Victorian Numbered Acts Victorian Numbered ActsSee:
Act
No. 94/1986.
Reprint No.
5
as
at
15 October
2003
and
amending
Act
No.
40/2004.
LawToday:
www.dms.
dpc.vic.
gov.au
(1) After section 20C(2) of the Emergency Services Superannuation Act 1986 insert —
'(2AA) Sub-sections (1) and (2) apply for the purposes of calculating—
(a) the relevant lump sum payable to a contributor who becomes entitled to a benefit before 1 July 2005 under section 20D, 20F, 20G, 20H, 20J or 20K; or
(b) the relevant lump sum payable to a contributor who—
(i) becomes entitled to a benefit on or after 1 July 2005 under section 20D, 20F, 20G, 20H, 20J or 20K to which a determination made under section 25A(3) applies; and
(ii) makes an election under sub-section (2AF); or
(c) the relevant lump sum payable in accordance with section 20E.
(2AB) For the purposes of calculating the relevant lump sum payable to a contributor who—
(a) becomes entitled to a benefit on or after 1 July 2005 under section 20D, 20F, 20G, 20H, 20J or 20K to which a determination made under section 25A(3) applies; and
(b) does not make an election under sub-section (2AF)—
the accrued benefit of a contributor is the sum determined in accordance with the formula—
(A + B) – C—
where—
"A" is the sum of the percentage of salary of the contributor (accrual rate)
dependent on the contribution level over the period of membership of the
contributor in accordance with the Table in sub-section (2AC);
s. 3
"B" is the sum of the percentage of salary of the contributor specified in sub-section (2AD);
"C" is 10·7% of the amount of the total of "A" and "B" which is attributable to any period of membership of the contributor during the period commencing 1 July 1988 and ending 30 June 2005.
(2AC) The Table referred to in sub-section (2AB) is—
|
|
Annual accrual rate for each year of membership before 1 July 2005 |
Annual accrual rate for each year of membership after 1 July 2005 |
|---|---|---|
|
0 |
10 |
8·5 |
|
3 |
16 |
14 |
|
5 |
20 |
18 |
|
6 |
24 |
21·5 |
|
7 |
28 |
25 |
|
8 |
32 |
28·5 |
|
9 |
36 |
Not Applicable |
(2AD) For the purposes of the definition of "B" in
sub-section (2AB), the sum of the percentage of salary of the contributor is
the sum of—
s. 3
(a) the percentage of the salary of the contributor that is determined by the Board having regard to the period of membership and contributions of the contributor under any prior fund and any benefits paid to the contributor from any prior fund; and
(b) the percentage of the salary of the contributor that is determined by the Board having regard to any money or assets transferred from an approved superannuation arrangement.
(2AE) For the purposes of sub-section (2AB), the accrued benefit of a contributor or the benefit paid under section 20K to a contributor must not exceed whichever is the lesser of—
(a) the sum of—
(i) 7·5 times the salary of the contributor; and
(ii) 10·7% of the amount of the total of "A" and "B" (within the meaning of sub-section (2AB)) which is attributable to any period of membership of the contributor before 1 July 1988; or
(b) 8·4 times the salary of the contributor.
(2AF) A contributor who becomes entitled to a lump sum benefit on or after 1 July 2005 under section 20D, 20F, 20G, 20H, 20J or 20K to which a determination made under section 25A(3) applies may within 60 days of becoming entitled to the lump sum benefit—
(a) make a request for the whole of the lump sum benefit to be transferred to a beneficiary account established under section 21J ; and
(b) elect in the form approved by the Board to have the benefit calculated in accordance with sub-sections (1) and (2) as a benefit to which a determination made under section 25A(3) does not apply.'.
(2) In section 20C(2A) of the
Emergency Services Superannuation Act 1986 after "(2)" insert
"or (2AE)".