New South Wales Repealed Regulations

This legislation has been repealed.

STATE AUTHORITIES SUPERANNUATION REGULATION 2000 - REG 11

11 Reduction for section 41 of Act

(1) If:

(a) a benefit becomes payable under section 41 of the Act, and

(b) the contributor's period of continuous contributory service is 10 years or more,

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.
"T" represents the period (expressed in years, with any fractional part of a year being calculated on the basis of complete contribution periods) that commenced on the taxable date or the contributor's entry date (whichever last occurred) and ended on the contributor's exit date.
"C" represents the amount of the contributor-financed benefit payable under section 41 (2) (a) of the Act.
"A" represents the accrued benefit points for the contributor at the contributor's exit date.
"Y" represents the number ascertained by adding together all of the contributor's contributed points figures calculated in relation to the contributor for the applicable contribution periods for the contributor.

(3) A benefit payable under section 41 of the Act is not to be reduced if the contributor's period of continuous contributory service is less than 10 years.

Note: Section 41 of the Act provides for the payment of a benefit if a contributor resigns, is dismissed or discharged before reaching the early retirement age.
Section 45A of the Act empowers STC to reduce benefits to offset certain tax liabilities of the Fund.