Section 20 - State Authorities Superannuation (Closed Local Government Schemes Transfer) (Savings and Transitional) Regulation 1990 - Minimum benefit for certain specially qualified transferred contributors who were formerly Benefits Fund contributors

20Minimum benefit for certain specially qualified transferred contributors who were formerly Benefits Fund contributors

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20 Minimum benefit for certain specially qualified transferred contributors who were formerly Benefits Fund contributors

(1) The employer-financed benefit is to be not less than the amount determined under subclause (2), if:

(a) a benefit under section 38 of the current Act (benefit on death before early retirement age), or

(b) a benefit under section 39 of that Act (benefit on total and permanent invalidity before early retirement age),

becomes payable to or in respect of a transferred contributor who was formerly a contributor to the Benefits Fund and who:

(c) becomes covered for the additional benefit under section 22 of the current Act, or

(d) by virtue of clause 4 (6) or 6 (6), is taken to be covered for that additional benefit.

(2) The amount to be determined for the purposes of subclause (1) is the sum of:

(a) the notional accumulation, and

(b) the amount calculated in accordance with the following formula:

where:

A represents the amount to be calculated, and

M represents the number under the heading “Multiplier of salary” in Schedule 2 opposite the age specified in years in that Schedule that was the age of the transferred contributor concerned at that contributor’s exit date, and

S represents:

(a) if the transferred contributor concerned contributed to the SAS Fund at the rate of 1 per cent of his or her salary—two-sevenths of his or her final salary, or

(b) if that contributor contributed to the SAS Fund at the rate of 2 per cent of his or her salary—four-sevenths of his or her final salary, or

(c) if that contributor contributed to the SAS Fund at the rate of 3 per cent of his or her salary—six-sevenths of his or her final salary, or

(d) if that contributor contributed to the SAS Fund at a rate exceeding 3 per cent of his or her salary—his or her final salary.