65Minimum benefits

65 Minimum benefits

S. 65(1) amended by No. 40/2010 s. 67.

(1) Notwithstanding anything in this Act, the minimum benefits (including any amount certified by an actuary as necessary to pay any pension payable to the children or adult children of a member) payable in respect of a member under this Act shall be a sum as determined under section 37.

S. 65(2) inserted by No. 70/2003 s. 14, substituted by No. 40/2004 s. 26, amended by No. 94/2005 s. 34.

(2) Subject to this section, if the total amount of all the benefits paid or payable under this Act in respect of a member or former member is less than the sum of the superannuation guarantee amount and the amount contributed by the member or former member to the State Superannuation Fund and the Fund and interest as appropriate on the amount contributed at the rate which is the specified rate under section 37(1) up to the date that the member or former member first became entitled to a benefit under this Act other than a temporary benefit, there is to be paid out of the Fund to the member or former member an amount determined by the Board in accordance with the formula—

P = A + I

P means the amount to be paid;

I means interest as appropriate on "A" at the rate which is the specified rate under section 37(1) from the date "A" is calculated until the date that "A" is paid out of the Fund—

and where "A" is an amount determined by the Board in accordance with the formula—

SGC + MCI – B

SGC means the superannuation guarantee amount;

MCI means the sum of the amount contributed by the member or former member to the State Superannuation Fund and the Fund and interest as appropriate on the amount contributed at the rate which is the specified rate under section 37(1) up to the date that the member or former member first became entitled to a benefit under this Act other than a temporary benefit less the cost of death and disability benefits as determined by the Board and Commonwealth charges;

B means the total amount of all the benefits paid or payable in respect of the member or former member.

S. 65(3) inserted by No. 40/2004 s. 26.

(3) Unless subsection (4) or (5) applies, for the purposes of this section, the total amount of all the benefits paid or payable in respect of a member or former member is to be determined by the Board as at the date on which the member or former member first became entitled to a benefit under this Act, other than a temporary benefit under section 54, irrespective of when the benefit is payable.

S. 65(4) inserted by No. 40/2004 s. 26.