New South Wales Repealed Regulations New South Wales Repealed RegulationsThis legislation has been repealed.
(1) If a contributor elects to make provision for a deferred benefit under section 43 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.
"F" represents the contributor's final average salary.
"K" represents the discount factor determined by STC for the purposes of section 43 (6) (b) of the Act.
"n" represents the period between the contributor's age at his or her exit date and the early retirement age, the period being expressed in years with any fractional part of a year being calculated on the basis of complete contribution periods.
Note: Section 43 of the Act provides for a contributor's benefit to be deferred in certain circumstances pending the happening of certain events.
Section 45A of the Act empowers STC to reduce benefits to offset certain tax liabilities of the Fund.
