State Authorities Superannuation Act 1987 No 211
Current version for 12 December 2014 to date (accessed 22 December 2014 at 15:58)
Part 5Section 36

36   Definitions

For the purposes of this Act:

accrued benefit points, in relation to a contributor at the contributor’s exit date, means:

(a)  the maximum benefit points for the contributor, or
(b)  if the number ascertained by adding together all the contributed points figures for the contributor is less than the maximum benefit points for the contributor—that lesser number.

additional benefit, in relation to a contributor, means the amount calculated in accordance with the formula:


where:

L represents the amount to be ascertained,

S represents the higher of the contributor’s final salary or the contributor’s final average salary, and

P represents the prospective benefit points for the contributor at the contributor’s exit date.

applicable contribution period, in relation to a contributor, means a contribution period that occurs during the period that commences on the contributor’s entry date and ends on the contributor’s final contribution date, except where the contributor was not liable to contribute to the Fund in respect of that contribution period because it occurred during leave without pay.

average contribution rate per cent, in relation to a contributor at the contributor’s exit date, means the lesser of:

(a)  6 per cent, and
(b)  the rate per cent calculated in accordance with the formula:


where:

R represents the rate per cent to be ascertained,

S represents the sum of the rates per cent of salary at which the contributor was liable to pay a contribution for each applicable contribution period for the contributor, and

N represents the number of those applicable contribution periods.

contributed points figure, in relation to a contributor, means the figure that, in relation to each applicable contribution period for the contributor, is calculated in accordance with the formula:


where:

F represents the figure to be ascertained,

P represents the rate per cent of salary at which the contributor elected to pay the contribution to the Fund for that contribution period,

R represents the salary ratio applicable to the contributor on the first day of that contribution period, and

N represents the number of contribution periods in a year.

final average salary, in relation to a contributor, means the average of the attributed salaries paid or payable to the contributor at the rates applicable:

(a)  on the contributor’s exit date,
(b)  on 31 December last preceding the contributor’s exit date, and
(c)  on 31 December last preceding the 31 December referred to in paragraph (b).

final contribution date, in relation to a contributor, means the last day in respect of which the contributor is liable to contribute to the Fund.

final salary, in relation to a contributor, means the rate of attributed salary paid or payable to the contributor on the contributor’s exit date.

maximum benefit points, in relation to a contributor at the contributor’s exit date, means:

(a)  180, or
(b)  if the number ascertained by the formula:


where:

M represents the number to be ascertained,

S represents the sum of the salary ratios for the contributor in respect of each applicable contribution period for the contributor, and

N represents the number of contribution periods in a year,

is less than 180—the number so ascertained.

prospective benefit points, in relation to a contributor at the contributor’s exit date, means:

(a)  the number calculated in accordance with the formula:


where:

P represents the number to be ascertained,

C represents the contributor’s average contribution rate per cent,

R represents the salary ratio applicable to the contributor’s exit date,

S represents the number of applicable contribution periods for the contributor that would occur during the period that commences immediately after the contributor’s final contribution date and ends immediately before the early retirement age, and

N represents the number of contribution periods in a year, or

(b)  if it is a lesser number than that calculated under paragraph (a)—the number of benefit points that, when added to the number of the contributor’s accrued benefit points at the exit date, would produce a number equal to the maximum benefit points that would have been attributable to the contributor if contributions had continued at the average contribution rate per cent, the salary ratio had remained constant until the exit date and the exit date had immediately preceded the early retirement age.

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