29Benefit on retirement due to age

29 Benefit on retirement due to age

S. 29(1) amended by No. 110/1993 s. 129(2)(a).

(1) The accrued retirement benefit of a member is the sum of—

S. 29(1)(a) amended by No. 94/2005 s. 53.

(a) 10 per cent of the final average salary of the member for each year of membership in which he or she contributed 0 per cent of salary to the State Superannuation Fund and the Fund; and

S. 29(1)(b) amended by No. 94/2005 s. 53.

(b) 15 per cent of the final average salary of the member for each year of membership in which he or she contributed 2⋅5 per cent of salary to the State Superannuation Fund and the Fund; and

S. 29(1)(c) amended by No. 94/2005 s. 53.

(c) 20 per cent of the final average salary of the member for each year of membership in which he or she contributed 5 per cent of salary to the State Superannuation Fund and the Fund; and

S. 29(1)(d) amended by No. 94/2005 s. 53.

(d) 25 per cent of the final average salary of the member for each year of membership in which he or she contributed 7⋅5 per cent of salary to the State Superannuation Fund and the Fund; and

S. 29(1)(e) amended by No. 81/1988 s. 37(a).

(e) 2 per cent of the final average salary of a member who is not a person to whom section 4(1) applies for each year of his or her service prior to 1 September 1987 less the amount of any retirement gratuity payable under any industrial award or negotiated settlement.

S. 29(1A) inserted by No. 81/1988 s. 37(b).

(1A) The accrued retirement benefit in respect of any year of membership must be reduced by the amount of any retirement gratuity payable in respect of that year under any industrial award or negotiated settlement.

S. 29(1B) inserted by No. 49/1992 s. 101.

(1B) For the purposes of subsection (1)(e) a break in service of a period of not more than 4 weeks in employment with a transport authority prior to 1 September 1987 is to be disregarded if in respect of that period no benefit has been or is payable from a statutory superannuation scheme other than a refund of employee contributions with or without interest.

S. 29(2) amended by No. 110/1993 s. 129(2)(a).

(2) The accrued retirement benefit of a member must not exceed a maximum of 8·4 times the final average salary of that member.

S. 29(2A) inserted by No. 70/2003 s. 36.

(2A) 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.