1Purpose
The purpose of this Act is to establish a Transport Superannuation Fund to provide superannuation benefits to persons employed in operating authorities and agencies of the Department of Infrastructure.
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The purpose of this Act is to establish a Transport Superannuation Fund to provide superannuation benefits to persons employed in operating authorities and agencies of the Department of Infrastructure.
This Act comes into operation on a day to be proclaimed.
In this Act—
S. 3(1) def. of actuary substituted by No. 4/1996 s. 124(a).
actuary means a fellow or accredited member of the Institute of Actuaries of Australia approved by the Minister;
S. 3(1) def. of Board substituted by No. 120/1994 s. 73(1), repealed by No. 8/1999 s. 53(1)(a), new def. of Board inserted by No. 94/2005 s. 51(1)(a).
Board means the Emergency Services Superannuation Board established under section 5 of the Emergency Services Superannuation Act 1986;
S. 3(1) def. of child inserted by No. 82/1996 s. 71(1), amended by No. 27/2001 s. 5(Sch. 3 item 7.1(b)).
child, in relation to a member, means a child of the member or of his or her partner, other than any child born more than 10 months after his or her death;
S. 3(1) def. of complying super-annuation fund inserted by No. 4/1996 s. 124(b).
complying superannuation fund means a superannuation entity or a superannuation fund within the meaning of section 10 of the Commonwealth Superannuation Industry (Supervision) Act 1993 which is a complying superannuation fund or a complying approved deposit fund within the meaning of Part IX of the Commonwealth Income Tax Assessment Act 1936;
S. 3(1) def. of contract officer inserted by No. 87/1992 s. 20(1)(a), substituted by No. 120/1994 s. 72(1)(a), amended by Nos 46/1998 s. 7(Sch. 1), 84/1998 s. 51(1), 108/2004 s. 117(1) (Sch. 3 item 210.1).
contract officer means—
an executive within the meaning of section 4(1) of the Public Administration Act 2004 employed under a contract of employment under that Act, other than an exempt officer; or
any person who—
is declared or deemed to be a person to whom subsection (3)(a) applies; or
is a member of a class of persons declared or deemed to be persons to whom subsection (3)(a) applies—
by the Minister by instrument in writing; or
any person who—
is declared or deemed to be a contract officer; or
is a member of a class of persons declared or deemed to be contract officers—
by the Minister by instrument in writing for the purposes of this Act;
S. 3(1) def. of dependant substituted by No. 120/1994 s. 70(a), amended by No. 27/2001 s. 5(Sch. 3 item 7.1(c)).
dependant, in relation to a deceased person, means—
his or her partner; or
a child of the person; or
any other person who in the opinion of the Board was at the date of the death of the person wholly or partially dependent on the person or who at that date had a legal right to look to him or her for financial support;
S. 3(1) def. of disability amended by Nos 49/1992 s. 96(1)(a), 23/1994 s. 118(Sch. 1 item 58.1(a)), substituted by No. 120/1994 s. 71.
disability, in relation to a member, means the permanent inability of the member before the age of 60 years due to a continuing or recurring injury, disease or infirmity—
to perform his or her duties; and
to perform any other duties for which he or she is suited by education, training or experience or for which he or she would be suited as a result of retraining—
as determined by the Board on the basis of reports provided by at least 2 registered medical practitioners appointed by the Board;
S. 3(1) def. of domestic partner inserted by No. 27/2001 s. 5(Sch. 3 item 7.1(a)), substituted by No. 12/2008 s. 73(1)(Sch. 1 item 61.1), amended by No. 4/2009 s. 37(Sch. 1 item 27.1).
domestic partner of a person means—
a person who is, or was at the time of the person's death, in a registered domestic relationship with the person; or
a person to whom the person is not married but with whom, in the opinion of the Board, the person is, or was at the time of the person's death, living as a couple on a genuine domestic basis (irrespective of gender);
S. 3(1) def. of eligible contribution inserted by No. 78/2004 s. 16.
eligible contribution means the Government co‑contribution payable under the Superannuation (Government Co‑contributions for Low Income Earners) Act 2003 of the Commonwealth that the Commissioner of Taxation determines under that Act is to be paid to the Fund or to the person;
S. 3(1) def. of eligible member inserted by No. 78/2004 s. 16.
eligible member means a member who is a person in respect of whom a Government co‑contribution is payable in accordance with section 6 of the Superannuation (Government Co-contributions for Low Income Earners) Act 2003 of the Commonwealth;
S. 3(1) def. of eligible member account inserted by No. 78/2004 s. 16.
eligible member account means the account established under section 28A;
S. 3(1) def. of eligible salary sacrifice contributor inserted by No. 40/2004 s. 42.
eligible salary sacrifice contributor means a member in respect of whom a declaration is in force under section 3A;
S. 3(1) def. of employee amended by Nos 87/1992 s. 20(1)(b), 50/1997 s. 17, 46/1998 s. 7(Sch. 1).
employee means a person other than an exempt officer or a person who is employed on a casual basis who is—
employed as an officer or employee of a transport authority; or
employed by the Board; or
referred to in paragraph (a) or (b) and has resigned or been given leave of absence without pay to act as a full-time officer of—
a union; or
an employee organisation—
which is approved by the Minister; or
a person referred to in a preceding paragraph who as a result of a change of employment becomes a person referred to in—
any other paragraph of this definition; or
any paragraph of the definition of employee in section 2(1) of the State Employees Retirement Benefits Act 1979; or
any paragraph of the definition of officer in section 3(1) of the State Superannuation Act 1988;
S. 3(1) def. of exempt officer amended by No. 87/1992 s. 20(1)(c), substituted by No. 120/1994 s. 72(1)(b), amended by Nos 46/1998 s. 7(Sch. 1), 108/2004 s. 117(1) (Sch. 3 item 210.2).
exempt officer means—
an executive within the meaning of section 4(1) of the Public Administration Act 2004 employed under a contract of employment under the Act during any period that a certificate in writing issued under section 7(5) of the Superannuation (Public Sector) Act 1992 by the employing transport authority to the Board is in force; or
a contract officer whose employing transport authority advises the Board in writing that the contract of employment under which the contract officer is employed provides that the contract officer is an exempt officer for the purposes of this Act;
S. 3(1) def. of final average salary inserted by No. 110/1993 s. 129(1).
final average salary means—
in relation to a member with less than 2 years of recognised service, an amount calculated in accordance with the formula—
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where—
"A" is the aggregate salary paid to the member in respect of the member's period of recognised service,
"B" is the total number of days in that period;
in relation to a member with 2 years or more of recognised service, an amount equal to one-half of the member's aggregate salary for the period of recognised service of 2 years ending on the member's last day of service—
and if the period of recognised service includes a period of leave without pay, there is deemed to have been payable to that member during that period of leave without pay, salary at the rate payable to the member immediately before the period of leave, or such higher salary as has been approved by the Board for the purposes of this section, but in no case shall the amount in relation to a person who was a member on 1 January 1994 be less than the member's salary on that date;
S. 3(1) def. of Fund substituted by Nos 4/1996 s. 124(c), 94/2005 s. 51(1)(b).
Fund means the Scheme established under section 15 of the Emergency Services Superannuation Act 1986;
S. 3(1) def. of Government Actuary repealed by No. 4/1996 s. 124(d).
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S. 3(1) def. of member amended by No. 81/1988 s. 35(a).
member means an employee referred to in section 4(3) or 4(4);
minimum age for retirement means the age of 55 years;
S. 3(1) def. of occupational super-annuation standards inserted by No. 49/1992 s. 96(1)(b), repealed by No. 4/1996 s. 124(d).
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S. 3(1) def. of partner inserted by No. 27/2001 s. 5(Sch. 3 item 7.1(a)), substituted by No. 40/2010 s. 98(1).
partner of a person means the person's spouse or domestic partner;
prescribed means prescribed by the regulations;
S. 3(1) def. of registered medical practitioner inserted by No. 23/1994 s. 118(Sch. 1 item 58.1(b)), amended by No. 97/2005 s. 182(Sch. 4 item 52), substituted by No. 13/2010 s. 51(Sch. item 57).
registered medical practitioner means a person registered under the Health Practitioner Regulation National Law to practise in the medical profession (other than as a student);
S. 3(1) def. of resignation substituted by No. 82/1996 s. 71(2).
resignation means the termination of service (however expressed) other than by reason of death, disability or retrenchment of a member before he or she has attained the minimum age for retirement;
S. 3(1) def. of retrenchment amended by No. 72/1990 s. 12(b)(i)(ii), substituted by No. 87/1992 s. 20(1)(d).
retrenchment means the termination of the service of an employee who has not attained the minimum age for retirement in respect of whom a transport authority certifies in writing to the Board that the employee has been retrenched for the purposes of this Act;
S. 3(1) def. of RSA inserted by No. 40/2004 s. 41(1).
RSA means a retirement savings account within the meaning of the Commonwealth Retirement Savings Accounts Act 1997;
salary means the pecuniary emoluments payable to a member as prescribed;
service means service or employment as a member within the meaning of this Act and in relation to any qualifying period of service includes any service or employment recognised by the Board;
S. 3(1) def. of specified standards inserted by No. 4/1996 s. 124(e).
specified standards means standard specified under section 53;
S. 3(1) def. of spouse substituted by Nos 120/1994 s. 70(b), 27/2001 s. 5(Sch. 3 item 7.1(d)).
spouse of a person means a person to whom the person is, or was at the time of the person's death, married;
S. 3(1) def. of State Super-annuation Fund inserted by No. 94/2005 s. 51(1)(c).
State Superannuation Fund means the Superannuation Fund established under the Superannuation Act 1925 and continued under the State Superannuation Act 1988 as the State Superannuation Fund and as in existence immediately before the commencement of the Superannuation Legislation (Governance Reform) Act 2005;
S. 3(1) def. of super-annuation system inserted by No. 37/2007 s. 46.
superannuation system has the same meaning as it has in regulation 5.01(1) of the Superannuation Industry (Supervision) Regulations 1994 of the Commonwealth;
S. 3(1) def. of surchargeable contributions inserted by No. 29/2000 s. 17.
surchargeable contributions means the surchargeable contributions of a member for a particular financial year worked out in accordance with section 8 of the Commonwealth Superannuation Contributions Tax (Assessment and Collection) Act 1997 and any regulations made under that section that apply in respect of that particular financial year;
S. 3(1) def. of surcharge debt account inserted by No. 29/2000 s. 17.
surcharge debt account means, in relation to a person who is or has been a member, the surcharge debt account kept for that person (while he or she was a member) under section 44CA;
S. 3(1) def. of surcharge deduction amount inserted by No. 29/2000 s. 17.
surcharge deduction amount means, in relation to a person—
who is or has been a member; and
to or in respect of whom benefits become payable under this Act—
the surcharge deduction amount that is specified in a determination made by the Board under section 44CA in relation to the person;
S. 3(1) def. of Transport Authority amended by Nos 44/1989 s. 41(Sch. 2 item 43), 46/1998 s. 7(Sch. 1), 54/2001 s. 38, 49/2019 s. 186(Sch. 4 item 44).
Transport Authority means—
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the Secretary to the Department of Transport; or
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the Grain Elevators Board; or
the Port of Melbourne Authority; or
the Port of Geelong Authority; or
the Port of Portland Authority; or
any other body that the Minister by instrument declares to be an employer for the purposes of this Act.
S. 3(2) amended by No. 49/1992 s. 96(2).
A reference in this Act to periods of service or membership in years includes fractions for any completed months and days.
S. 3(2A) inserted by No. 70/2003 s. 35.
For the purpose of the definition of dependant in section 3(1), a person was partially dependent on a deceased person if the person benefited from a financial contribution which was not trivial in nature and was to some extent necessary to sustain the basics of life.
S. 3(3) inserted by No. 87/1992 s. 20(2), substituted by No. 120/1994 s. 72(2).
For the purposes of the definition of salary in subsection (1)—
S. 3(3)(a) amended by No. 84/1998 s. 51(2).
in the case of a person referred to in paragraph (a) or (aa) of the definition of contract officer, salary means the salary for superannuation purposes in accordance with section 12 of the Superannuation (Public Sector) Act 1992 and notified in writing by the employing transport authority to the Board; or
in the case of a person referred to in paragraph (b) of the definition of contract officer, salary means the salary for superannuation purposes specified is that person's contract of employment and notified in writing by the employing transport authority to the Board.
S. 3(4) inserted by No. 8/1999 s. 53(2), repealed by No. 94/2005 s. 51(2).
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S. 3(5) inserted by No. 27/2001 s. 5(Sch. 3 item 7.2), substituted by No. 12/2008 s. 73(1)(Sch 1 item 61.2).
For the purposes of the definition of domestic partner in subsection (1)—
S. 3(5)(a) amended by No. 4/2009 s. 37(Sch. 1 item 27.2(a)).
registered domestic relationship has the same meaning as in the Relationships Act 2008; and
S. 3(5)(b) amended by No. 4/2009 s. 37(Sch. 1 item 27.2(b)).
in determining whether persons who are not or were not in a registered domestic relationship are or were domestic partners of each other, all the circumstances of their relationship are to be taken into account, including any one or more of the matters referred to in section 35(2) of the Relationships Act 2008 as may be relevant in a particular case.
S. 3(6) inserted by No. 40/2010 s. 98(2).
The definition of partner as substituted by section 98(1) of the Superannuation Legislation Amendment Act 2010 applies in respect of the determination by the Board of an entitlement arising under this or any other Superannuation Act within the meaning of section 3(1) of the Emergency Services Superannuation Act 1986 on or after the commencement of the substituting section.
S. 3A inserted by No. 40/2004 s. 43.
The Minister may by notice published in the Government Gazette declare—
a member to be an eligible salary sacrifice contributor from the date specified in the notice; or
a class of members to be eligible salary sacrifice contributors from the date specified in the notice.
S. 4(1) amended by No. 72/1990 s. 13.
A person who is an employee and is entitled to any benefits from—
the State Superannuation Fund; or
the Metropolitan Transit Authority Superannuation Fund; or
the Local Authorities Superannuation Fund; or
the Port of Melbourne Authority Superannuation Fund; or
the Port of Geelong Authority Superannuation Fund; or
the State Employees Retirement Benefits Fund; or
S. 4(1)(g) amended by No. 46/1998 s. 7(Sch. 1).
any other superannuation arrangement approved by the Minister by instrument for the purposes of this subsection—
may within the prescribed period or periods elect to become a member of the Fund.
Any employee of a transport authority who was not a member of a prescribed superannuation scheme and who for any reason left that employment on or after 1 September 1987 but before the commencement of this Act is entitled to apply to the Board for benefits in accordance with this Act.
A person who is not a person to whom subsection (1) applies but was an employee before 1 September 1987 is to be taken to have become a member on that date.
A person becomes a member—
if the person becomes an employee on or after the date on which this Act comes into operation, on the commencement of that employment; or
if the person is a person to whom subsection (1) applies, when that person makes an election under subsection (1).
S. 4(5) amended by Nos 4/1996 s. 125(1), 8/1999 s. 53(1)(b), 43/2008 s. 22(1).
Subject to subsection (5A), this Act does not apply to an employee while he or she is a member of a prescribed superannuation scheme.
S. 4(5A) inserted by No. 4/1996 s. 125(2), repealed by No. 8/1999 s. 53(1)(c), new s. 4(5A) inserted by No. 43/2008 s. 22(2).
Subsection (5) does not apply if the employee is a member of the ESSPLAN Scheme in accordance with section 21B(1)(c) of the Emergency Services Superannuation Act 1986.
S. 4(6) inserted by No. 110/1993 s. 130, amended by No. 58/1994 s. 9.
A person cannot become a member of the Fund on or after the commencement of section 130 of the Public Sector Superannuation (Administration) Act 1993 except by transfer to the Fund in accordance with section 60 of the Public Sector Superannuation (Administration) Act 1993.
Pt 2 (Heading) substituted by No. 120/1994 s. 73(2), repealed by No. 8/1999 s. 53(1)(d).
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S. 5 repealed by No. 120/1994 s. 73(3).
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S. 6 amended by Nos 49/1992 s. 97(1)(2), 4/1996 s. 126(a), 46/1998 s. 7(Sch. 1), 84/1998 s. 52(1)(2), repealed by No. 8/1999 s. 53(1)(c).
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Ss 7–15 repealed.[1]
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Pt 3 (Heading) repealed by No. 4/1996 s. 127.
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Ss 16–21 repealed.[2]
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Pt 2 (Heading and s. 22) amended by Nos 82/1996 s. 72, 46/1998 s. 7(Sch. 1), 8/1999 s. 53(1)(e), repealed by No. 94/2005 s. 52.
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In this Part—
comparable full-time employee in relation to a part-time employee means an employee who is employed in similar employment to the part-time employment on a full-time basis, whether or not there is such an employee;
full-time employee means an employee who is deemed by the Board to have been employed on a full-time basis throughout the year;
part-time employee means an employee (not being a full-time employee)—
in respect of whom his or her employer certifies in writing to the Board is employed on a basis which requires him or her to render part-time service; or
who is deemed by the Board to be a part-time employee;
pro rata in relation to a part-time employee means—
[Image unavailable] where—
A is the total service of the part-time employee;
B is the total service that the part-time employee would have rendered if he or she had been a comparable full-time employee throughout his or her service as a part-time employee;
total service in relation to an employee means the total in years of his or her continuous service, whether as a full-time or part-time employee, and, where that total is relevant to the calculation of benefits on death or retirement on grounds of disability, includes prospective service.
The service of a part-time employee is to be the proportion that his or her actual part-time service bears to the service that a comparable full-time employee would have been required to render.
The prospective service of a part-time employee at any time is to be calculated on the proportion that his or her average service over the preceding 3 years or his or her period of membership of the Fund (whichever is the lesser) bears to the service which would have been required of a comparable full-time employee over the same period.
This Act applies to a part-time employee subject to and in accordance with the principles and subject to the rules and modifications provided in this section.
If—
the service of a part-time employee follows continuously upon his or her service as a full-time employee; or
the service of a full-time employee follows continuously upon his or her service as a part-time employee—
his or her period of service as a full-time employee is to be added to his or her period of service as a part-time employee.
The contributions to be paid by a part-time employee are that proportion of the contributions that would be payable by a comparable full-time employee which the service of the part-time employee at the time the contributions fall due bears to the service of a comparable full-time employee.
If a contributor has been a part-time employee his or her benefits on retirement or death are to be calculated pro-rata to the benefits payable to a comparable full-time employee.
Pt 5 (Heading and ss 25, 26) amended by Nos 72/1990 s. 15, 12/1999 s. 4(Sch. 2 item 18.1), repealed by No. 94/2005 s. 52.
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The Board may determine the contributions to be paid into the Fund by a transport authority in respect of each of its employees.
S. 27(1A) inserted by No. 84/1998 s. 53.
Subsection (1) does not apply in respect of a member who has ceased making contributions because of section 28(7).
Contributions under subsection (1) may be calculated—
as a percentage of salary; or
as a multiple of an employee's contribution; or
as a proportion of the benefit payable; or
S. 27(2)(d) substituted by No. 120/1994 s. 74.
as a fixed amount; or
S. 27(2)(e) inserted by No. 120/1994 s. 74.
by any combination of the methods specified in paragraphs (a), (b), (c) and (d).
The Board may make separate determinations for any particular transport authority.
S. 27(4) inserted by No. 4/1996 s. 128.
If a transport authority does not within 14 days after an amount has become payable pay the whole of that amount to the Board, the transport authority must pay interest at the rate for the time being fixed under section 2 of the Penalty Interest Rates Act 1983 on the amount remaining unpaid from the date on which it becomes payable until the date on which it is paid to the Board.
S. 27(5) inserted by No. 4/1996 s. 128.
In this section, transport authority means—
a transport authority within the meaning of the definition of transport authority in section 3(1); and
any other person, authority or body declared by the Minister by notice published in the Government Gazette to be a transport authority in respect of an employee, pensioner or beneficiary.
S. 27(6) inserted by No. 4/1996 s. 128.
The Minister may by notice published in the Government Gazette declare a class or classes of transport authority for the purposes of subsection (5).
A member must make contributions to the Fund at a rate specified in the following Table at the election of the member:
TABLE OF CONTRIBUTIONS
Contribution as a percentage of salary
Nil
2⋅5%
5⋅0%
7⋅5%
A member can only elect to contribute at a rate equal to 7·5 percent of his or her salary if—
S. 28(2)(a) repealed by No. 110/1993 s. 132.
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he or she is a member of a prescribed class of members; or
contributing at that rate will not make him or her eligible to an accrued retirement benefit greater than that for which he or she would be eligible by contributing at the rate of 5 percent of his or her salary for the whole of his or her period of service.
For the purposes of subsection (2) service includes—
S. 28(3)(a) substituted by No. 81/1988 s. 36.
service recognised by the Board before becoming a member other than the service in respect of which a deferred benefit from any other public sector superannuation scheme is payable;
unpaid parental leave up to 12 months for each confinement if the member has returned for at least 12 months of paid employment after the period of unpaid parental leave.
S. 28(3A) inserted by No. 40/2004 s. 44.
An eligible salary sacrifice contributor may by notice in writing to the employing transport authority elect to make his or her member contributions by way of salary sacrifice at the rate calculated to the nearest highest 0⋅1% in accordance with the following formula—
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where—
"M" is the elected member contribution rate in accordance with subsection (1) without salary sacrifice;
"R" is the tax rate for the financial year on taxable contributions to the Fund under the Commonwealth Income Tax Assessment Act 1936.
S. 28(3B) inserted by No. 40/2004 s. 44.
An election under subsection (3A)—
can only be made if there is in force an agreement between the employing transport authority and the member under which the employing transport authority can make the member contributions required by this Act by way of salary sacrifice;
is subject to the terms and conditions specified in the agreement referred to in paragraph (a);
can only be made in respect of the whole of the member contributions;
can not be made in respect of any contributions made by a member in addition to the elected member contributions under subsection (1).
S. 28(3C) inserted by No. 40/2004 s. 44.
Member contributions made in accordance with the rate determined under subsection (3A) are for the purposes of this Act (other than sections 44CA to 44CC) to be taken to be—
the member contributions elected to be paid under this Act; and
the member contributions that would have been payable if an election had not been made under subsection (3A).
Note to s. 28(3C)(b) inserted by No. 37/2007 s. 47.
Note
The effect of paragraph (b) is that, for the purpose of calculating benefit entitlements, the member contributions are taken to be the member contributions that would have been payable if no election had been made.
S. 28(3D) inserted by No. 40/2004 s. 44.
An election under subsection (3A) does not affect the amount that would otherwise constitute the salary of the member for the purposes of this Act.
Until a member makes an election he or she is to be treated as having elected not to contribute.
S. 28(5) substituted by No. 32/2025 s. 15.
A member may elect to change the member's rate of contribution in accordance with the policy determined by the Board, which must allow a member to change the rate of contribution at least once each calendar year.
An election continues in force until another election is made in accordance with this section.
S. 28(7) amended by No. 40/2010 s. 99(1).
If a member becomes entitled to the maximum accrued retirement benefit or attains the age of 75 years no further contributions are to be made.
S. 28(8) inserted by No. 49/1992 s. 100, repealed by No. 4/1996 s. 126(b), new s. 28(8) inserted by No. 40/2010 s. 99(2).
Despite subsection (7), a member may make contributions after he or she attains the age of 75 years if he or she is permitted to do so under Commonwealth superannuation law.
S. 28A inserted by No. 78/2004 s. 17.
The Board must establish and maintain a separate eligible member account for each member who is an eligible member.
The Board must credit to a member's eligible member account—
eligible contributions received on behalf of, or from, the member; and
interest on the amount in the account at the rate determined by the Board.
The Board must debit to a member's eligible member account—
any reasonable costs incurred in maintaining the account as determined by the Board; and
any taxes payable in respect of the account; and
any refund of overpaid or ineligible contributions required to be made to the Commissioner of Taxation under the Superannuation (Government Co‑contributions for Low Income Earners) Act 2003 of the Commonwealth.
The Board may for the purposes of subsection (2)(b) determine that it is appropriate in the circumstances to apply a negative interest rate.
If benefits become payable under this Act to or in respect of a person who has been a member, the Board must ensure that the person receives an additional benefit equal to the net balance of the member's eligible member account as at the date of the payment of the benefits.
The net balance of the member's eligible member account as at the date of the payment of the benefits must be paid—
as a lump sum; and
in accordance with the specified standards.
S. 28A(6A) inserted by No. 38/2009 s. 32.
A member may elect in writing to roll over, transfer or allot the net balance of the member's eligible member account within the superannuation system.
Eligible contributions—
do not constitute member contributions which are required to be paid under this Act;
do not create a corresponding liability requiring the employing transport authority to make contributions to the Fund;
must not be taken into account in the calculation of any benefits under this Act other than this section.
A benefit paid in accordance with this section—
does not affect the payment of any other benefits under this Act; and
must not be taken into account in determining any minimum or maximum benefit entitlement under this Act.
S. 29(1) amended by No. 110/1993 s. 129(2)(a).
The accrued retirement benefit of a member is the sum of—
S. 29(1)(a) amended by No. 94/2005 s. 53.
10 per cent of the final average salary of the member for each year of membership in which he or she contributed 0 per cent of salary to the State Superannuation Fund and the Fund; and
S. 29(1)(b) amended by No. 94/2005 s. 53.
15 per cent of the final average salary of the member for each year of membership in which he or she contributed 2⋅5 per cent of salary to the State Superannuation Fund and the Fund; and
S. 29(1)(c) amended by No. 94/2005 s. 53.
20 per cent of the final average salary of the member for each year of membership in which he or she contributed 5 per cent of salary to the State Superannuation Fund and the Fund; and
S. 29(1)(d) amended by No. 94/2005 s. 53.
25 per cent of the final average salary of the member for each year of membership in which he or she contributed 7⋅5 per cent of salary to the State Superannuation Fund and the Fund; and
S. 29(1)(e) amended by No. 81/1988 s. 37(a).
2 per cent of the final average salary of a member who is not a person to whom section 4(1) applies for each year of his or her service prior to 1 September 1987 less the amount of any retirement gratuity payable under any industrial award or negotiated settlement.
S. 29(1A) inserted by No. 81/1988 s. 37(b).
The accrued retirement benefit in respect of any year of membership must be reduced by the amount of any retirement gratuity payable in respect of that year under any industrial award or negotiated settlement.
S. 29(1B) inserted by No. 49/1992 s. 101.
For the purposes of subsection (1)(e) a break in service of a period of not more than 4 weeks in employment with a transport authority prior to 1 September 1987 is to be disregarded if in respect of that period no benefit has been or is payable from a statutory superannuation scheme other than a refund of employee contributions with or without interest.
S. 29(2) amended by No. 110/1993 s. 129(2)(a).
The accrued retirement benefit of a member must not exceed a maximum of 8·4 times the final average salary of that member.
S. 29(2A) inserted by No. 70/2003 s. 36.
If a payment or transfer to a non-member spouse is made for the purposes of Part VIIIB of the Commonwealth Family Law Act 1975 whether under Part 7A or otherwise, the maximum accrued retirement benefit of the member spouse must be adjusted by the Board in accordance with a methodology approved by the Minister, on the advice of an actuary appointed by the Board.
Subject to subsection (2), on the retirement of a member, the Board must pay to him or her a lump sum equal to his or her accrued retirement benefit.
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