OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS 1987 (REPEALED)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.

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History

Cl 9 substituted by SR No 148 of 1991, reg 26.14, gazetted 26 June 1991. Cl 9 formerly read:

9. Where:

(a) an ETP is paid to a person before the person reaches the age of 55 years; or

(b) a superannuation pension or annuity that does not meet the pension and annuity standards commences to be paid to a person and the commencement day of the pension or annuity occurs before the person reaches that age;

and the retirement age of the fund is lower than 55 years, the person ' s old RBM is the number worked out using the formula:

A           1 − (0.025 × B)

where:

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

B
means the number of whole years between the retirement age of the fund and 55 years.

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