superannuation fund
8 Amount of payment on behalf of State Scheme contributor to complying superannuation fund
The amount of the payment to be made on behalf of a State Scheme contributor under clause 7(7) as a result of an election under clause 7(5)(b) is to be calculated in accordance with this clause.
Where the State Scheme contributor is a new scheme contributor under the Superannuation Act 1988, the amount is equal to the greater of the following:
the amount of the payment that would have been made had the contributor resigned at the date of his or her election under clause 7(5)(b) and had section 28(5) of the Superannuation Act 1988 applied;
the amount calculated as the sum of—
an employee component equivalent to the amount standing to the credit of the contributor's contribution account; and
the employer component calculated as follows:
Where—
ERN is the employer component
K is—
where the election under clause 7(5)(b) is made on or before 31 December 1994—1.2;
in any other case—1.0
EC is the employer component that would have been calculated in terms of section 28(4) of the Superannuation Act 1988—
had the contributor—
resigned at the date of his or her election under clause 7(5)(b); and
elected to preserve his or her superannuation benefits under section 28 of the Superannuation Act 1988; and
had a superannuation payment been made in accordance with section 28(2)(a) of the Superannuation Act 1988 at the date of the contributor's election under clause 7(5)(b) as if he or she had reached the age of 60 years at that date
DF is the amount of 1 discounted at the rate of 3 per cent per annum for the number of years (including any fraction of a year measured in days) in the period from—
the date of the election under clause 7(5)(b);
to
the date of the employee's sixtieth birthday
PSESS is the amount standing to the credit of the contributor's account under section 32A(6) of the Superannuation Act 1988.
Where the State Scheme contributor is an old scheme contributor under the Superannuation Act 1988, the amount is equal to the greater of the following:
the amount calculated as follows:
Where—
TV is the amount
K is—
where the election under clause 7(5)(b) is made on or before 31 December 1994—1.2;
in any other case—1.0
CF is—
where the contributor's age of retirement is 60 years—10.5;
where the contributor's age of retirement is 55 years—11.5
P is the amount of the pension (expressed as an amount per fortnight) that would have been payable—
had the contributor—
resigned at the date of his or her election under clause 7(5)(b); and
elected to preserve his or her accrued superannuation benefits under section 39(5) of the Superannuation Act 1988 assuming for this purpose (and for no other purpose) that the contribution period is more than 120 months; and
had a retirement pension commenced being paid in accordance with section 39(5)(a) of the Superannuation Act 1988 from the date of the contributor's election under clause 7(5)(b) as if he or she had reached his or her age of retirement at that date
DF is the amount of 1 discounted at the rate of 3 per cent per annum for the number of years (including any fraction of a year measured in days) in the period from—
the date of the election under clause 7(5)(b);
to
the date on which the employee would reach his or her age of retirement;
the amount that would have been calculated in accordance with section 39(3) and (4) of the Superannuation Act 1988—
had the contributor—
resigned at the date of his or her election under clause 7(5)(b); and
elected to preserve his or her accrued superannuation benefits under section 39(2) of the Superannuation Act 1988 assuming for this purpose (and for no other purpose) that the contribution period is less than 120 months; and
had a superannuation payment been made in accordance with section 39(2)(a) of the Superannuation Act 1988 at the date of his or her election under clause 7(5)(b) as if he or she had reached the age of 60 years at that date.
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