Commonwealth Consolidated Acts

SUPERANNUATION ACT 1976 - SECT 70

  (1)   This section applies to a person:

  (a)   who is entitled to invalidity benefit by virtue of subsection   66(2);

  (b)   whose period of contributory service is not less than 8 years; and

  (c)   who has not made an election under section   71 or 72.

  (2)   Where the period of prospective service of a person to whom this section applies is not less than 30 years, then, subject to subsection   (4A), the annual rate of the pension to which the person is entitled is:

  (a)   if the person's period of contributory service consists exactly of a number of complete years--such percentage of the person's final annual rate of salary as, having regard to the number of complete years included in that period of contributory service, is applicable in accordance with columns 1 and 2 of Schedule   5; or

  (b)   if paragraph   (a) does not apply--such percentage of the person's final annual rate of salary as, having regard to the number of complete years, and the part of a year, included in the person's period of contributory service, is calculated in accordance with the formula:

    ;

    where:

"P" is the percentage referred to in paragraph   (a); and

"D" is the number of days in that part of a year.

  (3)   Where the period of prospective service of a person to whom this section applies is less than 30, but is not less than 20, years, then, subject to subsection   (4A), the annual rate of the pension to which the person is entitled is an amount per annum calculated by:

  (a)   ascertaining the amount per annum that is:

  (i)   if the person's period of prospective service consists exactly of a number of complete years--such percentage of the person's final annual rate of salary as, having regard to the number of complete years included in that period of prospective service, is applicable in accordance with columns 1 and 2 of Schedule   6; or

  (ii)   if subparagraph   (i) does not apply--such percentage of the person's final annual rate of salary as, having regard to the number of complete years, and the part of a year, included in the person's period of prospective service, is calculated in accordance with the formula:

    ; and

  (b)   multiplying the amount so ascertained by:

  (i)   if the person's period of contributory service consists exactly of a number of complete years--such factor as, having regard to that number of years, is applicable in accordance with Schedule   7; or

  (ii)   if subparagraph   (i) does not apply--such factor as, having regard to the number of complete years, and the part of a year, included in the person's period of contributory service, is calculated in accordance with the formula:

    ;

    where:

"P" is the percentage referred to in subparagraph   (a)(i); and

"D" 1 is the number of days in the part of a year referred to in subparagraph   (a)(ii); and

"F" is the factor referred to in subparagraph   (b)(i); and

"D" 2 is the number of days in the part of a year referred to in subparagraph   (b)(ii).

  (4)   Where the period of prospective service of a person to whom this section applies is less than 20 years, then, subject to subsection   (4A), the annual rate of the pension to which the person is entitled is:

  (a)   if the person's period of contributory service consists exactly of a number of complete years--such percentage of the person's final annual rate of salary as, having regard to that number of complete years, is applicable in accordance with columns 1 and 2 of Schedule   8; or

  (b)   if paragraph   (a) does not apply--such percentage of the person's final annual rate of salary as, having regard to the number of complete years, and the part of a year, included in the person's period of contributory service, is calculated in accordance with the formula:

    ;

    where:

"P" is the percentage referred to in paragraph   (a); and

"D" is the number of days in the part of a year included in the person's period of contributory service.

  (4A)   If the surcharge debt account of a person to whom this section applies is in debit when invalidity pension becomes payable to the person, the annual rate of the pension to which the person is entitled is the rate worked out as provided in subsection   80D(1).

  (5)   Where a person to whom this section applies has paid supplementary contributions, the lump sum benefit to which the person is entitled is an amount equal to the person's accumulated supplementary contributions.