Document ID: chunk:federal_register_of_legislation:F2008C00588:front:0:p2
Version: federal_register_of_legislation:F2008C00588
Segment Type: other
Provision Reference: 
Character Range: 2665–5129

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; or

              (ii) in any other case – the day the person ceases to be a member; and

(b)  for each prescribed amount that forms a component of an employer
    benefit–

    (i) if the employer benefit is preserved upon retirement–

                  (A) in respect of the unfunded component of the employer benefit – the day of retirement; and

                  (B) in respect of all other components of the employer benefit – the day before the preserved benefit becomes payable; or

    (ii) in any other case – the day the person ceases to be a member.

(2) Words and expressions defined in the Act and the Rules have the same meaning in this determination.

Interest payable in respect of prescribed amounts

4. For the purpose of ascertaining the member benefit, employer benefit and funded employer benefit of a person who has ceased to be a member or in respect of whom a preserved benefit has become payable, interest calculated in accordance with clause 5 is payable in respect of each prescribed amount for the applicable period of interest.

Calculation of interest

5. (1) Where the period of interest in respect of any prescribed amount commences on or after 1 July 2002, interest payable in respect of that prescribed amount shall be deemed to have accrued during the period of interest at the daily compound exit rate of interest of minus 0.02553%.

(2) Where the period of interest in respect of any prescribed amount commences before 1 July 2002, interest payable in respect of the prescribed amount shall be deemed to have accrued–

    (a) during that part of the period of interest specified in column 2 of an item in the Schedule at the corresponding crediting rate of interest set out in column 3 of that item; and

    (b) where the period of interest ends on or after 1 July 2002 – during that part of the period of interest that commences on 1 July 2002 at the daily compound exit rate of interest of minus 0.02553%.

(3) Interest at the appropriate crediting rate of interest payable in respect of any prescribed amount shall be deemed to have compounded each year on 30 June.

SCHEDULE

Column 1  Column 2      Column 3

Item   Period      Crediting rate of interest