INCOME TAX ASSESSMENT REGULATIONS 1997

SCHEDULE 1AA  

Note: See subregulation 293-115.20(2) .


WORKING OUT DEFINED BENEFIT CONTRIBUTIONS

PART 3 - VALUATION PARAMETERS  

15   New entrant age  

15(1)  
The age of new entrants to be assumed is based on the average age of entry to the fund of the persons who were defined benefit members of the fund at 1 July 2007.

15(2)  
The following table sets out the age of new entrants that is to be assumed.


New entrant ages
Item Average age last birthday at commencement in fund of defined benefit members of the fund at 1 July 2007 New entrant age to be assumed
1 < 30 25
2 30-34 30
3 35-39 35
4 40-44 40
5 45-49 45
6 50+ 50

15(3)  
If:


(a) there has been a transfer of defined benefit members from a predecessor fund into the fund, or a sub-fund of the fund; and


(b) the actuary considers it reasonable to do so;

the actuary may determine a new entrant age for the fund or sub-fund taking account of the average age of entry used for or relevant for those members in the predecessor fund.

15(4)  
In this clause, defined benefit member does not include a person who:


(a) is receiving only a pension benefit from the fund; or


(b) has deferred his or her benefit entitlement in the fund.

15(5)  
If the actuary believes that there is insufficient information available to calculate the average age of entry, the actuary is to assume that the age of a new entrant is 40.

15(6)  
If an actuary certifies a benefit category for the purposes of subclause 2(1) in relation to a person ' s membership of the Governor-General Pension Scheme, then, despite subclauses (1) to (5) of this clause, the new entrant age to be assumed for the benefit category is:


(a) the new entrant age specified by the Governor-General Act 1974 ; or


(b) if that Act does not specify a new entrant age - the person ' s age when he or she commences his or her appointment as Governor-General.




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