8Application of certain definitions to transferred contributor

8 Application of certain definitions to transferred contributor

8 Application of certain definitions to transferred contributor

(1) For the purpose of applying the definition of accrued benefit points in section 36 of the current Act (definitions) to a transferred contributor, that definition is to be read as if the reference in it to contributed points figures included a reference to the total of the contributed points figures calculated in relation to that contributor under the earlier Act on 31 March 1989.

(2) For the purpose of applying the definition of contributed points figure in section 36 of the current Act (definitions) to a transferred contributor, that definition is to be read as if the reference in that definition to applicable contribution periods included a reference to applicable superannuation periods as defined by section 25 of the earlier Act (definitions).

(3) For the purpose of applying the definition of early retirement age in section 3 (1) of the current Act (definitions) to a transferred contributor, the age of 55 years is prescribed.

(4) For the purpose of applying the current Act to a transferred contributor, such a contributor’s entry date is, subject to subclause (5), to be taken to be the date that was regarded as the entry date applicable to the transferred contributor under the earlier Act.

(5) For the purpose of applying the definition of final average salary in section 36 of the current Act (definitions) to a transferred contributor, that definition is to be read as if the transferred contributor had become a new contributor on 1 April 1989.

(6) For the purpose of applying the definition of maximum benefit points in section 36 of the current Act (definitions) to a transferred contributor, a reference to the number 180 in paragraph (a) of that definition:

(a) in respect of a transferred contributor aged 55 years or less, is to be taken to be a reference to the number 162, and

(b) in respect of a transferred contributor aged more than 55 years but less than 58 years, is to be taken to be a reference to the number calculated in accordance with the following formula:

where:

Z represents the sum of the salary ratios for the transferred contributor in respect of each applicable contribution period for the transferred contributor occurring since reaching 55 years of age, and