65CRates of pension after deferral of payment

65C Rates of pension after deferral of payment

(1) For the purposes of calculating the rate or amount of a benefit that has become payable on the occurrence of a circumstance specified in subsection 65B (2):

(a) the transferee’s age on the date to which payment of benefits is deferred under that subsection is to be taken to be the transferee’s age on his or her last day of service; and

(b) the transferee’s period of contributory service at the date of ceasing to be an eligible employee is the transferee’s period of contributory service; and

(c) the amount calculated in accordance with subsection (2) is to be taken to be the transferee’s final annual rate of salary.

(2) The amount referred to in paragraph (1) (c) is an amount equal to the amount per annum that the Commissioner, having regard to:

(a) any changes in the rates of remuneration that have occurred since the transferee ceased to be an eligible employee; and

(b) any other matters that the Commissioner considers relevant;

determines would have been the final annual rate of salary of the transferee if the transferee:

(c) had not ceased to be an eligible employee; and

(d) had continued to occupy the position held immediately before so ceasing.’.