OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS 1987 (REPEALED)

SCHEDULE 2 - CALCULATION OF OLD RBM  

(regulation 4A )

CLAUSE 10  

10   CONVERSION TO MULTIPLE OF HAS  
If a fund specifies benefits payable to a member in terms of the member ' s final salary or in similar terms, the multiple of salary is, for the purposes of this Schedule, to be converted into a multiple of the person ' s HAS using the formula:

M × 1.08 1.5 − K

where:

K
is the number of years used under the governing rules of the fund from the midpoint of the averaging period for calculating the multiple of salary until the end of that period;

M
is the multiple of salary used under those rules.

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History

Cl 10 substituted by SR No 148 of 1991, reg 26.15, gazetted 26 June 1991. Cl 10 formerly read:

CLAUSE 10 CALCULATION OF HAS  
10
If a fund specifies benefits payable to a member in terms of the member ' s final salary or in similar terms, the multiple of salary is, for the purposes of this Schedule, to be converted into the person ' s HAS by multiplying the multiple of salary used under the rules of the fund by the formula:

1.08 1.5 − K

where:

K
means the number of years used under the rules of the fund from the midpoint of the averaging period for calculating the multiple of salary until the end of the averaging period.

Sch 2 inserted by SR No 202 of 1990.

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