OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS 1987 (REPEALED)

SCHEDULE 2 - CALCULATION OF OLD RBM  

(regulation 4A )

CLAUSE 1   INTERPRETATION  

1(1)    
In this Schedule:

account balance
, in relation to a member of a superannuation fund, means amounts allocated to the member under the governing rules of the fund, and includes:

(a) amounts that have not vested in the member; and

(b) if the fund is sponsored by the employer of the member:

(i) any amount paid by the employer in accordance with a prescribed agreement or award; and

(ii) the amount of the net earnings of the fund in respect of an amount referred to in subparagraph (i);

converted pension multiple
in relation to a superannuation pension that could become payable under the governing rules of the fund as at:

(a) 25 May 1988; or

(b) the day when the fund was constituted (if the fund was constituted after 25 May 1988 but before 1 July 1990);

means the number worked out by multiplying the multiple applicable to the pension under the governing rules of the superannuation fund concerned by the pension valuation factor applicable to the pension under Schedule 3 as at the retirement age applicable to the fund;

defined benefit
means a benefit defined in terms of, or in terms that include, either or both of the following amounts:

(a) the amount of the relevant person ' s salary:

(i) at the date of the person ' s retirement from the workforce; or

(ii) on a day before that date; or

(iii) averaged over a period of employment before retirement;

(b) a specified amount;

lump sum fund
means a superannuation fund that is prohibited under its rules from:

(a) providing pensions; and

(b) rolling-over amounts to purchase annuities on behalf of members;

maximum fund multiple
, in relation to a person who is a member of a defined benefit superannuation fund, means the multiple that is the greatest of the following:

(a) the greatest lump sum multiple; or

(b) the greatest converted pension multiple; or

(c) the greatest combination of a lump sum multiple and a converted pension multiple;

that could have been applicable to the person at any time up to the retirement age of the fund under the governing rules of the fund as at:

(d) 25 May 1988; or

(e) the day when the fund was constituted (if the fund was constituted after 25 May 1988 but before 1 July 1990);

member
in relation to a superannuation fund, includes a person who has deferred any of his or her benefits in the fund;

private sector fund
means a superannuation fund:

(a) to which section 23F of the Tax Act would have applied on:

(i) 25 May 1988; or

(ii) the day when the fund was constituted (if the fund was constituted after 25 May 1988 but before 1 July 1990);

if that section has not been repealed; and

(b) that the Commission or the Commissioner of Taxation had approved in writing to provide benefits for a person in excess of the reasonable benefit limits that were current as at 25 May 1988;

public sector superannuation fund
has the meaning it would have under regulation 3 if " superannuation fund " in that regulation had the meaning given by section 15E of the Act;

retirement age
in relation to a person to whom a benefit is, or commences to be, paid means:

(a) in the case of a defined benefit:

(i) if the governing rules of the superannuation fund as at:

(A) 25 May 1988; or

(B) the day when the fund was constituted (if the fund was constituted after 25 May 1988 but before 1 July 1990);

specified a maximum retirement age - that age; or

(ii) where that defined benefit is based on a period of service:

(A) if the fund is not a lump sum fund - the age of the member at which the highest value is obtained by multiplying the pension multiple applicable to him or her under those rules on the relevant date under subparagraph (i) by the relevant pension valuation factor; or

(B) if the fund is a lump sum fund - the age of the member at which the greatest lump sum multiple is so applicable; or

(C) if the fund is not a lump sum fund but does not provide pension benefits - the age of the member at which the greatest lump sum multiple is so applicable; and

(b) in the case of a benefit that is not a defined benefit:

(i) if the governing rules of the superannuation fund as at:

(A) 25 May 1988; or

(B) the day when the fund was constituted (if the fund was constituted after 25 May 1988 but before 1 July 1990);

specified a maximum retiring age - that age; or

(ii) 65 years;

salary
, in relation to a member of a superannuation fund, means any amount that is treated as salary of the member under the rules of the fund.

1(2)    
In this Schedule, unless the contrary intention appears, an expression has the same meaning as in subregulation 4A(1).