Term used: average contribution rate
13 Term used: average contribution rate
Subject to subregulation (3), in this Part —
average contribution rate, for a Gold State Super Member, means the lesser of 5% and C in the formula —
where —
S is the sum of the member contribution rates applying for each day of the Member’s contributory membership period; and
D is the number of days in the Member’s contributory membership period.
If, in order to comply with a condition imposed under regulation 14(4), a Gold State Super Member’s member contribution rate for a day is greater than 5%, then for the purposes of the definition of average contribution rate the Member’s member contribution rate for that day is taken to be 5%.
If, in a particular case, the use of the formula in the definition of average contribution rate to calculate a Gold State Super Member’s average contribution rate produces a result that the Board considers to be inequitable, the Board may, to the extent necessary to avoid the inequality, calculate the Member’s average contribution rate in a different manner.
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