Judges’ Pensions Regulation 2012 (NSW)

Her Excellency the Governor, with the advice of the Executive Council, has made the following Regulation under the Judges’ Pensions Act 1953.

Attorney General

1Name of Regulation

This Regulation is the Judges’ Pensions Regulation 2012.

2Commencement

This Regulation commences on 1 September 2012.

Note—

This Regulation replaces the Judges’ Pensions Regulation 2007 which is repealed on 1 September 2012 by section 10 (2) of the Subordinate Legislation Act 1989.

3Definitions(1)

In this Regulation:

reversionary pension has the same meaning as it has in section 12A of the Act.

the Act means the Judges’ Pensions Act 1953.

(2)

Notes included in this Regulation do not form part of this Regulation.

4Calculation of reduced pension of retired judge(1)

For the purposes of section 12 (7) of the Act, the amount of the reduced pension payable to a retired judge under section 3 or 5 of the Act is to be calculated by using the reduced percentage of the notional judicial salary calculated in accordance with this clause.

(2)

The reduced percentage of the notional judicial salary is to be determined in accordance with the following formula:

where:

R is the reduced percentage of notional judicial salary.

I is the percentage of notional judicial salary that would be applicable to calculation of the pension if there were no reduction under section 12 of the Act.

N is the notional judicial salary of the judge at retirement.

S is the amount of the liability for superannuation contributions surcharge.

SP is the percentage of notional judicial salary that would be applicable to calculation of the pension of a surviving spouse of the judge if there were no reduction under section 12 or 12A of the Act.

PCF is the relevant pension contribution factor determined by the Attorney General from time to time in accordance with actuarial advice.

f is the ratio of SP to I.

RCF is the relevant reversionary pension contribution factor determined by the Attorney General from time to time in accordance with actuarial advice.

5Calculation of reduced pension payable to surviving spouse(1)

For the purposes of sections 12 (7) and 12A (2) of the Act, the amount of the reduced pension payable under section 6 of the Act to a surviving spouse of a judge or retired judge is to be calculated by using the reduced percentage of the notional judicial salary calculated in accordance with this clause.

(2)

The reduced percentage of the notional judicial salary is to be determined in accordance with the following formula:

where:

W is the reduced percentage of notional judicial salary.

I is the percentage of notional judicial salary that would be applicable to calculation of the pension of the judge if the judge died after retirement and there were no reduction under section 12 of the Act.

SP is the percentage of notional judicial salary that would be applicable to calculation of the pension of the surviving spouse if there were no reduction under section 12 or 12A of the Act.

f is the ratio of SP to I.

R is the reduced percentage of notional judicial salary that was (if the judge died after retirement), or would have been (if the judge had died after retirement), applicable to the judge concerned calculated in accordance with clause 4.

6Calculation of reduced pension payable to children

For the purposes of section 12A (2) of the Act, in calculating a reversionary pension payable under section 7B or 7C of the Act:

• (a)

  the annual amount of pension referred to in section 7B (2) (b) of the Act is the reduced amount of pension that would have been payable to the judge in accordance with clause 4, and

• (b)

  the annual amount of pension referred to in section 7C (2) (b) of the Act is the reduced amount of pension that would have been payable to the surviving spouse in accordance with clause 5.