New South Wales Repealed Regulations New South Wales Repealed RegulationsThis legislation has been repealed.
(1) If a benefit becomes payable under section 39 or 40 of the Act, the reduction in benefit prescribed for the purposes of section 45A of the Act (but limited to the matters referred to in subsection (2) of that section) is the amount calculated in accordance with the formula set out in subclause (2).
(2) For the purposes of subclause (1), the formula is:
"R" represents the amount of the reduction.
"A" represents the accrued benefit points for the contributor at the contributor's exit date.
"B" represents the period in days of continuous contributory service that began on the taxable date.
"C" represents the period in days of continuous contributory service for the contributor.
"S" represents the contributor's final salary.
Note: Section 39 of the Act provides for the payment of a benefit if a contributor becomes a total and permanent invalid before reaching the early retirement age.
Section 40 of the Act provides for the payment of a benefit if a contributor becomes a partial and permanent invalid before reaching the early retirement age.
Section 45A of the Act empowers STC to reduce benefits to offset certain tax liabilities of the Fund.
