Federal Register of Legislation - Australian Government

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Determinations/Superannuation as made
This determination provides for age factors to convert a parliamentary pension into a lump sum in order to meet a parliamentarian’s surcharge liability.
Administered by: Finance
Exempt from sunsetting by the Legislation (Exemptions and Other Matters) Regulation 2015 s11 item 06
Registered 14 Aug 2015
Tabling HistoryDate
Tabled HR17-Aug-2015
Tabled Senate18-Aug-2015

Parliamentary Superannuation Age Factors (Surcharge) Determination 2015 (No. 2)1

Parliamentary Contributory Superannuation Act 1948

The Parliamentary Retiring Allowances Trust makes this Determination under subsection 22B(1) of the Parliamentary Contributory Superannuation Act 1948.

 

Signed for and on behalf of the Parliamentary Retiring Allowances Trust

 

 

Dated 12 August 2015

 

 

 

 

 

MICHAEL FRANCIS McCORMACK

Trustee of the Parliamentary Retiring Allowances Trust

 

 

 

 

 

PHILIP RUDDOCK

Trustee of the Parliamentary Retiring Allowances Trust

 

 


1              Name of Determination

                This Determination is the Parliamentary Superannuation Age Factors (Surcharge) Determination 2015 (No. 2).

2              Commencement and revocation

(a)    This Determination commences on the day after it is registered on the Federal Register of Legislative Instruments.

(b)   This Determination revokes the Superannuation Pension Conversion Factors Determination No. 2/2004 made by the Parliamentary Retiring Allowances Trust on 9 December 2004 under subsection 22B(1) of the Parliamentary Contributory Superannuation Act 1948.

3              Age factors

                For the purposes of section 22B of Parliamentary Contributory Superannuation Act 1948, the age factor for a person is determined under Tables A, B, C and D of the Schedule to this Determination, based on:

                (a)    whether the person is male or female;

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

                (c)    the age of the person when the benefit becomes payable.

 

Schedule         Age factors

(section 3)

 

 

Table A:         Male Retirement Pension Age Factors

 

 

Table B:         Female Retirement Pension Age Factors

 

 

Table C:         Male Invalid Pension Age Factors

 

 

Table D:         Female Invalid Pension Age Factors

 

 


Table A:  Male Retirement Pension Age Factors

 


Age at last birthday prior to start of pension

Age Factor

20

33.7

21

33.5

22

33.3

23

33.2

24

33.0

25

32.8

26

32.6

27

32.4

28

32.2

29

32.0

30

31.8

31

31.5

32

31.3

33

31.1

34

30.8

35

30.6

36

30.3

37

30.1

38

29.8

39

29.5

40

29.3

41

29.0

42

28.7

43

28.4

44

28.1

45

27.7

46

27.4

47

27.1

48

26.7

49

26.4

50

26.0

 

 

 

 

Age at last birthday prior to start of pension

Age Factor

51

25.6

52

25.2

53

24.9

54

24.5

55

24.0

56

23.6

57

23.2

58

22.8

59

22.3

60

21.8

61

21.4

62

20.9

63

20.4

64

19.9

65

19.4

66

18.8

67

18.3

68

17.8

69

17.2

70

16.6

71

16.0

72

15.5

73

14.9

74

14.3

75

13.6

76

13.0

77

12.4

78

11.8

79

11.1

80

10.5

 

 

 

 

 

 


Table B:  Female Retirement Pension Age Factors

 


Age at last birthday prior to start of pension

Age Factor

20

33.6

21

33.4

22

33.2

23

33.0

24

32.8

25

32.6

26

32.4

27

32.2

28

32.0

29

31.7

30

31.5

31

31.3

32

31.0

33

30.8

34

30.5

35

30.3

36

30.0

37

29.7

38

29.4

39

29.1

40

28.8

41

28.5

42

28.2

43

27.9

44

27.6

45

27.2

46

26.9

47

26.5

48

26.2

49

25.8

50

25.4

 

 

Age at last birthday prior to start of pension

Age Factor

51

25.0

52

24.6

53

24.2

54

23.8

55

23.4

56

23.0

57

22.5

58

22.1

59

21.6

60

21.1

61

20.7

62

20.2

63

19.7

64

19.2

65

18.6

66

18.1

67

17.6

68

17.0

69

16.5

70

15.9

71

15.3

72

14.8

73

14.2

74

13.6

75

13.0

76

12.4

77

11.9

78

11.3

79

10.7

80

10.1

 

 

 


Table C:  Male Invalid Pension Age Factors

 


Age at last birthday prior to start of pension

Age Factor

20

33.4

21

33.2

22

33.0

23

32.9

24

32.7

25

32.5

26

32.3

27

32.1

28

31.9

29

31.7

30

31.4

31

31.2

32

31.0

33

30.7

34

30.5

35

30.2

36

30.0

37

29.7

38

29.4

39

29.1

40

28.8

41

28.5

42

28.2

43

27.9

44

27.6

45

27.3

46

26.9

47

26.6

48

26.2

49

25.8

50

25.5

 

Age at last birthday prior to start of pension

Age Factor

51

25.1

52

24.7

53

24.3

54

23.9

55

23.4

56

23.0

57

22.6

58

22.1

59

21.6

60

21.2

61

20.7

62

20.2

63

19.7

64

19.2

65

18.7

66

18.1

67

17.6

68

17.0

69

16.5

70

15.9

71

15.4

72

14.8

73

14.2

74

13.6

75

13.0

76

12.4

77

11.8

78

11.2

79

10.6

80

10.0

 

 


 

 

Table D:  Female Invalid Pension Age Factors

 


Age at last birthday prior to start of pension

Age Factor

20

32.8

21

32.6

22

32.4

23

32.2

24

32.0

25

31.8

26

31.5

27

31.3

28

31.0

29

30.8

30

30.5

31

30.3

32

30.0

33

29.7

34

29.4

35

29.1

36

28.8

37

28.5

38

28.2

39

27.9

40

27.6

41

27.2

42

26.9

43

26.5

44

26.1

45

25.8

46

25.4

47

25.0

48

24.6

49

24.2

50

23.7

 

Age at last birthday prior to start of pension

Age Factor

51

23.3

52

22.9

53

22.4

54

22.0

55

21.5

56

21.0

57

20.5

58

20.1

59

19.6

60

19.1

61

18.6

62

18.1

63

17.5

64

17.0

65

16.5

66

15.9

67

15.4

68

14.9

69

14.3

70

13.8

71

13.2

72

12.7

73

12.1

74

11.6

75

11.1

76

10.5

77

10.0

78

9.5

79

9.0

80

8.5

 

 


 


 

Note

1.       All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See http://www.frli.gov.au