{"id":"F2006B11457","name":"Superannuation (Productivity Benefit) Declaration No. 3","slug":"superannuation-productivity-benefit-declaration-no-3","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":"174 of 1990","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":57406,"registerId":"commonwealth-F2006B11457-current","compilationNumber":null,"startDate":"2026-04-02","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Superannuation (Productivity Benefit) Declaration No. 3","content":"![](image.001.png)\n\nStatutory Rules 1990 No. 174 1\n\n\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\n\nDeclaration under the Superannuation (Productivity Benefit) Act 1988\n\nI, RALPH WILLIS, Minister for Finance, hereby make the following Declaration under paragraph 3e (1) (b) of the Superannuation  \n(Productivity Benefit) Act 1988.\n\nDated 20 June 1990.\n\nRALPH WILLIS\n\nMinister for Finance\n\n\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\n\nDECLARATION UNDER PARAGRAPH 3E (1)(b) OF THE\n\nSUPERANNUATION (PRODUCTIVITY BENEFIT) ACT 1988\n\nCitation\n\n1. This Declaration may be cited as “Superannuation (Productivity Benefit) Declaration No. 3”.\n\nCommencement\n\n2. This Declaration takes effect from 1 July 1990.\n\nRate to be used\n\n3. For the purpose of paragraph 3E(2) (a) of the Superannuation (Productivity Benefit) Act 1988, the rate of 0.1355, being the rate expressed as a decimal per annum that is the assessed secondary market yield last published by the Reserve Bank before 1 June 1990 in respect of 10-year non-rebate Treasury Bonds, is specified.\n\nSpecified formula\n\n4. For the purpose of paragraph 3E (1)(b) of the Superannuation (Productivity Benefit) Act 1988, the declared second interest factor for the financial year commencing on 1 July 1990 is to be ascertained using the following formula:\n\nwhere:\n\n“Interest” means the interest rate specified in clause 3;\n\n“Days” means:\n\n(a) in the case of an employee who becomes a fund employee—the number of days between the day following\n\nthe last day of the last pay period of the employee ending before 1 July 1990 and the day on which an amount first becomes payable under section 4f of that Act and\n\nincluding both of those days;\n\n(b) in the case of an employee who becomes entitled to receive an interim benefit under section 6 of that Act— the number of days between the day following the last day of the last pay period of the employee ending before 1 July 1990 and the day on which the employee became entitled to receive the benefit; or\n\n(c) in the case of an employee who neither becomes a fund employee nor becomes entitled to receive an interim benefit – the number of days between the date of the day following the last day of the last pay period of the employee ending before 1 July 1990 and 30 June 1991.\n\n\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\n\nNOTE\n\n1. Notified in the Commonwealth of Australia Gazette on 29 June 1990.","sortOrder":0}],"analysis":{"flash_summary_failed":{"failed":true,"reason":"Unauthenticated. Configure AI_GATEWAY_API_KEY or use a provider module. Learn more: https://ai-sdk.dev/unauthenticated-ai-gateway","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 (the Superannuation (Productivity Benefit) Act 1988). It is an annual/quasi-annual instrument that declares the interest rate and calculation formula for productivity benefits for a specific financial year (1990-91). There is no evidence of scope creep; it is a routine administrative determination within the statutory framework."},"complexity_factors":["Short document (4 operative clauses plus preamble)","Single defined term in the formula ('Interest' and 'Days') with three conditional sub-definitions","Requires external knowledge of the Superannuation (Productivity Benefit) Act 1988 to understand context","Mathematical formula with variables, though straightforward algebra","Cross-references to specific sections of the parent Act (sections 3E, 4F, and 6)","Date-dependent calculations requiring identification of specific pay periods and benefit dates"],"plain_english_summary":"This short 1990 ministerial declaration sets the interest rate and calculation method for “productivity benefit” lump sums payable to three groups of Commonwealth public servants who left around mid‑1990. It fixes an annual interest rate of 13.55% (0.1355) tied to 10‑year bond rates and specifies a days‑based pro rata formula to compute interest from last pay to benefit payment, ensuring fair compensation for the delay."},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":false,"description":"This instrument does not expand or reduce who is covered by the Superannuation (Productivity Benefit) Act 1988. It operates within the Act’s framework by specifying (for the 1990–91 year) the interest rate to use and the day-count rules for calculating the declared second interest factor (clauses 2–4). The Minister’s declaration sets rate and formula only; it does not amend eligibility or substantive entitlements under the parent Act (see citation and clauses 1–4)."},"complexity_factors":["Cross-reference to the Superannuation (Productivity Benefit) Act 1988 (paragraphs 3E(1)(b) and 3E(2)(a)) creates dependency on the parent Act's definitions and mechanics (see heading and clause 3).","Specification of a market-based input: the rate is the assessed secondary market yield last published by the Reserve Bank before 1 June 1990 for 10-year non-rebate Treasury Bonds, expressed as decimal 0.1355 (clause 3).","Clause 4 purports to set a mathematical ‘declared second interest factor’ formula for the 1990–91 year but the numeric/formulaic expression is not reproduced in the supplied text, increasing implementation uncertainty.","Clause 4 defines different day-count rules for three employee categories (becoming a fund employee, becoming entitled to an interim benefit, or neither), requiring administrators to determine precise entitlement and pay-period dates for each case (clauses 4(a)–(c)).","Commencement timing: the Declaration takes effect from 1 July 1990 but was made on 20 June 1990, so administrators must apply it immediately for the specified financial year (clause 2 and dated signature).","Operational burden: funds/employers must collect date-of-entitlement data, apply the specified interest input and day counts, and ensure compliance with the parent Act’s calculation rules."],"plain_english_summary":"This Declaration (made by the Minister for Finance) fixes the numerical interest rate (0.1355 p.a.) and prescribes a formula to calculate the “second interest factor” used to compute productivity-related superannuation payments for the financial year starting 1 July 1990. It applies to employees whose status at that date falls into one of three defined categories. Administrators (funds or employers) must use the Reserve Bank–published yield and specific day-count rules to calculate payable amounts, creating a record-keeping and calculation obligation."}},"importantCases":[],"_links":{"self":"/api/acts/superannuation-productivity-benefit-declaration-no-3","history":"/api/acts/superannuation-productivity-benefit-declaration-no-3/history","analysis":"/api/acts/superannuation-productivity-benefit-declaration-no-3/analysis","conflicts":"/api/acts/superannuation-productivity-benefit-declaration-no-3/conflicts","importantCases":"/api/acts/superannuation-productivity-benefit-declaration-no-3/important-cases","documents":"/api/acts/superannuation-productivity-benefit-declaration-no-3/documents"}}