(1)  Subject to subregulation (2) and regulation 49 , if –

(a) a contributor is retired for the reason that –

(i) his or her service, office or position is unnecessary; or

(ii) the work for which he or she was engaged is finished; or

(iii) diminution of work necessitates a reduction in the number of employees; or

(b) a contributor, the term of whose appointment is fixed by an Act, is not at the end of a term reappointed to his or her office and does not, by reason of another appointment, continue to be a contributor; or

(c) a contributor, who is a contract employee, ceases to be a contract employee by reason of his or her contract not being renewed by the employer; or

(d) a contributor is retired by virtue of voluntary redundancy under an employment redundancy program or ceases to be a contributor as a result of a prescribed arrangement –

the contributor is entitled to a lump sum benefit calculated in accordance with this regulation.

(2)  If a person ceases to be a contributor under this regulation and has less than 3 years of service, he or she is taken to have resigned and is entitled to a benefit calculated under regulation 52 .

(3)  If a person to whom subregulation (1) refers is a contributor, other than an amalgamated contributor, who is aged less than 60 years, his or her lump sum benefit is to be calculated in accordance with the following formula:

where –

LS is the lump sum benefit payable;

FAS(3) is –

(a) the average annual salary paid or payable to the contributor in respect of the period of 3 years immediately preceding the cessation of his or her service; or

(b) in the case of a contributor whose length of service at the time of the cessation of his or her service is less than 3 years, the average annual salary paid or payable in respect of the actual period of service;

ABMF is the contributor's adjusted benefit multiple factor, calculated by taking the rate or rates of contribution made by the contributor and multiplying the benefit multiple factor prescribed for that rate or those rates of contribution under regulation 44 by the contributor's length of service expressed in years at that rate or for each of those rates of contribution and accumulating each result obtained from those multiplications;

PP is –

(a) in the case of a contributor who has attained the preservation age, the percentage of the lump sum that the contributor has elected, under regulation 79 , to be taken as a pension; or

(b) in the case of a contributor who has not attained the preservation age, 0.

(4)  If a contributor to whom subregulation (1) refers is an amalgamated contributor aged 65 years or less, his or her lump sum benefit is to be calculated in accordance with the following formula:

where –

LS is the lump sum benefit payable;

SB is the pension value of the units purchased by the contributor under the Superannuation Act 1938 as at 30 June 1982;

DS is the differential salary of the amalgamated contributor which is to be the FAS(1) of that contributor less the annual salary paid or payable in respect of that contributor as at 30 June 1982;

FAS(1) , in the definition of "DS" , is the salary paid or payable to the amalgamated contributor in respect of the 12 months immediately preceding the cessation of his or her service or, in the case of a contributor whose length of service at the time of his or her cessation of employment is less than 12 months, the average annual salary paid or payable in respect of the actual period of service;

PP is –

(a) in the case of a contributor who has attained the preservation age, the percentage of the lump sum that the contributor has elected under regulation 79 to be taken as a pension; or

(b) in the case of a contributor who has not attained the preservation age, 0.

(5)  If a contributor to whom subregulation (1) refers is aged 60 years or more but less than 65 years and is not an amalgamated contributor, his or her lump sum benefit is to be calculated in accordance with the following formula:

where –

LS is the lump sum benefit payable;

FAS(3) is –

(a) the average annual salary paid or payable to the contributor in respect of the period of 3 years immediately preceding the cessation of his or her service; or

(b) in the case of a contributor whose length of service at the time of the cessation of his or her service is less than 3 years, the average annual salary paid or payable in respect of the actual period of service;

ABMF is the contributor's adjusted benefit multiple factor, calculated by taking the rate or rates of contribution made by the contributor and multiplying the benefit multiple factor prescribed for that rate or those rates of contribution under regulation 44 by the contributor's length of service expressed in years at that rate or for each of those rates of contribution and accumulating each result obtained from those multiplications;

PBMF is the contributor's prospective benefit multiple factor, calculated by taking the basic contribution rate applicable to the contributor and multiplying the benefit multiple factor prescribed for that rate of contribution under regulation 44 by the contributor's length of prospective service expressed in years, commencing on the day after the day of his or her cessation of employment and concluding on the day when he or she would have attained the age of 65 years;

PP is the percentage of the lump sum benefit that the contributor has elected, under regulation 79 , to be taken as a pension.

(6)  If a contributor to whom subregulation (5) applies is employed or has at any previous time been employed otherwise than on a full-time basis as a contributor, the contributor’s prospective service for the purpose of this regulation is to be calculated in accordance with the following formula:

where –

PS is the contributor’s prospective service expressed in years;

A is the period expressed in years commencing on the day after his or her cessation of employment and ending on the day on which he or she would have attained the age of 65 years;

B is the full-time equivalent of the contributor’s length of service expressed in years as at the date of cessation of his or her service;

C is the contributor’s length of service expressed in years as at the date of cessation of his or her service.