Document ID: chunk:federal_register_of_legislation:F2008C00588:front:0:p1
Version: federal_register_of_legislation:F2008C00588
Segment Type: other
Provision Reference: 
Character Range: 0–2925

Military Superannuation and Benefits Act 1991 (Interest) Determination No. 1

as amended

made under clause 3 of the Trust Deed made under Part 2 of the

Military Superannuation and Benefits Act 1991

This compilation was prepared on 3 November 2008 taking into account amendments up to Military Superannuation and Benefits Act 1991 (Interest) Determination No. 79.

Please note: Since 1 July 2002 the Military Superannuation and Benefits Scheme Rules have provided for the use of unit pricing in calculating benefits. Accordingly, there are no amendments to this Determination after July 2002.

Prepared by Commonwealth Superannuation Administration (ComSuper), the administrator of the Military Superannuation and Benefits Scheme.
COMMONWEALTH OF AUSTRALIA

MILITARY SUPERANNUATION AND BENEFITS ACT 1991

DETERMINATION

The Military Superannuation and Benefits Board of Trustees No. 1, pursuant to clause 3 of the Trust Deed made under Part 2 of the Military Superannuation and Benefits Act 1991, DETERMINES as follows:

Citation

1. This determination may be cited as the Military Superannuation and Benefits Act 1991 (Interest) Determination No. 1.

Commencement

2. This determination shall take effect from and including 1 October 1991.

Interpretation

3. (1) In this determination, unless the contrary intention appears–

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;

    crediting rate of interest in relation to any prescribed amount means an interest rate determined by the Board under this determination in relation to a specified period;

Deed means the Trust Deed made under Part 2 of the Act;

    exit rate of interest in relation to any prescribed amount means an interest rate determined by the Board under this determination to apply to that prescribed amount from the date when a crediting rate of interest last applied;

first day of interest in relation to any prescribed amount means–

(a)  1 October 1991; or

         (b)  the day the person to whom that amount is applicable became a member, whichever is the later;

    period of interest in respect of a prescribed amount means the period commencing on the first day of interest and ending on the termination day;

    prescribed amount means any amount that under the Rules accrues interest at the crediting rate of interest or the exit rate of interest;

preserved benefit means a benefit that is payable under Part 5 of the Rules;

    Rules means the Military Superannuation and Benefits Rules contained in the Trust Deed made under Part 2 of the Act;

termination day means–

         (a)  for each prescribed amount that forms a component of a member benefit–

              (i) if the member benefit is preserved upon retirement – the day before that part of the preserved benefit becomes payable;