18BSuperannuation guarantee

18B Superannuation guarantee

(1) In this section—

superannuation guarantee amount, in relation to a member or former member, means the amount determined in accordance with the formula A Image unavailable in extracted text S where—

(a) A is the sum of the percentages calculated in accordance with the formula Image unavailable in extracted text and, so far as applicable, the Commonwealth Act and regulations under that Act in respect of the year commencing on 1 July 1992 and each subsequent 1 July, being a year during the whole or part of which the member or former member was a member, where—

(i) P is the percentage determined by the trustees on the advice of an actuary as the minimum percentage to be applied to avoid a superannuation guarantee shortfall within the meaning of the Commonwealth Act in respect of that year or part; and

(ii) B is the number of days during that year less the number of days on which the member or former member was not a member or was on leave of absence without pay and less the number of any other days that, under the Commonwealth Act, are to be disregarded; and

(b) S is—

(i) the member or former member's final basic salary; or

(ii) the maximum contribution base (expressed as an annual amount) within the meaning of the Commonwealth Act, at the time when the final basic salary is determined—

whichever is the lesser;

the Commonwealth Act means the Superannuation Guarantee (Administration) Act 1992 of the Commonwealth as amended and in force for the time being.

S. 18B(2) amended by Nos 4/1996 s. 71(1), 61/2013 s. 16(7)(9).

(2) Notwithstanding anything to the contrary in this Act or the regulations, the amount of the benefit paid or payable under this Act in respect of any member or former member must not, in respect of the period during which the Commonwealth Act applies, be less than the sum of the amount contributed by him or her to the Scheme and the net earning rate as determined by the Board on that amount and the superannuation guarantee amount.

S. 18B(3) substituted by No. 4/1996 s. 71(2).

(3) Any part of the superannuation guarantee amount which is required to be preserved in accordance with the specified standards must be so preserved.

S. 19 amended by No. 50/1988 s. 93(2)
(Sch. 2 Pt 2 item 43) (as amended by No. 81/1988 s. 34(e)), substituted by No. 110/1993 s. 105, amended by No. 58/1994 s. 4, repealed by No. 120/1994 s. 34.