AustLII Tasmanian Numbered Regulations

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RETIREMENT BENEFITS REGULATIONS 2005 (S.R. 2005, NO. 77) - REG 51

Benefit for limited benefits contributors on death or retirement due to total and permanent incapacity

(1)  Where, before attaining the age of 65 years, a limited benefits contributor –
(a) dies; or
(b) is determined by the Board, in accordance with regulation 118 , to be suffering from total and permanent incapacity and that contributor subsequently retires on the grounds of ill health within 6 months after the date of the Board's decision –
a lump sum benefit is to be calculated in accordance with the following formula:
graphic image
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 his or her death or retirement due to total and permanent incapacity; or
(b) in the case of a contributor whose length of service at the time of his or her death or retirement due to total and permanent incapacity 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;
FAS(1) is –
(a) the salary paid or payable to the contributor in respect of the 12 months immediately preceding his or her death or retirement due to total and permanent incapacity; or
(b) in the case of a contributor whose length of service at the time of his or her death or retirement due to total and permanent incapacity is less than 12 months, the average annual salary paid or payable in respect of the actual period of service;
PS is, subject to regulation 45 , the contributor's prospective service expressed in years commencing on the day immediately following the day of his or her death or retirement due to total and permanent incapacity and concluding on the day when he or she would have attained the age of 60 years;
PRC is the relevant rate of employer superannuation contributions specified in the table in section 6(7) of the Public Sector Superannuation Reform Act 1999 , at the date of the contributor's death or retirement due to total and permanent incapacity;
PP is the percentage of the lump sum benefit that the contributor or the surviving partner of the contributor has elected, under regulation 79 , to be taken as a pension.
(2)  Where a limited benefits contributor retires, as mentioned in subregulation (1)(b) , on the ground of total and permanent incapacity, the Board is to pay the benefit calculated under subregulation (1) to that contributor in accordance with regulation 79 .
(3)  Where a limited benefits contributor dies, the Board is to pay the benefit calculated under subregulation (1) in accordance with regulation 130 .



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