52Benefit on retirement of new scheme member

52 Benefit on retirement of new scheme member (1) A new scheme member is entitled to a lump sum equal to his or her accrued retirement benefit on retirement on or after the minimum age for retirement. (2) The accrued retirement benefit of a new scheme member is the sum of— S. 52(2)(a) amended by Nos 110/1993 s. 71(1), 94/2005 s. 44. (a) 10 per cent of the final average salary of the new scheme member for each year of recognised service in which he or she has not contributed to the State Superannuation Fund and the Fund; and S. 52(2)(b) amended by Nos 110/1993 s. 71(1), 94/2005 s. 44. (b) 16 per cent of the final average salary of the new scheme member for each year of recognised service in which he or she contributed 3 per cent of salary to the State Superannuation Fund and the Fund; and S. 52(2)(c) amended by Nos 110/1993 s. 71(1), 94/2005 s. 44. (c) 20 per cent of the final average salary of the new scheme member for each year of recognised service in which he or she contributed 5 per cent of salary to the State Superannuation Fund and the Fund; and S. 52(2)(d) amended by Nos 110/1993 s. 71(1), 94/2005 s. 44. (d) except as provided for in paragraph (e), 24 per cent of the final average salary of the new scheme member for each year of recognised service in which he or she contributed 7 per cent of salary to the State Superannuation Fund and the Fund; and S. 52(2)(e) amended by Nos 110/1993 s. 71(1), 94/2005 s. 44. (e) 28 per cent of the final average salary of the new scheme member for each year of recognised service in which he or she was a prescribed fire-fighter and contributed 7 per cent of salary to the State Superannuation Fund and the Fund; and S. 52(2)(f) amended by Nos 20/1989 s. 43(3), 110/1993 s. 71(1), 94/2005 s. 44. (f) 32 per cent of the final average salary of the new scheme member for each year of recognised service in which he or she was a prescribed fire-fighter and contributed 8 per cent of salary to the State Superannuation Fund and the Fund; and S. 52(2)(g) inserted by No. 20/1989 s. 43(3), amended by No. 110/1993 s. 71(1). (g) 15 per cent of the final average salary of the new scheme member who elected to transfer under section 43 of the **State Casual Employees Superannuation Act 1989** for each year of his or her contributory service under that Act. S. 52(2A) inserted by No. 110/1993 s. 82(3), substituted by No. 58/1994 s. 7. (2A) In the case of a revised scheme member who elects to transfer to the new scheme under section 61B, his or her accrued retirement benefit for the total period of membership as a revised scheme member and as a new scheme member is the sum of— (a) the transfer multiple of final average salary calculated in accordance with section 61D; and (b) the accrued retirement benefit calculated in accordance with subsection (2). S. 52(2B) inserted by No. 58/1994 s. 7. (2B) For the purpose only of subsection (2A)(b), recognised service is recognised service for the period after the date of transfer to the new scheme. S. 52(2C) inserted by No. 64/1995 s. 39. (2C) In the case of a member of the Melbourne Water Corporation Employees' Superannuation Fund who is transferred to the new scheme, his or her accrued retirement benefit for the total period of membership as a member of that Fund and as a new member is the sum of— (a) the accrued retirement benefit (however designated) to the date of transfer calculated in accordance with section 95; and (b) the accrued retirement benefit calculated in accordance with subsection (2). S. 52(3) amended by No. 110/1993 s. 71(1). (3) The accrued retirement benefit of a new scheme member must not exceed a maximum of 8⋅4 times the final average salary of the new scheme member. S. 52(4) inserted by No. 70/2003 s. 23. (4) If a payment or transfer to a non-member spouse is made for the purposes of Part VIIIB of the Commonwealth Family Law Act 1975 whether under Part 7A or otherwise, the maximum accrued retirement benefit of the member spouse must be adjusted by the Board in accordance with a methodology approved by the Minister, on the advice of an actuary appointed by the Board.