9Benefit points to be credited to transferred contributor

9 Benefit points to be credited to transferred contributor

9 Benefit points to be credited to transferred contributor

(1) For the purposes of this clause, the number of transferred benefit points for a transferred contributor is the sum of the numbers calculated in accordance with subclauses (2) and (4).

(2) For a period during which the contributor was an employee before 1 July 1985, the number of transferred benefit points is the number calculated in accordance with the formula:

P = whichever number resulting from the following calculations is the greater:

(a)

(b)

where:

P represents the number of points to be ascertained,

B represents the lump sum benefit for which the contributor is making contributions under the earlier Act, which includes any initial credit benefit within the meaning of the earlier Act, as at 1 July 1985,

W represents the number of dollars comprising the contributor’s annual wages within the meaning of the earlier Act as at 1 July 1985,

S represents the number of complete months of the contributor’s service that would occur during the period commencing on 1 July 1985 and ending immediately before the 65th anniversary of the contributor’s birth,

A represents the number of completed months of the contributor’s service as at 1 July 1985, and

C represents the contribution percentage calculated in accordance with subclause (3).

(3) For the purposes of subclauses (2), (4) and (5), the contribution percentage is the number calculated in accordance with formula:

where:

C represents the contribution percentage to be ascertained,

D represents the monthly contributions payable under section 19 of the earlier Act (amount of contributions) as at 1 July 1985, and

W is as defined in subclause (2).

(4) For a period beginning on and after 1 July 1985 and ending on 30 June 1986 during which the contributor has been an employee, the number of transferred benefit points in relation to the contributor is the number equal to the contribution percentage calculated in accordance with subclause (3).