Retirement Benefits Amendment Regulations 2005
I, the Governor in and over the State of Tasmania and its Dependencies in the Commonwealth of Australia, acting with the advice of the Executive Council, make the following regulations under the Retirement Benefits Act 1993 .
12 December 2005W. J. E. COX
Governor
By His Excellency's Command,
J. G. COX
Minister for Finance
These regulations may be cited as the Retirement Benefits Amendment Regulations 2005 .
These regulations are taken to have taken effect on 27 July 2005.
In these regulations, the Retirement Benefits Regulations 2005 are referred to as the Principal Regulations.
4. Regulation 45 amended (Calculation of prospective service for contributors employed otherwise than full-time)
Regulation 45(1) of the Principal Regulations is amended by omitting paragraph (a) and substituting the following paragraph:(a) a contributor is employed otherwise than on a full-time basis on the day of the contributor's death or the day of cessation of his or her employment; and
5. Regulation 56 amended (Supplemental lump sum benefit payable in certain cases)
Regulation 56 of the Principal Regulations is amended as follows:(a) by omitting "clause 6, 7 or 9 of Schedule 3" from the definition of B in subregulation (3) and substituting " clause 5 , 6 or 8 of Schedule 3 ";(b) by inserting the following subregulation after subregulation (3) :(3A) Subregulation (3) does not apply to –(a) an existing contributor to whom clause 7 of Schedule 3 applies; or(b) an amalgamated contributor to whom clause 7 of Schedule 3 applies.
6. Regulation 80 amended (Pension conversion factors)
Regulation 80(4)(d) of the Principal Regulations is amended by omitting " regulation 62(5) " and substituting " regulation 62(5)(a) or (b) ".
7. Regulation 107 amended (Payments to Fund by Minister and prescribed authorities)
Regulation 107(3)(a)(i) of the Principal Regulations is amended by omitting " regulation 45 " and substituting " regulation 54 ".
8. Regulation 120 amended (Medical examinations for entitlement to full benefits)
Regulation 120 of the Principal Regulations is amended as follows:(a) by omitting paragraph (d) from subregulation (4) and substituting the following paragraph:(d) has, while being continuously employed, made contributions to the contributory scheme for a total period of 10 years, in which case he or she is taken to be a full benefits contributor.(b) by inserting the following subregulation after subregulation (4) :(5) For the purpose of subregulation (4)(d) , the total period of 10 years is not taken to include –(a) any periods purchased under regulation 31 ; or(b) any service while on sick leave without pay after the commencement day.
9. Schedule 3 amended (Calculation of Certain Pensions for Existing Contributors and Amalgamated Contributors)
Schedule 3 to the Principal Regulations is amended as follows:(a) by inserting in clause 7(1)(a) "who is also a full benefits contributor" after "contributor";(b) by omitting the formula from clause 8 and substituting the following formula:(c) by omitting "an" from the definition of FAS(1) in clause 8 and substituting "the";(d) by omitting the definition of PRS from clause 8 and substituting the following definition:PBMF is the existing contributor's post cessation of contributions benefit multiple factor, calculated by taking the basic contribution rate applicable to the existing contributor and multiplying the benefit multiple factor prescribed for that rate of contribution under regulation 44 by the existing contributor's length of service in years (commencing on and from the date on which he or she ceased paying contributions under regulation 34(3)(e) or regulation 34(5) and ending on the date of the existing contributor's actual retirement or at the age of 70 years, whichever is the earlier).
Displayed and numbered in accordance with the Rules Publication Act 1953.
Notified in the Gazette on 21 December 2005
These regulations are administered in the Department of Treasury and Finance.
EXPLANATORY NOTE
(This note is not part of the regulation)
These regulations amend the Retirement Benefits Regulations 2005 by –(a) updating and clarifying certain provisions; and(b) revising the formula used to calculate the pensions payable to existing contributors who retire after attaining 65 years of age.