61DEntitlements of section 61B transferee

61D Entitlements of section 61B transferee (1) A revised scheme member who elects to transfer to the new scheme under section 61B is entitled to have his or her entitlement to a benefit from the revised scheme up to the date of transfer converted into a lump sum benefit entitlement from the new scheme equal to a transfer multiple of final average salary calculated in accordance with the formula— "TM" means the transfer multiple of final average salary for the purposes of section 52(2A); S. 61D(1) def. of "YA" amended by No. 58/1994 s. 8(a). "YA" is the revised scheme member's period of recognised service in completed years and fraction thereof up to and including the date of transfer or 42 years whichever is the lesser; "YP" is the period of recognised service in completed years and fraction thereof which the officer would have if the officer had continued to serve as an officer until attaining the age of 60 years and had then retired or 42 years whichever is the lesser; "BM" is— (a) the product of YP multiplied by 0⋅28; or (b) 8⋅4— whichever is the lesser; "D" is the factor relating to the revised scheme member's age (rounded down to the next lowest 6 months) at 1 January 1994 in accordance with the following table: - **Age** **Factor** - less than or equal to 40 years 0.80 - 40 years 6 months 0.81 - 41 years 0.82 - 41 years 6 months 0.83 - 42 years 0.84 - 42 years 6 months 0.85 - 43 years 0.84 - 43 years 6 months 0.83 - 44 years 0.82 - 44 years 6 months 0.81 - 45 years or greater 0.80 (2) A revised scheme member to whom subsection (1) applies ceases to have any other entitlement to a benefit from the revised scheme. (3) Despite subsection (1), the Board on the advice of an actuary may reduce the value of "TM" in respect of a member if— (a) the member was not contributing for all of his or her optional units under the **Superannuation Act 1958**; or S. 61D(3)(b) amended by No. 58/1994 s. 8(b). (b) the Board recognises any service or further service for the member in respect of the period before the date of transfer but which is not taken into account under paragraph (a). S. 62 substituted by No. 81/1988 s. 32(a), repealed by No. 40/2010 s. 88. S. 63 substituted by No. 81/1988 s. 32(b), repealed by No. 40/2010 s. 88. S. 64 amended by No. 81/1988 s. 32(c)(d), substituted by No. 49/1992 s. 20, repealed by No. 40/2010 s. 88. S. 65 amended by No. 49/1992 s. 21(a)–(c), repealed by No. 40/2010 s. 88. S. 66 amended by Nos 4/1996 s. 112(3), 37/2007 s. 38.