20CAccrued benefits

20C Accrued benefits (1) The accrued benefit of a contributor is the sum of— (a) 10% of the salary of the contributor for each year of membership in which the contributor was entitled to make but did not make contributions to the Scheme; and (b) 16% of the salary of the contributor for each year of membership in which the contributor contributed 3% of salary to the Scheme; and (c) 20% of the salary of the contributor for each year of membership in which the contributor contributed 5% of salary to the Scheme; and (d) 24% of the salary of the contributor for each year of membership in which the contributor contributed 6% of salary to the Scheme; and (e) 28% of the salary of the contributor for each year of membership in which the contributor contributed 7% of salary to the Scheme; and (f) 32% of the salary of the contributor for each year of membership in which the contributor contributed 8% of salary to the Scheme; and (g) 36% of the salary of the contributor for each year of membership in which the contributor contributed 9% of salary to the Scheme prior to 1 January 1994; and (h) the percentage of the salary of the contributor that is determined by the Board having regard to the period of membership and contributions of the contributor under any prior fund and any benefits paid to the contributor from any prior fund; and (i) the percentage of the salary of the contributor that is determined by the Board having regard to any money or assets transferred from an approved superannuation arrangement. (2) The accrued benefit of a contributor must not exceed a maximum of 8⋅40 times the salary of the contributor. S. 20C(2AA) inserted by No. 32/2005 s. 3(1). (2AA) Subsections (1) and (2) apply for the purposes of calculating— (a) the relevant lump sum payable to a contributor who becomes entitled to a benefit before 1 July 2005 under section 20D, 20F, 20G, 20H, 20J or 20K; or (b) the relevant lump sum payable to a contributor who— (i) becomes entitled to a benefit on or after 1 July 2005 under section 20D, 20F, 20G, 20H, 20J or 20K to which a determination made under section 25A(3) applies; and (ii) makes an election under subsection (2AF); or (c) the relevant lump sum payable in accordance with section 20E. S. 20C(2AB) inserted by No. 32/2005 s. 3(1), amended by No. 36/2019 s. 7(1). (2AB) For the purposes of calculating the relevant lump sum payable to a contributor who— (a) becomes entitled to a benefit on or after 1 July 2005 under section 20D, 20F, 20G, 20H, 20J or 20K to which a determination made under section 25A(3) applies; and (b) does not make an election under subsection (2AF)— the accrued benefit of a contributor is the sum determined in accordance with the formula— (A + B) – C— **A** is the sum of the percentage of salary of the contributor (accrual rate) dependent on the contribution level over the period of membership of the contributor in accordance with Table A in subsection (2AC) and, if section 20A(7A) applies, Table B in subsection (2ACA); **B** is the sum of the percentage of salary of the contributor specified in subsection (2AD); **C** is 10⋅7% of the amount of the total of "A" and "B" which is attributable to any period of membership of the contributor during the period commencing 1 July 1988 and ending 30 June 2005. S. 20C(2AC) inserted by No. 32/2005 s. 3(1), amended by No. 36/2019 s. 7(2). (2AC) Table A referred to in subsection (2AB) is— | **Contribution rate by contributor as percentage of salary of the contributor** | **Annual accrual rate for each year of membership before 1 July 2005** | **Annual accrual rate for each year of membership after 1 July 2005** | | --- | --- | --- | | 0 | 10 | 8⋅5 | | 3 | 16 | 14 | | 5 | 20 | 18 | | 6 | 24 | 21⋅5 | | 7 | 28 | 25 | | 8 | 32 | 28⋅5 | | 9 | 36 | Not Applicable | S. 20C(2ACA) inserted by No. 36/2019 s. 7(3). (2ACA) Table B referred to in subsection (2AB) is— | **Contribution rate by contributor as percentage of salary of the contributor** | **Annual accrual rate for each year of membership after 1 July 2019 if benefits are taxed** | **Annual accrual rate for each year of membership after 1 July 2019 if benefits are untaxed** | | --- | --- | --- | | 9 | 32 | 36 | | 10 | 35.5 | 40 | S. 20C(2AD) inserted by No. 32/2005 s. 3(1). (2AD) For the purposes of the definition of "B" in subsection (2AB), the sum of the percentage of salary of the contributor is the sum of— (a) the percentage of the salary of the contributor that is determined by the Board having regard to the period of membership and contributions of the contributor under any prior fund and any benefits paid to the contributor from any prior fund; and (b) the percentage of the salary of the contributor that is determined by the Board having regard to any money or assets transferred from an approved superannuation arrangement. S. 20C(2AE) inserted by No. 32/2005 s. 3(1). (2AE) For the purposes of subsection (2AB), the accrued benefit of a contributor or the benefit paid under section 20K to a contributor must not exceed whichever is the lesser of— (a) the sum of— S. 20C(2AE)(a)(i) amended by No. 36/2019 s. 7(4). (i) 7⋅5 times the salary of the contributor, or if the contributor's maximum untaxed benefit multiple of 8.4 has been reduced under section 20T(4), the amount that the Board determines for the purposes of this section, on the advice of the actuary appointed by the Board; and (ii) 10⋅7% of the amount of the total of "A" and "B" (within the meaning of subsection (2AB)) which is attributable to any period of membership of the contributor before 1 July 1988; or S. 20C(2AE)(b) amended by No. 36/2019 s. 7(5). (b) 8⋅4 times the salary of the contributor, or if the contributor has elected to take a transition to retirement pension under section 20T, the multiple of the salary of the contributor that applies under section 20T(4). S. 20C(2AF) inserted by No. 32/2005 s. 3(1). (2AF) A contributor who becomes entitled to a lump sum benefit on or after 1 July 2005 under section 20D, 20F, 20G, 20H, 20J or 20K to which a determination made under section 25A(3) applies may within 60 days of becoming entitled to the lump sum benefit— (a) make a request for the whole of the lump sum benefit to be transferred to a beneficiary account established under section 21J; and (b) elect in the form approved by the Board to have the benefit calculated in accordance with subsections (1) and (2) as a benefit to which a determination made under section 25A(3) does not apply. S. 20C(2A) inserted by No. 70/2003 s. 4, amended by No. 32/2005 s. 3(2). (2A) For the purposes of subsection (2) or (2AE), if a payment or transfer to a non-member spouse is made for the purposes of Part VIIIB of the Commonwealth Family Law Act 1975 whether under Part 4A or otherwise, the maximum accrued benefit of the member spouse must be adjusted by the Board in accordance with a methodology approved by the Minister, on the advice of an actuary appointed by the Board. (3) For the purposes of sections 20F(8), 20F(9), 20F(10), 20F(19) and 20G(3)(b)(ii), the salary used to determine the accrued benefit of a former contributor is the current equivalent of salary on termination of service. (4) In any case of a payment under this Part and which is made on or after 1 January 1994, the benefit calculated to be payable by the Board must not be less than any benefit that would have been payable if the benefit had been paid prior to 1 January 1994. S. 20D inserted by No. 82/1996 s. 10, amended by No. 13/1999 s. 4.