New South Wales Consolidated Acts

LOCAL GOVERNMENT AND OTHER AUTHORITIES (SUPERANNUATION) ACT 1927 - SECT 15AH

15AH Calculation of supplementary benefits

(1) In this section, "relevant date", in relation to a person to whom this Part applies, means:

(a) if, on or after 1 April 1974, he resigned or was dismissed from the service of the council by which he was employed and he is, in the opinion of the board, entitled to a disablement benefit in accordance with section 15X-the date on which the resignation or dismissal took effect,

(b) if he died while he was a contributor-the date of his death, or

(c) the date on which he attained, or will (if he survives) attain, the age of 65 years,

but if 2 of those dates are applicable to him, means the earlier of those dates.

(2) Subject to this section and section 15AI, the supplementary benefit payable to or in respect of a person to whom this Part applies (who is in this section referred to as "the payee") shall be calculated in accordance with the following formula:

(3) For the purposes of subsection (2), S represents the amount of the supplementary benefit payable to the payee in dollars.

(4) For the purposes of subsection (2), Y represents:

(a) the number of years during which the payee was a contributor, disregarding:

(i) any period that occurred before any period during which he was not a contributor before 1 January 1954, and

(ii) any fraction of a year, or

(b) the number 40,

whichever is the smaller number.

(5) For the purposes of subsection (2), R represents, where the relevant date applicable to the payee occurs during:

(a) the period from 1 April 1974 to 31 March 1975 both inclusive-the number 10,

(b) the period from 1 April 1975 to 31 March 1976 both inclusive-the number 9,

(c) the period from 1 April 1976 to 31 March 1977 both inclusive-the number 8,

(d) the period from 1 April 1977 to 31 March 1978 both inclusive-the number 7,

(e) the period from 1 April 1978 to 31 March 1979 both inclusive-the number 6,

(f) the period from 1 April 1979 to 31 March 1980 both inclusive-the number 5,

(g) the period from 1 April 1980 to 31 March 1981 both inclusive-the number 4,

(h) the period from 1 April 1981 to 31 March 1982 both inclusive-the number 3,

(i) the period from 1 April 1982 to 31 March 1983 both inclusive-the number 2, or

(j) the period from 1 April 1983 to 31 March 1984 both inclusive-the number 1.

(6) For the purposes of subsection (2), V represents:

(a) where the payee has effected insurance with an insurance company for the purposes of Part 2-the amount of the value of the policy of insurance (together with bonuses) as at 1 April 1969 as assessed by the company before that date, together with compound interest thereon, and

(b) where the payee had an account in the Provident Fund or Benefits Fund as at 1 April 1969-the amount standing to the credit of his account as at that date, together with compound interest thereon.

(7) Interest shall, for the purposes of subsection (6), be calculated as follows:

(a) in the case of an amount referred to in subsection (6) (a)-that amount shall bear interest at the same rate as it would have borne interest in accordance with section 15U (2) and 15Z (1), had:

(i) that amount (compounded annually) been at credit in a servant’s account in the Benefits Fund, and

(ii) section 15Z (1) (c) applied thereto as at the time the supplementary benefit is payable,

(b) in the case of an amount standing to the credit of the payee’s account in the Provident Fund, as referred to in subsection (6) (b)-that amount shall bear interest at the same rate as it would have borne interest in accordance with sections 13 (4) and 15 (1A), had:

(i) that amount (compounded annually) been at credit in an account in the Provident Fund, and

(ii) section 15 (1A) applied thereto as at the time the supplementary benefit is payable, and

(c) in the case of an amount standing to the credit of the payee’s account in the Benefits Fund, as referred to in subsection (6) (b)-that amount shall bear interest at the same rate as it would have borne interest in accordance with sections 15U (2) and 15Z (1), had:

(i) that amount (compounded annually) been at credit in a servant’s account in the Benefits Fund, and

(ii) section 15Z (1) (c) applied thereto as at the time the supplementary benefit is payable.

(8) No supplementary benefit is payable under this Part to or in respect of a person to whom this Part applies if the relevant date applicable to him occurs on or after 1 April 1984.