13Calculation of lump sum benefits

13 Calculation of lump sum benefits

13 Calculation of lump sum benefits

(1) The lump sum benefit payable under this Act to or in respect of a judge or acting judge qualified under section 15 is an amount calculated as follows:

where:

B represents the amount to be ascertained.

S represents the superannuation guarantee.

F represents the final salary of the judge or acting judge.

Y represents the years of service calculated on a daily basis, commencing on or after the appointed day.

(1A) More than one calculation is required under subsection (1) if the superannuation guarantee level changes during the years of service of a judge or acting judge. In such a case, separate calculations are to be made in respect of each such level with Y being limited to the years of service (calculated on a daily basis) of the judge or acting judge during the period when the superannuation guarantee is at that particular level.

(2) In this section:

attributed salary of a judge or acting judge at any time means:

(a) if the judge or acting judge is employed on a full-time basis—the salary of the judge or acting judge at that time, or

(b) if the judge or acting judge is employed on a part-time basis—the salary that would be payable to the judge or acting judge at that time if employed on a full-time basis.

final salary of a judge or acting judge means the rate of attributed salary paid or payable to the judge or acting judge on the exit date of the judge or acting judge.

superannuation guarantee means:

(a) before 1 July 2013—9%, or

(b) for any other time—the charge percentage specified at the time in section 19 (2) of the Superannuation Guarantee (Administration) Act 1992 of the Commonwealth.

s 13: Am 1970 No 52, Second Sch; 1973 No 9, Sch 2; 1980 No 44, Sch 1 (3); 1987 No 70, Sch 5. Rep 1999 No 85, Sch 4. Ins 2000 No 31, Sch 7 [5]. Am 2014 No 14, Sch 3.2 [1]–[4].