Document ID: chunk:federal_register_of_legislation:F2009L04057:body:0:p1
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Military Superannuation and Benefits (Delayed Payment of Benefits) Determination 2009

The MILITARY SUPERANNUATION AND BENEFITS BOARD OF TRUSTEES NO. 1 makes this Determination under paragraph 3 (1) (c) and rule 69 of the Trust Deed made under Part 2 of the Military Superannuation and Benefits Act 1991.

Dated  28th October 2009

Mr Gabriel Szondy      Mr Felix Bleeser
Acting Chairperson     Trustee

 Major Kirk Lloyd      WOFF Robert Swanwick
Alternate Trustee      MAICD
                       Trustee

1 Name of Determination
 This Determination is the Military Superannuation and Benefits (Delayed Payment of Benefits) Determination 2009.

2 Commencement
 This Determination commences on the day after it is registered on the Federal Register of Legislative Instruments.

3 Revocation
 The Military Superannuation and Benefits (Delayed Payment of Benefits) Determination 2004 and each determination that amends that determination are revoked.

4 Interpretation
(1) In this Determination:

 Act means the Military Superannuation and Benefits Act 1991.

 Board means the Military Superannuation and Benefits Board of Trustees No. 1 established by section 18 of the Act.

 period of delay is the period determined by the Board under rule 69 of the Rules where payment of a benefit is delayed.

 Rules means the Military Superannuation and Benefits Rules set out in the Schedule to the Trust Deed made under Part 2 of the Act.

(2) Words and expressions used in this Determination that are defined in the Act or the Rules have the same meaning in this Determination as in the Act or the Rules.

5 Calculation of interest ‑ rule 69(4)(a)
(1)  Where, pursuant to rule 69(1) of the Rules, a benefit is payable as a lump sum and the Board approves an increase, by an amount of interest, in the amount of the benefit payable to the person, interest will be calculated in accordance with this clause.

(2)  Interest on the lump sum is equal to the sum of the interest for each relevant period.

(3) Interest on the lump sum will be calculated for each relevant period in accordance with the following formula:

 (LS + AI )  (1 + i)n ‑ (LS + AI)

 where

 LS is the amount of the lump sum benefit that has been delayed.

 AI is the accumulated interest, if any, on the lump sum amount from the prior relevant periods.

 i is the rate of interest applicable to the relevant period as determined under clause 7, divided by 365 (or in a leap year, by 366).

 n is the number of days in the relevant period.

 relevant period is a year or part of a year for which interest has been determined under clause 7 and which occurs during a period of delay.

6 Calculation of interest ‑ rule 69(4)(b)
(1) Where, pursuant to rule