## 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: 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: 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: 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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