GOVERNMENT EMPLOYEES SUPERANNUATION ACT 1987 - SECT 38M
This legislation has been repealed.
GOVERNMENT EMPLOYEES SUPERANNUATION ACT 1987 - SECT 38M
38M . Death benefit
(1) The benefit
provided by this section is payable by the Board to the personal
representative of the member, or if appropriate in accordance with section 44
or 45, where a statutory member or voluntary member dies during employment
with an employer.
(2) The benefit
provided by this section in relation to a statutory member who dies before
attaining the age of 60 years is —
(a) an
amount equal to the member’s total account balance; and
(b) a
further benefit calculated in accordance with the formula —
where —
FB is the amount of the further benefit to be
ascertained;
R is the total relevant remuneration paid by an
employer to the member in respect of the last 2 years preceding the
member’s death or, if the person had not been a member for all of that
time, the amount that the Board considers the member would have received as
relevant remuneration in respect of those 2 years if the circumstances of the
person when a member had existed for that time;
PC is the number that would have been the
employer’s charge percentage in respect of the member for the quarter
during which the member died according to section 20 or 21 of the Commonwealth
Act before applying any reduction under section 22 or 23 of that Act;
M is the period expressed in complete months from
the date of death of the member to the date when the member would have
attained the age of 60 years.
(3) The benefit
provided by this section in relation to a statutory member who dies after
attaining the age of 60 years is an amount equal to the member’s total
account balance.
(4) The benefit
provided by this section in relation to a voluntary member is an amount equal
to the member’s total account balance.
[Section 38M inserted by No. 8 of 1993 s.33;
amended by No. 60 of 1995 ss.16, 44 and 52.]