INCOME TAX ASSESSMENT REGULATIONS 1997

SCHEDULE 1AA  

Note: See subregulation 293-115.20(2) .


WORKING OUT DEFINED BENEFIT CONTRIBUTIONS

PART 3 - VALUATION PARAMETERS  

16   Exit rates  

16(1)  
The following table sets out the rates of voluntary exit from the fund that are to be assumed.


Voluntary exit rates
Item Age Band Exit rate
1 < 40 0.05
2 40-44 0.04
3 45-49 0.04
4 50-54 0.04
5 55-59 0.08
6 60 0.12
7 61-64 0.10
8 65 1.00

16(1A)  
However, if an actuary certifies a benefit category under subclause 2(1) in relation to a person ' s membership of the Governor-General Pension Scheme, then, despite subclause (1) of this clause, the voluntary exit rates to be assumed for the benefit category are:


(a) the voluntary exit rates specified by the Governor-General Act 1974 ; or


(b) if that Act does not specify voluntary exit rates - the following rates:


(i) from the age of the person on the day he or she commences his or her appointment as Governor-General (the appointment day ), to his or her age on the fourth anniversary of the appointment day - 0.00;

(ii) from the age of the person on his or her next birthday after the fourth anniversary of the appointment day to any later age - 1.00.

16(2)  
The rate of involuntary exit (including by redundancy, death or invalidity) to be assumed is zero.




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