Government Superannuation Fund Act 1956

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Retiring allowances

Heading: inserted (with effect on 1 April 1987), on 29 October 1987, by section 2 of the Government Superannuation Fund Amendment Act 1987 (1987 No 187).

84 Retiring allowance of members

(1)

Any person who—

(a)

ceases to be a member on or after the commencement of the Government Superannuation Fund Amendment Act 1992; and

(b)

has, at the time of so ceasing to be a member, served as a member for not less than 9 years (whether continuously or in 2 or more separate periods, and whether before or after the commencement of the Government Superannuation Fund Amendment Act 1992); and

(c)

has attained the age of 50 years,—

shall be entitled to an annual retiring allowance until that person dies or again becomes a member.

(2)

An annual retiring allowance under this section shall commence to be payable to the person entitled to it on the day after the date on which that person ceases to be a member or on the day on which that person attains the age of 50 years, whichever day is the later.

(3)

The annual retiring allowance payable to a person under this section shall be the pension percentage of the salary payable to an ordinary member at the date on which the retiring allowance first becomes payable.

(4)

For the purposes of this section, pension percentage means the percentage calculated in accordance with the following formula:

P × (0.7 + (0.014 × t))

where—

P

is the sum of—

(a)

one-thirtieth part multiplied by the number of years of service as a member, not exceeding 20; and

(b)

one one-hundred-and-twentieth part multiplied by the number of years of service as a member in excess of 20:

t

is the number, if any, of years (including fractions of a year) not exceeding 9.5, by which the date which is the earlier of—

(a)

the date on which service as a member ceased; or

(b)

the date on which a period of 20 years of service as a member was completed,—

precedes 1 October 1999.

Section 84: replaced, on 8 May 1992, by section 3(1) of the Government Superannuation Fund Amendment Act 1992 (1992 No 40).