Australian Capital Territory Consolidated Acts Australian Capital Territory Consolidated Acts(1) Superannuation benefit is payable to a person entitled to a benefit under section 12, in respect of the person's relevant period of service, by way of a lump sum calculated in accordance with the following formula:
where:
"BSD" means the basic salary payable, on the date of that person's discontinuance, to members who are not office-holders.
"SPA" means the sum of the person's annual percentage accruals calculated in accordance with subsection (2).
(2) Annual percentage accruals are calculated as at 30 June each year for the financial year ended on that date during the continuance of a member's relevant period of service and at 30 June in the financial year during which the member's discontinuance occurred, and are equal to 29% for each full year of service.
(3) Where a member has been an office-holder during any part of a financial year the member's annual percentage accrual for that year is increased by multiplying the 29% referred to in subsection (2) by a number calculated in accordance with the following formula:
where:
TSR means the total salary received by that member during that financial year.
TSPM means the total basic salary which would have been received by the member during that financial year had the member not been an office-holder at any time during that financial year.
(4) Where a person was not a member during the whole of the financial year the person's annual percentage accrual for that year is reduced by multiplying that 29% referred to in subsection (2) by a number calculated in accordance with the following formula:
where:
"NDM" means the number of days in that financial year on which that person was a member.
(5) In this section:
"office-holder" means a member who receives additional salary under the remuneration tribunal's determination in relation to the Legislative Assembly.