New South Wales Consolidated Acts

SUPERANNUATION ACT 1916 - SECT 28B

28B Increase of pension in case of certain retirements after reaching 62 years of age

(1) For the purposes of this section, the period of contributory service of a contributor upon the contributor’s retirement is the next preceding period that commenced:

(a) when the contributor last became a contributor, or

(c) if, since the contributor last became a contributor, the contributor had been on leave of absence pursuant to section 48-when the contributor was re-employed by an employer after the last such leave of absence,

and ended upon the contributor’s retirement.

(2) Where a contributor aged sixty-two years or more retired on or after 1 July 1972 and before the commencement of the Superannuation (Amendment) Act 1972 , or retires at or after that commencement, the pension that, but for this section, would be payable to the contributor shall, if the contributor has completed not less than eleven years of contributory service, be increased by a percentage determined in accordance with subsection (3).

(3) The percentage referred to in subsection (2) is:

(a) where the contributor had completed forty years or more of contributory service at the time of the contributor’s retirement:

(i) ten per centum if the contributor retired on or after reaching the age of sixty-two years and before reaching the age of sixty-three years,

(ii) twenty per centum if the contributor retired on or after reaching the age of sixty-three years and before reaching the age of sixty-four years, and

(iii) thirty per centum if the contributor retired on or after reaching the age of sixty-four years, or

(b) where the contributor had completed eleven or more, but less than forty, years of contributory service at the time of the contributor’s retirement-the percentage that would, if the contributor had completed more than forty years of contributory service, be applicable under paragraph (a), multiplied by the fraction obtained by applying the formula:

"n"

(4) Notwithstanding subsection (2), the pension of a contributor shall not be increased under this section to an amount in excess of the amount of the upper limit of the salary group in which the contributor’s salary fell immediately before the contributor’s retirement, any salary increase referred to in section 23BA being deemed to have been paid to the contributor immediately before that retirement.

(7) Notwithstanding the foregoing provisions of this section:

(a) this section does not apply to a contributor who retires on or after 1 July 1979 and who has not attained the age of 62 years before that date, and

(b) this section applies to a contributor who retires on or after 1 July 1979 and who has attained the age of 62 years before that date, but so applies subject to subsection (8).

(8) In the case of a contributor referred to in subsection (7) (b), the percentage by which the contributor’s pension is to be increased shall be determined as though the contributor retired on 30 June 1979, but that percentage shall be applied to the whole of the pension that, but for this section, would be payable to the contributor upon the contributor’s actual retirement.