Commonwealth Consolidated Acts

SUPERANNUATION ACT 1976 - SECT 67

  (1)   This section applies to a person who:

  (a)   is entitled to invalidity benefit by virtue of subsection   66(1); and

  (b)   does not make an election under section   68 or 69.

  (2)   Where the period of prospective service of a person to whom this section applies is not less than 30 years, then, subject to subsections   (3) and (4A) of this section, the annual rate of the pension to which the person is entitled is 70 per centum of that person's final annual rate of salary.

  (3)   Where the period of contributory service of a person to whom this section applies exceeds 30 years, then, subject to subsection   (4A), the annual rate of the pension to which the person is entitled is:

  (a)   if that period of contributory service consists of 30 complete years and a part of a year--such percentage of the person's final annual rate of salary as is calculated in accordance with the formula:

    ;

    where:

"D" is the number of days included in that part of a year; or

  (b)   if that period of contributory service consists exactly of a number of complete years, or exceeds 40 years--such percentage of the person's final annual rate of salary as, having regard to the number of complete years included in that period, is applicable in accordance with columns 1 and 2 of Schedule   3; or

  (c)   if paragraphs   (a) and (b) do not apply--such percentage of the person's final annual rate of salary as, having regard to the number of complete years, and the part of a year, included in that period of contributory service, is calculated in accordance with the formula:

    ;

    where:

"P" is the percentage referred to in paragraph   (b); and

"D" is the number of days included in that part of a year.

  (4)   Where the period of prospective service of a person to whom this section applies is less than 30 years, then, subject to subsection   (4A), the annual rate of the pension to which the person is entitled is:

  (a)   if that period of prospective service consists exactly of a number of complete years--such percentage of the person's final annual rate of salary as, having regard to that number of years, is applicable in accordance with columns 1 and 2 of Schedule   4; or

  (b)   if that period of prospective service consists of a number of complete years and a part of a year--such percentage of the person's final annual rate of salary as is ascertained in accordance with the formula:

    ;

    where:

"P" 1 is the percentage referred to in paragraph   (a); and

"D" is the number of days included in that part of a year; and

"P" 2 is equal to:

  (i)   if the person's period of prospective service is not less than 20 years--1.4; or

  (ii)   if the person's period of prospective service is less than 20 years--2.8.

  (4A)   If the surcharge debt account of a person to whom this section applies is in debit when invalidity pension becomes payable to the person, the annual rate of the pension to which the person is entitled is the rate worked out as provided in subsection   80D(1).

  (5)   Where a person to whom this section applies has paid supplementary contributions, the lump sum benefit to which the person is entitled is an amount equal to the person's accumulated supplementary contributions.