23Adjustment of points accrual—persons aged over 59 years and 11 months

23 Adjustment of points accrual—persons aged over 59 years and 11 months

23 Adjustment of points accrual—persons aged over 59 years and 11 months

(1) This clause applies to a transferred contributor who had attained the age of 59 years and 11 months on 1 April 1986.

(2) The adjusted points limit for a transferred contributor to whom this clause applies shall be calculated in accordance with the following formula—

where—

L represents the adjusted points limit to be calculated, and

N represents the number of benefit points accrued by the transferred contributor 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) A transferred contributor to whom this clause applies is required to contribute the percentage of salary determined in accordance with subclause (4) in order to accrue 1 benefit point.

(4) The percentage of salary required to be contributed under subclause (3) is whichever of the following is the smaller—

(a) 1, or

(b) the number calculated by the following formula—

where—

K represents the number to be calculated,

C represents the transferred contributor’s contribution rate per cent as at 31 March 1988, and

L represents the adjusted points limit calculated in accordance with subclause (2).

(5) The maximum number of benefit points that may be accrued in any superannuation year by the operation of subclause (4) (b) is—

(a) the adjusted points limit for the transferred contributor, or

(b) 9,

whichever is the greater.

(6) A transferred contributor to whom this clause applies whose contribution rate per cent on 31 March 1988 is 0 shall be taken to have a contribution rate per cent of 1 and the Board may make such arrangements as it thinks fit in relation to the deduction of contributions for such a contributor.