32Benefit on resignation, dismissal or discharge before age 55

32 Benefit on resignation, dismissal or discharge before age 55

32 Benefit on resignation, dismissal or discharge before age 55

(1) The benefit provided by this section is payable by the Board to a contributor where, before attaining the age of 55 years, the contributor resigns, or is dismissed or discharged, from employment with an employer and no other benefit is payable under this Act.

(2) The benefit provided by this section for a contributor with a membership period of 10 years or more is the sum of—

(a) the amount of the contributor’s component, and

(b) the amount calculated in accordance with the formula—

where—

W represents the amount to be ascertained,

V represents the length of the contributor’s membership period,

T represents the amount of the contributor’s component,

A represents the contributor’s accrued benefit points at the contributor’s exit date, and

Y represents the number ascertained by adding together all the contributor’s contributed points figures calculated in relation to the contributor for the applicable superannuation periods for the contributor.

(3) The benefit provided by this section for a contributor with a membership period of less than 10 years is the amount of the contributor’s component.

(4) In subsection (1), discharged includes ceasing to be employed by an employer by reason of the expiration of the period, or successive periods, of employment.

s 32: Am 1985 No 154, Sch 1 (14).