Military Superannuation and Benefits Act 1991 (Interest) Determination No. 33 (Cth)

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. 33.

Commencement

2.         This determination shall take effect from and including 21 December 1998.

Principal Determination

3.         In this determination "the Principal Determination" means the Military Superannuation and Benefits Act 1991 (Interest) Determination No. 1, as amended.

Amendments to the Principal Determination

4.         Clause 5 of the Principal Determination is amended by deleting "0.9% per annum” (wherever occurring) and inserting in its stead "7.8% per annum".

Application

5.  (1)  The provisions of the Principal Determination, as amended by this determination, apply in relation to interest payable in respect of an amount that is a prescribed amount in relation to a person:

(a)        if a benefit under Part 5 of the Rules becomes payable in respect of the person - after the date of the commencement of this determination; or

(b)        if:

(i)         a benefit under Part 5 of the Rules ceases to be applicable in respect of the person; or

(ii)        in the case of a person to whom a benefit under Part 5 of the Rules is not applicable - the person ceases to be a member;

on or after that date.

[Military Superannuation and Benefits Act 1991 (Interest) Determination No. 33      

(continued)]

(2)      An expression used in subclause 5(1) that is defined in the Principal Determination has the same meaning for the purposes of that subclause as it has in that determination.

Charles Kiefel

.........................................................

C.P. Kiefel

(Chairperson)

N. J. Ford   R. C. Swanwick

.........................................................   .........................................................

AIRCDRE N.J. Ford   WOFF R.C. Swanwick 

(Trustee)      (Trustee) 

P. D. Gourley   M. Sharpe

.........................................................       .........................................................

P.D. Gourley                            M.J. Sharpe AM 

(Trustee)      (Trustee) 

The Common Seal of the Military Superannuation and Benefits Board of Trustees No. 1 was hereunto affixed by authority of the Board.

Dated this            eighteenth                              day of              December                           1998