Superannuation (Portability) Act 1989

If a member who is aged 60 years or under has been required to contribute a uniform percentage of his or her salary throughout his or her membership of the statutory superannuation scheme and the benefit or part of the benefit which would have been payable on his or her retirement had he or she not changed employment was a pension based on salary at or prior to his or her retirement, the deferred retirement benefit or part of that benefit is a pension of an amount determined by—

calculating in accordance with the terms of the statutory superannuation scheme the amount of the pension payable to him or her if he or she had retired on attaining the age of 60 years on the assumptions that he or she would have served until the age of 60 years and that the actual salary payable prior to the date of his or her change of employment was the salary at or prior to attaining the age of 60 years; and

multiplying the amount so calculated by K; and

multiplying the amount calculated under paragraph (b) by

If a member who is aged 60 years or under has been required to contribute a uniform percentage of his or her salary throughout his or her membership of the statutory superannuation scheme and the benefit or part of the benefit which would have been payable on his or her retirement had he or she not changed employment was a lump sum based on salary at or prior to his or her retirement, the deferred retirement benefit or part of that benefit is a lump sum of an amount determined by—

calculating in accordance with the terms of the statutory superannuation scheme the amount of the lump sum payable to him or her if he or she had retired on attaining the age of 60 years on the assumptions that he or she would have served until the age of 60 years and that the actual salary payable prior to the date of his or her change of employment was the salary at or prior to attaining the age of 60 years; and

multiplying the amount so calculated by K; and

multiplying the amount calculated under paragraph (b) by

If a member—

changes employment when aged 60 years or under; and

is—

an original scheme member or revised scheme member of the State Superannuation Fund; or

a member of the Port of Melbourne Authority Superannuation Scheme—

In the case of a statutory superannuation scheme under which the benefit or part of the benefit which would have been payable on retirement of the member had he or she not changed employment was based on salary at or prior to retirement but none of subsections (1), (2) or (3) applies, the deferred benefit or part of that benefit for a member who changes employment aged 60 years or under is equal to the retirement benefit to which he or she would be entitled under the terms of the statutory superannuation scheme if he or she was to be taken to retire at the age of 60 years on the date of changing employment multiplied by

In the case of a statutory superannuation scheme in which the benefit or part of the benefit which would have been payable on retirement of the member had he or she not changed employment was a lump sum not based on his or her salary at or prior to his or her date of retirement, the deferred benefit or part of that benefit for a member who changes employment when aged 60 years or under is equal to a lump sum to which he or she would be entitled under the terms of the statutory superannuation scheme if he or she was to be taken to retire at the age of 60 years on the date of changing employment increased by the addition of interest at rates determined by the administrators.

In the case of a member who is aged over 60 years at the date of change of employment, the deferred retirement benefit is equal to the pension or lump sum that would have been payable at his or her retirement at the date of change of employment—

if the statutory superannuation scheme is one to which subsection (1), (2), (3) or (4) applies—multiplied by

if the statutory superannuation scheme is one to which subsection (5) applies—increased by the addition of interest at rates determined by the administrators.

If a person who would be entitled to a deferred retirement benefit by the operation of section 5 resigns from employment as specified in section 5 then for the purpose of calculating resignation benefits—

deferred retirement benefits under this Act are to be taken to be the benefits he or she would have received on retirement at the age of 60 years; and

the aggregate of service for which benefits or deferred benefits are payable under any statutory superannuation scheme is to be recognized as service.