8Transfer points to be credited to a transferred contributor

8 Transfer points to be credited to a transferred contributor

8 Transfer points to be credited to a transferred contributor

(1) A transferred contributor is, in respect of his or her accrued benefit in the Government Railways Superannuation Account, entitled to the number of transfer points calculated in accordance with the following formula—

where—

TP represents the number of points to be calculated.

K represents the amount of $1,600 adjusted in accordance with the rate applicable on the day immediately preceding the transfer date as provided by subclause (6).

S represents the number of complete years of service of the transferred contributor or, if the transferred contributor has more than 40 years’ service, represents 40 years’ service.

EC represents the contributions of the transferred contributor.

W represents the salary of the transferred contributor.

(2) Transfer points are to be rounded up to four decimal places.

(3) The transfer points calculated under subclause (1) are to be added to the contributed points figures which the transferred contributor accrues during his or her membership of the State Authorities Superannuation Scheme to form the accrued benefit points held at the exit date.

(4) Accrued benefit points may, subject to section 36 of the later Act (definitions), be accumulated over the entire period of service, including the period of service preceding the transfer date which is to consist of and to be counted as applicable contribution periods.

(5) For the purpose of subclause (4), the person who was the employer of the transferred contributor at the transfer date must, as soon as practicable after that date, provide the SAS Board with particulars of that contributor’s service.

(6) If there is an adjustment percentage for a year as provided by Part 5, the amount represented by the symbol K (referred to in subclause (1)) is to be adjusted in accordance with that Part, on and from the adjustment date for that year, by that percentage.

(7) If there have been previous adjustments under subclause (6), or under section 123A (1) of the earlier Act, the amount of $1,600 referred to in the definition of the symbol K in subclause (1) is to be taken to be a reference to that amount as previously adjusted.