sec.7APension relating to Governor to whom defined benefits paid or payable

sec.7A Pension relating to Governor to whom defined benefits paid or payable

This section applies in relation to a person— who ceases to hold the office of Governor after the commencement; and who, immediately before holding the office of Governor, was a member of a defined benefit category in the State public sector scheme. The rate of the pension payable to the person is the rate mentioned in section 7 (3) less the defined benefit offset amount for the person. If the defined benefit offset amount for the person is the same as or more than the rate mentioned in section 7 (3) , the rate of the pension payable to the person under this part is nil. If the defined benefit offset amount for the person is less than the rate mentioned in section 7 (3) — the rate of the pension payable under subsection (2) applies in relation to the person instead of the rate mentioned in section 7 (3) ; and the pension payable in relation to the person for a financial year under this part must be worked out on the basis of the rate of the pension payable under subsection (2) . For this section, the defined benefit offset amount for a person is the amount decided by an actuary approved by the Minister to be the annual value of defined benefits paid or payable to the person in relation to the person’s defined benefit membership by— working out the State funded component of the defined benefits; and converting the amount mentioned in paragraph (a) into an annual amount, as if it were paid in the form of an annual pension on the same terms as a pension payable under this part. In this section— defined benefit membership , in relation to a person, means the person’s membership of the State public sector scheme mentioned in subsection (1) (b) . defined benefits means benefits payable to a member in a defined benefit category of the State public sector scheme under the deed for that scheme. State funded component , of defined benefits paid or payable to a person in relation to the person’s defined benefit membership, means the amount of the defined benefits less the amount attributable to contributions made by the person in relation to the membership. State public sector scheme means the scheme under the Superannuation (State Public Sector) Act 1990 . s 7A ins 2021 No. 23 s 25B (sec.7A-ssec.1) This section applies in relation to a person— who ceases to hold the office of Governor after the commencement; and who, immediately before holding the office of Governor, was a member of a defined benefit category in the State public sector scheme. (sec.7A-ssec.2) The rate of the pension payable to the person is the rate mentioned in section 7 (3) less the defined benefit offset amount for the person. (sec.7A-ssec.3) If the defined benefit offset amount for the person is the same as or more than the rate mentioned in section 7 (3) , the rate of the pension payable to the person under this part is nil. (sec.7A-ssec.4) If the defined benefit offset amount for the person is less than the rate mentioned in section 7 (3) — the rate of the pension payable under subsection (2) applies in relation to the person instead of the rate mentioned in section 7 (3) ; and the pension payable in relation to the person for a financial year under this part must be worked out on the basis of the rate of the pension payable under subsection (2) . (sec.7A-ssec.5) For this section, the defined benefit offset amount for a person is the amount decided by an actuary approved by the Minister to be the annual value of defined benefits paid or payable to the person in relation to the person’s defined benefit membership by— working out the State funded component of the defined benefits; and converting the amount mentioned in paragraph (a) into an annual amount, as if it were paid in the form of an annual pension on the same terms as a pension payable under this part. (sec.7A-ssec.6) In this section— defined benefit membership , in relation to a person, means the person’s membership of the State public sector scheme mentioned in subsection (1) (b) . defined benefits means benefits payable to a member in a defined benefit category of the State public sector scheme under the deed for that scheme. State funded component , of defined benefits paid or payable to a person in relation to the person’s defined benefit membership, means the amount of the defined benefits less the amount attributable to contributions made by the person in relation to the membership. State public sector scheme means the scheme under the Superannuation (State Public Sector) Act 1990 .