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22 Adjustment of points accrual—persons under age 59 years and 11 months

22 Adjustment of points accrual—persons under age 59 years and 11 months

(1) This clause applies to a transferred contributor who, on 1 April 1986, had not attained the age of 59 years and 11 months and who, on 1 April in any succeeding superannuation year, has not attained that age.

(2) In this clause—

adjusted points limit means the number calculated in accordance with the following formula—

where—

A represents the adjusted points limit to be determined, and

L represents one ninth of the maximum number of benefit points for which the transferred contributor could have contributed in accordance with clause 7 of Schedule 7 to the earlier Act (transitional provisions—New South Wales Retirement Fund) in the superannuation year which commenced on 1 April 1987.

(3) For the purposes of this clause, but subject to subclauses (4) and (5), for each 1 per cent of salary contributed to the new Fund by a transferred contributor for the superannuation year that commences on 1 April 1988, and each successive superannuation year, the number of benefit points accrued is—

(a) the number of points specified in Schedule 2, or

(b) the number of points that is equal to one-ninth of the adjusted points limit for the transferred contributor,

whichever is the greater.

(4) The maximum number of benefit points that may be accrued in any superannuation year by the application of subclause (3) (a) is 9.

(5) The maximum number of benefit points that may be accrued in any superannuation year by the application of subclause (3) (b) is the adjusted points limit for the transferred contributor concerned.