SUPERANNUATION CONTRIBUTIONS TAX (MEMBERS OF CONSTITUTIONALLY PROTECTED SUPERANNUATION FUNDS) ASSESSMENT AND COLLECTION REGULATIONS 1997 (REPEALED)

SCHEDULE 1  

Method for working out amount of surchargeable contributions

(paragraph 2M(3)(a) )

Part 6 - Employer-provided death, disablement and other risk benefits - E  

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18   Cost of death, disablement and other risk benefits  

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18(1)    
The cost of death, disablement and other risk benefits is to be worked out based on the cost of insurance for 1 year for the non-accrued (for example, future service) component of those benefits.

18(2)    
Subject to subclause 7(2), if the rates of decrement for death and disablement were assumed to be more than zero for the purposes of the most recent actuarial valuation of the scheme, the cost of cover for death and disablement is to be based on that assumption.

18(3)    
If the rates of decrement for death and disablement were assumed to be zero for the purposes of the most recent actuarial valuation of the scheme, or no actuarial valuation of the scheme has been prepared, the rates of decrement for death and disablement to be applied are:


(a) the rates an eligible actuary expects to use at the next actuarial valuation of the scheme; or


(b) the relevant rates set out in the following table.


(Table)
(Table)
Member's age at next birthday Mortality decrement Disablement decrement
15 0.00028 0.00001
16 0.00035 0.00001
17 0.00052 0.00001
18 0.00070 0.00002
19 0.00081 0.00002
20 0.00083 0.00003
21 0.00082 0.00006
22 0.00077 0.00010
23 0.00070 0.00012
24 0.00064 0.00014
25 0.00060 0.00016
26 0.00056 0.00017
27 0.00055 0.00019
28 0.00055 0.00020
29 0.00057 0.00023
30 0.00059 0.00025
31 0.00061 0.00027
32 0.00063 0.00029
33 0.00066 0.00032
34 0.00070 0.00035
35 0.00076 0.00040
36 0.00084 0.00045
37 0.00091 0.00050
38 0.00100 0.00057
39 0.00111 0.00065
40 0.00121 0.00073
41 0.00133 0.00083
42 0.00149 0.00097
43 0.00168 0.00112
44 0.00187 0.00130
45 0.00210 0.00151
46 0.00236 0.00177
47 0.00264 0.00207
48 0.00294 0.00241
49 0.00329 0.00283
50 0.00368 0.00333
51 0.00410 0.00391
52 0.00457 0.00460
53 0.00514 0.00548
54 0.00572 0.00647
55 0.00634 0.00761
56 0.00704 0.00897
57 0.00783 0.01063
58 0.00870 0.01258
59 0.00965 0.01489
60 0.01069 0.01759
61 0.01181 0.02076
62 0.01311 0.02459
63 0.01452 0.02909
64 0.01595 0.03413
65 0.01751 0.04001


 

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