Document ID: chunk:federal_register_of_legislation:C2022C00264:section:56:p2
Version: federal_register_of_legislation:C2022C00264
Segment Type: section
Provision Reference: s 56 (pt 2/2)
Character Range: 158958–161156

of a year—such percentage of the person's final annual rate of salary as is ascertained in accordance with the formula:

  ;

  where:
           P1 is the percentage referred to in paragraph (c); and
           D is the number of days included in that part of a year; and
           P2 is equal to:
               (i) if the person's period of contributory service is not less than 20 years—1; or
               (ii) if the person's period of contributory service is less than 20 years—2.
 (4) Where a person is entitled to standard age retirement pension by virtue of subsection 55(2), then, subject to subsection (5), the annual rate of that pension is:
 (a) if the person's period of contributory service consists exactly of a number of complete years, or exceeds 40 years—such percentage of the person's final annual rate of salary as, having regard to the person's age on his or her last day of service and to the number of complete years included in the person's period of contributory service, is applicable in accordance with Schedule 2; or
 (b) if paragraph (a) does not apply and the person's period of contributory service consists of a number of complete years and of a part of a year—such percentage of the person's final annual rate of salary as is calculated in accordance with the formula:

  ;

  where:
           P1 is the percentage referred to in paragraph (a); and
           D is the number of days included in that part of a year; and
           P2 is such percentage of the person's final annual rate of salary as, having regard to his or her age on his or her last day of service and the number of complete years that would be included in the person's period of contributory service if the part of a year included in it were taken to be a complete year, is applicable in accordance with Schedule 2.
 (5) If:
 (a) a person is entitled to standard age retirement pension by virtue of subsection 55(1) or (2); and
 (b) the person's surcharge debt account is in debit when the pension becomes payable to the person; and
 (c) the person does not make an election under section 80B or 80C;
the annual rate of the pension is the rate worked out as provided in subsection 80D(1).