Superannuation Guarantee (Administration) Amendment Regulations 2008 (No. 1) (132 of 2008)

Schedule 1   Amendments

[6]   Subregulation 6 (1), definition of F

substitute

FOTE is:

(a) if a benefit accruing in respect of membership after 30 June 2008 is expressed in the governing rules of a superannuation scheme as a multiple of the annual ordinary time earnings of the person as at the day on which he or she withdraws from the scheme - 0.0833; or

(b) if a benefit accruing in respect of membership after 30 June 2008 is expressed in the governing rules of the scheme as a multiple of the average annual ordinary time earnings of the person in the period of 3 years ending on the day on which he or she withdraws from the scheme - 0.09; or

(c) if a benefit accruing in respect of membership after 30 June 2008 is expressed in those governing rules as a multiple of the average annual ordinary time earnings of the person in a particular number of years of membership of the person ending on the day on which he or she withdraws from the scheme:

0.0833 + (0.0022 x A)

where:

A is the number of years specified in the governing rules of the scheme ending on the day on which the person withdraws from the scheme.

FSAL is:

(a) if SAL is the annual salary of the person, calculated in accordance with the governing rules of the scheme applicable as at 30 June 1992, as at the day on which he or she withdraws from the scheme - 0.0833; or

(b) if SAL is the average annual salary of the person in the period of 3 years ending on the day on which he or she withdraws from the scheme, calculated in accordance with the governing rules of the scheme applicable as at 30 June 1992 - 0.09; or

(c) if SAL is the average annual salary of the person in a number of years, specified in the governing rules of the scheme, ending on the day on which he or she withdraws from the scheme, calculated in accordance with the governing rules of the scheme applicable as at 30 June 1992:

0.0833 + (0.0022 x A)

where:

A is the number of years specified in the governing rules of the scheme ending on the day on which the person withdraws from the scheme.