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No. 2/2004 Determinations/Superannuation as made
This instrument determines factors to enable the conversion of a member's surcharge deduction amount to a yearly amount, based on age and gender and whether the pension is a retirement or invalidity pension, that apply from the date of gazettal.
Administered by: Finance
Exempt from sunsetting by the Legislative Instruments Act 2003 s 54(2) item 42
Registered 04 Jan 2007
Gazetted 15 Dec 2004
Date of repeal 15 Aug 2015
Repealed by Parliamentary Superannuation Age Factors (Surcharge) Determination 2015 (No. 2)

SUPERANNUATION PENSION CONVERSION FACTORS DETERMINATION No 2/No 1/2004

The PARLIAMENTARY RETIRING ALLOWANCES TRUST, makes this Determination under subsection 22BA(1) of the Parliamentary Contributory Superannuation Act 1948.

 

Dated this 9 day of December 2004

 

 

Signed Nick Minchin                                                      Signed John Watson

……………………………………….                        …………………………………..Dated this                                    day of December 2004

 

 

 

……………………………………….                        …………………………………..

 

For and on behalf of the

Parliamentary Retiring

Allowances Trust

 

1            Name of Determination

 

              This Determination is the Superannuation Pension Conversion Factors Determination No 2/2004.

 

2            Commencement

 

              This Determination commences on the date of its notification in the Gazette (Commencement Date).

 

3            Cessation of 2001 Determination

 

              The Determination made by the Parliamentary Retiring Allowances Trust on 19  September 2001, called Factors to Convert Surcharge Deduction Amount and Surcharge Commutation Amount to Yearly Amount, ceases to have effect from the Commencement Date.

 

4            Cessation of 1998 Determination

 

              For the avoidance of doubt, the Determination made by the Parliamentary Retiring Allowances Trust on 10 September 1998, called Factors to Convert Surcharge Deduction Amount to a Yearly Amount, ceased to have effect on 19 September 2001.


 

5            Determination

 

              The conversion factors that, having regard to:

 

              (a)          the age of the member when the benefit becomes payable;

              (b)          whether the member or the person is male or female; and

              (c)          whether the benefit is a retirement pension or an invalidity pension;

are applicable for the purpose of working out the yearly amount that would have to be paid to discharge a liability equal to the member’s surcharge deduction amount, are those factors set out  in AttachmentTabless A, B, C and D of the Schedule.


Pursuant to subsections 22A(1) of the Parliamentary Contributory Superannuation Act 1948 (the Act), the Parliamentary Retiring Allowances Trust hereby determines, for the purpose of working out, in relation to a member who is entitled to a benefit under section 18 of the Act, the yearly amount that would have to be paid to discharge a liability equal to the member’s surcharge deduction amount, the factor in the schedule comprising Attachments A, B, C and D, having regard to:

 

the age of the member when the benefit becomes payable;

whether the member or the person is male or female; and

whether the benefit is a retirement pension or an invalidity pension.

 

Dated this       day of December 2004

 

 

..................................................                                              ..............................................

 

 

 

For and on behalf of the

Parliamentary Retiring

Allowances Trust


SCHEDULE

 

 

Table A:          Male Retirement Pension Conversion Factors

 

 

Table B:          Female Retirement Pension Conversion Factors

 

 

Table C:         Male Invalid Pension Conversion Factors

 

 

Table D:         Female Invalid Pension Conversion Factors

 

 


Table A:  Male Retirement Pension Conversion Factors


 

Age at last birthday at date of election

Pension Factor

16

33.9

17

33.8

18

33.6

19

33.4

20

33.2

21

33.1

22

32.9

23

32.7

24

32.5

25

32.3

26

32.1

27

31.9

28

31.7

29

31.5

30

31.2

31

31.0

32

30.7

33

30.5

34

30.2

35

30.0

36

29.7

37

29.4

38

29.1

39

28.9

40

28.6

41

28.2

42

27.9

43

27.6

44

27.3

45

26.9

46

26.6

47

26.2

48

25.9

 

Age at last birthday at date of election

Pension Factor

49

25.5

50

25.1

51

24.7

52

24.3

53

23.9

54

23.5

55

23.1

56

22.6

57

22.2

58

21.7

59

21.2

60

20.7

61

20.3

62

19.8

63

19.2

64

18.7

65

18.2

66

17.6

67

17.1

68

16.5

69

16.0

70

15.4

71

14.8

72

14.2

73

13.6

74

13.0

75

12.4

76

11.8

77

11.2

78

10.6

79

10.0

80

9.4

 


Table B:  Female Retirement Pension Conversion Factors

 


Age at last birthday at date of election

Pension Factor

16

33.7

17

33.5

18

33.4

19

33.2

20

33.0

21

32.8

22

32.6

23

32.4

24

32.2

25

32.0

26

31.7

27

31.5

28

31.3

29

31.0

30

30.8

31

30.5

32

30.3

33

30.0

34

29.7

35

29.4

36

29.2

37

28.9

38

28.6

39

28.2

40

27.9

41

27.6

42

27.3

43

26.9

44

26.6

45

26.2

46

25.8

47

25.5

48

25.1

 

Age at last birthday at date of election

Pension Factor

49

24.7

50

24.3

51

23.9

52

23.5

53

23.1

54

22.6

55

22.2

56

21.7

57

21.3

58

20.8

59

20.3

60

19.9

61

19.4

62

18.9

63

18.4

64

17.9

65

17.3

66

16.8

67

16.3

68

15.8

69

15.2

70

14.7

71

14.1

72

13.5

73

13.0

74

12.4

75

11.9

76

11.3

77

10.7

78

10.2

79

9.6

80

9.0

 


Table C:  Male Invalid Pension Conversion Factors

 


Age at last birthday at date of election

Pension Factor

16

33.2

17

33.0

18

32.8

19

32.7

20

32.5

21

32.3

22

32.1

23

32.0

24

31.8

25

31.6

26

31.4

27

31.1

28

30.9

29

30.7

30

30.4

31

30.2

32

30.0

33

29.7

34

29.4

35

29.2

36

28.9

37

28.6

38

28.3

39

28.0

40

27.7

41

27.4

42

27.0

43

26.7

44

26.4

45

26.0

46

25.7

47

25.3

48

24.9

Age at last birthday at date of election

Pension Factor

49

24.6

50

24.2

51

23.8

52

23.4

53

22.9

54

22.5

55

22.1

56

21.6

57

21.2

58

20.7

59

20.3

60

19.8

61

19.3

62

18.8

63

18.3

64

17.8

65

17.3

66

16.8

67

16.2

68

15.7

69

15.2

70

14.6

71

14.1

72

13.5

73

13.0

74

12.4

75

11.8

76

11.2

77

10.7

78

10.1

79

9.5

80

9.0


Table D:  Female Invalid Pension Conversion Factors

 


Age at last birthday at date of election

Pension Factor

16

32.4

17

32.2

18

32.0

19

31.8

20

31.6

21

31.4

22

31.2

23

30.9

24

30.7

25

30.5

26

30.2

27

30.0

28

29.7

29

29.5

30

29.2

31

28.9

32

28.6

33

28.3

34

28.0

35

27.7

36

27.4

37

27.1

38

26.8

39

26.4

40

26.1

41

25.7

42

25.4

43

25.0

44

24.7

45

24.3

46

23.9

47

23.5

48

23.1

 

 

Age at last birthday at date of election

Pension Factor

49

22.7

50

22.2

51

21.8

52

21.4

53

20.9

54

20.5

55

20.0

56

19.6

57

19.1

58

18.6

59

18.1

60

17.7

61

17.2

62

16.7

63

16.2

64

15.7

65

15.1

66

14.6

67

14.1

68

13.6

69

13.1

70

12.5

71

12.0

72

11.5

73

10.9

74

10.4

75

9.9

76

9.4

77

8.9

78

8.4

79

7.9

80

7.5