35AMinimum benefit

35A Minimum benefit

S. 35A(1) amended by No. 94/2005 s. 54(1).

(1) Despite anything to the contrary in this Act or the regulations, the amount of the benefit paid or payable under this Act in respect of any member or former member must not in respect of the period during which the Superannuation Guarantee (Administration) Act 1992 of the Commonwealth applies, be less than the sum of the superannuation guarantee amount and the amount contributed by the member or former member to the State Superannuation Fund and the Fund and interest as appropriate on the amount contributed at the rate which is the prescribed rate under section 35(1).

S. 35A(2) amended by No. 94/2005 s. 54(2).

(2) Subject to this section, if the total amount of all the benefits paid or payable under this Act in respect of a member or former member is less than the sum of the superannuation guarantee amount and the amount contributed by the member or former member to the State Superannuation Fund and the Fund and interest as appropriate on the amount contributed at the rate which is the prescribed rate under section 35(1) up to the date that the member or former member first became entitled to a benefit under this Act other than a temporary pension under section 32, there is to be paid out of the Fund to the member or former member an amount determined by the Board in accordance with the formula—

P = A + I

"P" means the amount to be paid;

"I" means interest as appropriate on "A" at the rate which is the prescribed rate under section 35(1) from the date "A" is calculated until the date that "A" is paid out of the Fund—

and where "A" is an amount determined by the Board in accordance with the formula—

SGC + MCI – B

"SGC" means the superannuation guarantee amount;

"MCI" means the sum of the amount contributed by the member or former member to the State Superannuation Fund and the Fund and interest as appropriate on the amount contributed at the rate which is the prescribed rate under section 35(1) up to the date that the contributor or former contributor first became entitled to a benefit under this Act other than a temporary pension under section 32;

"B" means the total amount of all the benefits paid or payable in respect of the member or former member.

(3) Unless subsection (4) applies, for the purposes of this section, the total amount of all the benefits paid or payable in respect of a member or former member is to be determined by the Board as at the date on which the member or former member first became entitled to a benefit under this Act, other than a temporary pension under section 32, irrespective of when the benefit is payable.