Document ID: chunk:federal_register_of_legislation:C2024C00500:section:17an
Version: federal_register_of_legislation:C2024C00500
Segment Type: section
Provision Reference: s 17AN
Character Range: 72689–74077

17AN  Calculation of benefits after payment of release authority lump sum
 (1) If:
 (a) a release authority lump sum is paid in relation to a release authority issued to a Judge; and
 (b) the Judge is entitled to a retirement pension in accordance with subsection 6A(2) or 6B(2);
the Judge's rate of retirement pension is the applicable percentage of the rate of retirement pension that would, apart from this section (but having regard to any other provisions of this Act that affect that rate), be worked out under subsection 6A(2), 6B(2) or 6C(3).
 (2) For the purposes of subsection (1), the applicable percentage is worked out using this formula:
where:
age factor means the age factor for the Judge on the day on which the retirement pension becomes payable (see subsection (4)).
basic rate means the rate of the retirement pension that would, apart from this subsection (but having regard to any other provisions of this Act that affect that rate), be worked out under subsection 6A(2), 6B(2) or 6C(3) for the Judge at the time the retirement pension becomes payable.
 (3) The applicable percentage mentioned in subsection (1) is to be calculated to 3 decimal places (rounding up if the fourth decimal place is 5 or more).
 (4) The regulations may prescribe the age factor, or the method for working out the age factor, for the purposes of subsection (2).

Part 5—Miscellaneous