45UBHow to calculate the amount of pension bonus

45UB How to calculate the amount of pension bonus

(1) To calculate the amount of a person’s pension bonus: (a) work out which of the person’s bonus periods count as qualifying bonus periods (see section 45UC); (b) work out the person’s overall qualifying period (see section 45UD); (c) work out the person’s pension multiple (see section 45UE); (d) work out the person’s annual pension rate (see section 45UF); (e) apply the appropriate formula in section 45UG.

Note: Bonus period is defined by section 45TR.

(2) For the purposes of this Division, a number of years is to be calculated to 3 decimal places. However, if a number worked out in accordance with this subsection would, if it were calculated to 4 decimal places, end in a digit that is greater than 4, the number is to be increased by 0.001.