Superannuation (Resolution of Complaints) Regulations 2018
SECTION 11
11
METHOD OF CALCULATION OF INTEREST
For the purposes of subparagraph 37A(3)(a)(iii) , paragraph 37A(4)(c) and subparagraphs 37B(2)(a)(iii) , 37D(3)(a)(iv) , 37D(5)(a)(iv) , 37F(3)(a)(iv) and 37F(5)(a)(iv) of the Act, interest on any:
(a) money received under a life policy; or
(b) money received in relation to a life policy fund; or
(c) money received under an annuity policy; or
(d) money received under an RSA; or
(e) money received under a contract of insurance, the premiums for which are paid from an RSA;
For the purposes of subparagraph 37A(3)(a)(iii) , paragraph 37A(4)(c) and subparagraphs 37B(2)(a)(iii) , 37D(3)(a)(iv) , 37D(5)(a)(iv) , 37F(3)(a)(iv) and 37F(5)(a)(iv) of the Act, interest on any:
(a) money received under a life policy; or
(b) money received in relation to a life policy fund; or
(c) money received under an annuity policy; or
(d) money received under an RSA; or
(e) money received under a contract of insurance, the premiums for which are paid from an RSA;
that is required by the Tribunal to be repaid is to be worked out in accordance with the formula:
| p × [ (1 + i) n − 1] |
| where: |
| i means 0.05 divided by 12, worked out to 5 decimal places. |
| n means the number of whole calendar months since the end of that calendar month to the date of the repayment. |
| p means the amount of money received in a particular calendar month. |
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