New South Wales Repealed Regulations

This legislation has been repealed.

STATE AUTHORITIES SUPERANNUATION REGULATION 2000 - REG 14

14 Transferred contributors: reduction of benefits

(1) If a transferred contributor referred to in the State Authorities Superannuation (Transitional Provisions) Regulation 1988 , or any other person, having a right to do so, elects under clause 38 of that Regulation, to take a pension benefit, then, subject to subclause (3), 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.
"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 transferred contributor concerned.
"P" represents:

(a) the proportion of the pension that is attributable to accrued benefit points and that, but for this clause, would be payable under clause 40, 41, 42 or 43 of the State Authorities Superannuation (Transitional Provisions) Regulation 1988 to that transferred contributor, or

(b) if that transferred contributor has died--the proportion of the pension that is attributable to accrued benefit points and that, but for this clause, would be payable under clause 44 of that Regulation to the spouse of that contributor.

(3) If, in accordance with clause 38 of the State Authorities Superannuation (Transitional Provisions) Regulation 1988 , the transferred contributor or other person referred to in subclause (1) elects to convert to a pension benefit only a portion of the benefit points of the transferred contributor, the benefit to be derived from the benefit points remaining after conversion is subject to reduction in accordance with the relevant provisions of this Part that apply to that benefit.

(4) If the benefit of a transferred contributor within the meaning of the State Authorities Superannuation (State Public Service Superannuation Scheme Transfer) (Savings and Transitional) Regulation 1989 is required to be reduced in accordance with a formula set out in clause 9, 10, 12 or 13 of this Regulation, the multiple "0.025" specified in the formula is, in relation to the contributor, to be read as the multiple "0.03".

Note: Clause 38 of the State Authorities Superannuation (Transitional Provisions) Regulation 1988 deals with elections by transferred contributors (as defined in clause 3 (2) of that Regulation) to take pension benefits.
Clause 40 of the State Authorities Superannuation (Transitional Provisions) Regulation 1988 sets out the formula for calculating the pension payable to a transferred contributor (as so defined) who elects to take a pension benefit provided by that clause. (The pension is a normal employer-financed pension without reversion.)
Clause 41 of the State Authorities Superannuation (Transitional Provisions) Regulation 1988 sets out the formula for calculating the pension payable to a transferred contributor (as so defined) who elects to take a pension benefit provided by that clause. (The pension is a normal employer-financed pension with reversion.)
Clause 42 of the State Authorities Superannuation (Transitional Provisions) Regulation 1988 sets out the formula for calculating the pension payable to a transferred contributor (as so defined) who elects to take a pension benefit provided by that clause. (The pension is an employer-financed pension--invalidity without reversion.)
Clause 43 of the State Authorities Superannuation (Transitional Provisions) Regulation 1988 sets out the formula for calculating the pension payable to a transferred contributor (as so defined) who elects to take a pension benefit provided by that clause. (The pension is an employer-financed pension--invalidity with reversion.)
Clause 44 of the State Authorities Superannuation (Transitional Provisions) Regulation 1988 provides for the calculation of the employer-financed pension payable to the spouse of a deceased transferred contributor (as so defined) who elects to take a pension benefit provided by that clause.
Section 45A of the Act empowers STC to reduce benefits to offset certain tax liabilities of the Fund.