Pension, amount and payment of
196R Pension, amount and payment of
The annual pension amount for a Term Allocated Pension Member is —
in the financial year in which he or she becomes a Term Allocated Pension Member — the SIS annual amount calculated as at the day he or she becomes a Term Allocated Pension Member; and
in each subsequent financial year — the SIS annual amount calculated as at 1 July in that year.
If a Term Allocated Pension Member commutes part of his or her term allocated pension the annual pension amount for the period from the commutation date to the end of the financial year in which the commutation occurs is the SIS annual amount calculated as at the commutation date.
On each pension day the Board is to pay to a Term Allocated Pension Member an amount equal to the Member’s annual pension amount divided by the number of the Member’s pension days in the financial year.
If, on a pension day, the balance of a Member’s term allocated pension account is less than the amount due to be paid under subregulation (3), the amount to be paid is an amount equal to that balance.
If after a Term Allocated Pension Member’s last pension day there is still an amount in the Member’s term allocated pension account, the Board is to pay the Member a lump sum benefit of an amount equal to that amount within 28 days after the end of the pension period selected by the Member.
In this regulation —
SIS annual amount means the amount prescribed under the SIS Act as the total amount of payments that a superannuation fund’s rules must require to be made in a year in order for a market linked pension payable for a term equal to the pension period selected by the Member to be taken to be a pension for the purposes of the SIS Act.
[Regulation 196R inserted: Gazette 10 Dec 2004 p. 5903-4.]
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