{"id":"F2006B11515","name":"Superannuation (Productivity Benefit) (2002-2003 Second Interest Factor) Declaration 2002","slug":"superannuation-productivity-benefit-2002-2003-second-interest-factor-declaration-2002","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":"134 of 2002","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":57451,"registerId":"commonwealth-F2006B11515-current","compilationNumber":null,"startDate":"2026-04-02","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Superannuation (Productivity Benefit) (2002-2003 Second Interest Factor) Declaration 2002","content":"![](image.001.png)\n\nSuperannuation (Productivity Benefit) (2002–2003 Second Interest Factor) Declaration 2002\n\nStatutory Rules 2002 No. 1341\n\nI, nicholas hugh minchin, Minister for Finance and Administration, make the following Declaration under paragraph 3E (1) (b) of the Superannuation (Productivity Benefit) Act 1988.\n\nDated 20 June 2002\n\nnicK minchin\n\nMinister for Finance and Administration\n\n1 Name of Declaration\n\nThis Declaration is the Superannuation (Productivity Benefit) (2002–2003 Second Interest Factor) Declaration 2002.\n\n2 Commencement\n\nThis Declaration commences on gazettal.\n\n3 Definitions\n\nIn this Declaration:\n\n> Act means the Superannuation (Productivity Benefit) Act 1988.\n\n> Days means:\n\n(a) in the case of an employee who becomes a fund employee during the financial year starting on 1 July 2002 — the number of days in the period:\n\n(i) starting on the day following the last day of the last pay period of the employee ending before 1 July 2002; and\n\n(ii) ending at the end of the day on which an amount first becomes payable under section 4F of the Act; or\n\n(b) in the case of an employee in respect of whom an interim benefit becomes payable under section 6 of the Act during the financial year starting on 1 July 2002 — the number of days between:\n\n(i) the day following the last day of the last pay period of the employee ending before 1 July 2002; and\n\n(ii) the day on which the interim benefit became payable; or\n\n(c) in the case of an employee who does not become a fund employee during the financial year starting on 1 July 2002 and in respect of whom an interim benefit does not become payable during that year — the number of days between:\n\n(i) the day following the last day of the last pay period of the employee ending before 1 July 2002; and\n\n(ii) 30 June 2003.\n\n4 Declared second interest factor\n\nFor section 8A of the Act, the declared second interest factor for the financial year starting on 1 July 2002 is:\n\n![](image.002.png)![](image.003.png)\n\nNote\n\n> Note: 1. Notified in the Commonwealth of Australia Gazette on 27 June 2002.","sortOrder":0}],"analysis":{"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"},"kimi_summary":{"content_quality":"ok","complexity_score":3,"scope_assessment":{"changed":false,"description":"This declaration performs exactly the function intended by its enabling legislation — setting the interest factor for a specific financial year. It has not expanded beyond its original technical purpose."},"complexity_factors":["Short instrument (4 sections, approximately 1 page)","Only 2 defined terms ('Act' and 'Days'), though 'Days' has a complex nested definition with 3 sub-paragraphs","Heavy reliance on external context — requires knowledge of the Superannuation (Productivity Benefit) Act 1988, specifically sections 3E, 4F, 6, and 8A","Contains a mathematical formula (represented as images in the source) that is not reproduced in text","Conditional logic in the definition of 'Days' with three mutually exclusive scenarios based on employee status","Multiple cross-references to concepts not defined in this instrument: 'fund employee', 'interim benefit', 'pay period'"],"plain_english_summary":"This short 2002 declaration by the Finance Minister sets the \"second interest factor\" (an interest rate) for 2002–03 under the Superannuation (Productivity Benefit) Act 1988. It determines how interest is applied to productivity benefit entitlements for affected Commonwealth employees — including those who joined a fund, took an interim benefit, or remained in the scheme — and so changes the final retirement or separation payments for that year."},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":false,"description":"This Declaration does not change who is covered by the Superannuation (Productivity Benefit) Act 1988. It only declares the second interest factor to be used for the 2002–03 financial year and specifies how to count 'Days' for calculation purposes (sections 3 and 4). It adjusts a numeric parameter and clarifies timing rules, rather than amending eligibility, entitlements or the Act's substantive scope."},"complexity_factors":["Single-purpose statutory instrument: fixes a numerical/fomulaic interest factor for 2002–03 (Declared second interest factor in section 4). The governing number/formula is provided in the instrument (images in source) and must be applied mechanically when calculating payments.","Definition of 'Days' in section 3 contains three alternative timing rules (becoming a fund employee; interim benefit payable; neither event) that require precise date arithmetic tied to the last pay period ending before 1 July 2002 and to payment or 30 June 2003 — administratively sensitive for payroll/recordkeeping.","Commencement on gazettal (section 2) means immediate application from publication; administrators must adopt the factor as soon as declared, creating short lead times for implementation.","Made by Minister under paragraph 3E(1)(b) of the Act (preamble). The instrument exercises delegated executive power to set a statutory parameter rather than to create new eligibility rules — limited policy discretion but binding on administrators.","Low interpretive complexity overall: calculations are formulaic, but dependency on payroll boundaries and interim benefit dates creates potential for disputes about exact day counts and accurate application."],"plain_english_summary":"This Declaration sets the \"second interest factor\" to be used under the Superannuation (Productivity Benefit) Act 1988 for the financial year beginning 1 July 2002 and defines how to count the relevant number of days for affected employees. It affects employees covered by that Act and the agencies or funds that calculate productivity‑benefit payments, because the declared factor changes the interest component of amounts payable and therefore the money employers/funds must calculate and pay."}},"importantCases":[],"_links":{"self":"/api/acts/superannuation-productivity-benefit-2002-2003-second-interest-factor-declaration-2002","history":"/api/acts/superannuation-productivity-benefit-2002-2003-second-interest-factor-declaration-2002/history","analysis":"/api/acts/superannuation-productivity-benefit-2002-2003-second-interest-factor-declaration-2002/analysis","conflicts":"/api/acts/superannuation-productivity-benefit-2002-2003-second-interest-factor-declaration-2002/conflicts","importantCases":"/api/acts/superannuation-productivity-benefit-2002-2003-second-interest-factor-declaration-2002/important-cases","documents":"/api/acts/superannuation-productivity-benefit-2002-2003-second-interest-factor-declaration-2002/documents"}}