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