19Members’ superannuation benefit

19 Members’ superannuation benefit

19 Members’ superannuation benefit

(1) Subject to this Act, a person who has been entitled to salary (either after or partly before and partly after the commencement of this Act) in respect of an aggregate period of 7 years or more shall, on ceasing to be a member and to be entitled to salary, be entitled to be paid out of the Fund until death an annual pension at the rate ascertained in accordance with the formula—

where—

A is an amount calculated at the rate equal to the aggregate of 48.8 per cent of current basic salary and, in respect of each month during which the person was entitled to receive salary as a member exceeding in the aggregate 7 years, 0.2 per cent of current basic salary, or the rate of 80 per cent of current basic salary, whichever is the lesser,

B is the total salary received by that person, and

C is the total basic salary in respect of that person.

(1A), (1B) (Repealed)

(2) For the purpose of calculating any instalment of pension payable under subsection (1) at any particular time, current basic salary means—

(a) where the person entitled to the instalment last served as a member in the Legislative Council—the salary payable at that particular time to a member of the Legislative Council (other than a Minister of the Crown or a recognised office holder within the meaning of the Parliamentary Remuneration Tribunal Act 1975 and other than a recognised office holder within the meaning of the Parliamentary Remuneration Act 1989) and expressed at an annual rate, or

(b) where the person entitled to the instalment last served as a member in the Legislative Assembly—the salary payable at that particular time to a member of the Legislative Assembly (other than a Minister of the Crown or a recognised office holder within the meaning of the Parliamentary Remuneration Tribunal Act 1975 and other than a recognised office holder within the meaning of the Parliamentary Remuneration Act 1989) and expressed at an annual rate.

(3) For the purpose of subsection (1), the total salary received by a person shall not include any salary which that person received in respect of any period before the first day of January, one thousand nine hundred and fifty-two.