AustLII Tasmanian Numbered Regulations

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RETIREMENT BENEFITS (PARLIAMENTARY SUPERANNUATION) REGULATIONS 2012 (S.R. 2012, NO. 119) - REG 61

Payment of retiring benefit

(1)  The Board must, out of the PRB Fund, pay to a person who –
(a) has not attained the age of 65 years; or
(b) has attained the age of 65 years but not the age of 70 years and has made an election under regulation 54(2)  –
and who in either case is entitled to a retiring benefit, a lump sum payment calculated in accordance with the following formula:
graphic image
where –
P is the amount to be paid;
n is the number of years of service of the member;
FS is the final salary of the member determined in accordance with regulation 59 .
(2)  In calculating the amount referred to in subregulation (1) , n must not exceed 20.
(3)  The Board must, out of the PRB Fund, pay to a person who –
(a) has attained the age of 65 years; and
(b) has not made contributions in respect of his or her service as a member after that age –
and who is entitled to a retiring benefit, a lump sum payment calculated in accordance with subregulation (1) less an amount calculated in accordance with the following formula:
graphic image
where –
D is the amount to be deducted;
K is the total years of service, not exceeding 20, of that person as a member;
L is that person's years of service, not exceeding 20, at the age of 65 years;
FS is the final salary of that person determined in accordance with regulation 59 .
(4)  The Board must, out of the PRB Fund, pay to a person who –
(a) has attained the age of 70 years; and
(b) has made an election under regulation 54(2) ; and
(c) is entitled to a retiring benefit –
a lump sum payment calculated in accordance with subregulation (1) less an amount calculated in accordance with the following formula:
graphic image
where –
D is the amount to be deducted;
K is the total years of service, not exceeding 20, of that person as a member;
L is that person's years of service, not exceeding 20, at the time of ceasing to pay contributions;
FS is the final salary of that person determined in accordance with regulation 59 .
(5)  The Board must, out of the PRB Fund, pay to a person who is entitled to a retiring benefit under this regulation, and who has had 20 or more years of service as a member, such further amount as it may determine on the advice of the Actuary having regard to –
(a) the benefit which may be attributed to any portion of the service of the member in excess of 20 years; and
(b) the minimum benefits prescribed under the SG Act.
Subdivision 3 - Death or invalidity benefit



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