Document ID: chunk:federal_register_of_legislation:C2018A00080:clause:1_12
Version: federal_register_of_legislation:C2018A00080
Segment Type: clause
Provision Reference: sch 1 cl 12
Character Range: 10592–11654

12  After subsection 16A(1)
Insert:
 (1AA) For the purposes of paragraph (1A)(b), the amount is the sum of:
 (a) the person's minimum requisite benefit; and
 (b) an amount, determined in writing by the Secretary of the Finance Department in relation to the person in accordance with advice received from an actuary, representing interest on the person's minimum requisite benefit.
 (1AB) In determining an amount for the purposes of paragraph (1AA)(b), the Secretary must have regard to the following:
 (a) the timing and amounts of the benefits paid to or in respect of the person under this Act;
 (b) determinations by CSC under the superannuation scheme established by deed under the Superannuation Act 1990 as to rates of interest and the method of allocating interest;
 (c) any other matter that the Secretary considers relevant.
 (1AC) In working out the superannuation guarantee safety‑net amount for the purposes of paragraph 19AB(1C)(b), increase the amount worked out under subsection (1AA) of this section by the person's surcharge deduction amount.