OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS 1987 (REPEALED)

SCHEDULE 2 - CALCULATION OF OLD RBM  

(regulation 4A )

CLAUSE 9   ADJUSTMENT OF OLD RBM FOR EARLY RETIREMENT  

9(1)    
If:

(a) either:

(i) an ETP is paid to a person out of a private sector fund or a public sector superannuation fund before the person turns 55; or

(ii) a superannuation pension or annuity that does not meet the pension or annuity standards commences to be paid to a person out of a private sector fund or a public sector superannuation fund and the commencement day of the pension or annuity occurs before the person turns 55; and

(b) the age at which the person may retire under the rules of that fund is less than 55;

the old RBM of the person is the number worked out using the formula:

A           1 − (0.025 × B)

where:

A
is the number that would have been the old RBM of the person under this Schedule if this clause did not apply; and

B
is the number of whole years between the age at which the person may retire under the rules of that fund and 55 years.