Commonwealth Consolidated Acts

SUPERANNUATION ACT 1976 - SECT 154AB

  (1)   CSC must, in accordance with advice received from an actuary, determine in writing, in relation to persons to whom standard age retirement pension, standard early retirement pension, invalidity pension or a deferred benefit by way of any such pension has become payable, the conversion factor that, having regard to:

  (a)   a person's age when a benefit becomes payable to the person; and

  (b)   other relevant factors (if any);

is applicable for the purpose of working out, in relation to the person, the yearly amount that would have to be paid to discharge a liability equal to the person's surcharge deduction amount.

  (2)   CSC must, in accordance with advice received from an actuary, determine in writing, in relation to persons to whom an additional age retirement pension, an additional early retirement pension or a deferred benefit by way of any such pension has become payable, the conversion factor that, having regard to:

  (a)   a person's age when a benefit becomes payable to the person; and

  (b)   other relevant factors (if any);

is applicable for the purpose of working out, in relation to the person, the yearly amount that would have to be paid to discharge a liability equal to the person's surcharge deduction amount.

  (3)   A determination under this section must be published in the Gazette.