Commonwealth Consolidated Acts

SUPERANNUATION (PRODUCTIVITY BENEFIT) ACT 1988 - SECT 8

             (1)  The amount of an interim benefit that accumulates in respect of service by a qualified employee in a year commencing on 1 January 1988, 1 January 1989 or 1 January 1990 is the amount calculated in accordance with the formula:

"AARC" is the average annual rate of contribution of the person for that year;

"YPPV" is the yearly pay period value of the person for that year;

"YIF" is the yearly interest factor for that person for that year;

"LTBR" is the long term bond rate for that year;

"PPE" is the number of pay periods ending during the person's period of employment as a qualified employee in that year in respect of that benefit (including any period during which the person was on leave without pay);

"PP" is the number of pay periods ending in that year; and

"PA" is the sum of the amounts (if any) that accumulated under this subsection in respect of the person in respect of that benefit in the preceding years.

             (2)  Where an interim benefit becomes payable in respect of a person in a year and before 1 July 1990, the amount of that benefit is the sum of the amount that accumulated in respect of service by the person under subsection (1) in respect of that year and the amounts (if any) that accumulated under that subsection in respect of the person in the preceding years.