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; 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
1 1 October 1991 to 30 June 1992 5.9% per annum
2 1 July 1992 - 31 December 1992 5.5% per annum
3 1 January 1993 - 30 June 1993 19.3% per annum
4 1 July 1993 - 30 June 1994 5.4% per annum
5 1 July 1994 - 30 June 1995 5.8% per annum
6 1 July 1995 - 30 June 1996 9.0% per annum
7 1 July 1996 - 30 June 1997 20.0% per annum
8 1 July 1997 - 30 June 1998 8.7% per annum
9 1 July 1998 - 30 June 1999 8.3% per annum
10 1 July 1999 - 30 June 2000 13.6% per annum
11 1 July 2000 - 30 June 2001 2.7% per annum
12 1 July 2001 - 30 June 2002 minus 8.9% per annum
Notes to the Military Superannuation and Benefits Act 1991 (Interest) Determination No. 1
Note 1
The Military Superannuation and Benefits Act 1991 (Interest) Determination No. 1 (in force under clause 3 of the Trust Deed made under Part 2 of the Military Superannuation and Benefits Act 1991) as shown in this compilation is amended as indicated in the Tables below.
Table of Instruments
Title | Date of Making | Date of | Application, saving or |
|
|
| — |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 2 (F2008B00232) | 21 Feb 1992 | 28 Feb 1992 | — |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 3 (F2008B00233) | 10 Sep 1992 | 11 Sep 1992 | — |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 4 (F2008B00234) | 16 Oct 1992 | 26 Oct 1992 | c. 5 (see Table A) |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 5 (F2008B00235) | 19 Feb 1993 | 1 Mar 1993 | c. 6 (see Table A) |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 6 (F2008B00236) | 20 Aug 1993 | 30 Aug 1993 | c. 6 (see Table A) |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 7 (F2008B00246) | 19 Nov 1993 | 22 Nov 1993 | c. 5 (see Table A) |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 8 (F2008B00237) | 18 Feb 1994 | 21 Feb 1994 | c. 5 (see Table A) |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 9 (F2008B00241) | 15 Apr 1994 | 20 Apr 1994 | c. 5 (see Table A) |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 10 (F2008B00242) | 17 June 1994 | 22 June 1994 | c. 5 (see Table A) |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 11 (F2008B00243) | 15 July 1994 | 15 July 1994 | c. 6 (see Table A) |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 12 (F2008B00245) | 16 Sep 1994 | 21 Sep 1994 | c. 5 (see Table A) |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 13 (F2008B00244) | 18 Nov 1994 | 23 Nov 1994 | c. 5 (see Table A) |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 14 (F2008B00247) | 17 Feb 1995 | 22 Feb 1995 | c. 5 (see Table A) |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 15 (F2008B00353) | 26 Apr 1995 | 1 May 1995 | c. 5 (see Table A) |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 16 (F2008B00248) | 31 Aug 1995 | 4 Sep 1995 | c. 6 (see Table A) |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 17 (F2008B00249) | 17 Nov 1995 | 20 Nov 1995 | c. 5 (see Table A) |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 18 (F2008B00250) | 16 Feb 1996 | 19 Feb 1996 | c. 5 (see Table A) |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 19 (F2008B00251) | 18 Apr 1996 | 22 Apr 1996 | c. 5 (see Table A) |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 20 (F2008B00252) | 13 Sep 1996 | 18 Sep 1996 | c. 6 (see Table A) |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 21 (F2008B00253) | 15 Nov 1996 | 20 Nov 1996 | c. 5 (see Table A) |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 22 (F2008B00254) | 21 Feb 1997 | 26 Feb 1997 | c. 5 (see Table A) |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 23 (F2008B00255) | 16 May 1997 | 21 May 1997 | c. 5 (see Table A) |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 24 (F2008B00256) | 22 Aug 1997 | 25 Aug 1997 | c. 6 (see Table A) |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 25 (F2008B00257) | 27 Nov 1997 | 28 Nov 1997 | c. 5 (see Table A) |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 26 (F2008B00258) | 6 Mar 1998 | 9 Mar 1998 | c. 5 (see Table A) |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 27 (F2008B00259) | 20 May 1998 | 21 May 1998 | c. 5 (see Table A) |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 28 (F2008B00260) | 20 Aug 1998 | 21 Aug 1998 | c. 6 (see Table A) |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 29 (F2008B00293) | 28 Aug 1998 | 31 Aug 1998 | c. 5 (see Table A) |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 30 (F2008B00294) | 24 Sep 1998 | 28 Sep 1998 | c. 5 (see Table A)
|
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 31 (F2008B00295) | 27 Oct 1998 | 27 Oct 1998 | c. 5 (see Table A) |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 32 (F2008B00296) | 27 Nov 1998 | 30 Nov 1998 | c. 5 (see Table A)
|
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 33 (F2008B00297) | 18 Dec 1998 | 21 Dec 1998 | c. 5 (see Table A) |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 34 (F2008B00298) | 28 Jan 1999 | 1 Feb 1999 | c. 5 (see Table A) |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 35 (F2008B00299) | 26 Feb 1999 | 1 Mar 1999 | c. 5 (see Table A) |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 36 (F2008B00300) | 22 Mar 1999 | 24 Mar 1999 | c. 5 (see Table A) |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 37 (F2008B00301) | 30 Apr 1999 | 3 May 1999 | — |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 38 (F2008B00302) | 28 May 1999 | 31 May 1999 | — |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 39 (F2008B00303) | 18 June 1999 | 21 June 1999 | — |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 40 (F2008B00333) | 30 July 1999 | 2 Aug 1999 | — |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 41 (F2008B00334) | 18 Aug 1999 | 19 Aug 1999 | — |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 42 (F2008B00335) | 26 Aug 1999 | 30 Aug 1999 | — |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 43 (F2008B00336) | 24 Sep 1999 | 27 Sep 1999 | — |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 44 (F2008B00337) | 22 Oct 1999 | 25 Oct 1999 | — |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 45 (F2008B00338) | 24 Nov 1999 | 26 Nov 1999 | — |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 46 (F2008B00340) | 20 Dec 1999 | 23 Dec 1999 | — |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 47 (F2008B00339) | 25 Jan 2000 | 27 Jan 2000 | — |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 48 (F2008B00341) | 23 Feb 2000 | 25 Feb 2000 | — |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 49 (F2008B00342) | 22 Mar 2000 | 24 Mar 2000 | — |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 50 (F2008B00343) | 14 Apr 2000 | 27 Jan 2000 | c. 5 |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 51 (F2008B00344) | 18 Apr 2000 | 20 Apr 2000 | — |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 52 (F2008B00345) | 25 May 2000 | 26 May 2000 | — |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 53 (F2008B00346) | 23 June 2000 | 26 June 2000 | — |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 54 (F2008B00347) | 20 July 2000 | 24 July 2000 | — |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 55 (F2008B00348) | 18 Aug 2000 | 18 Aug 2000 | — |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 56 (F2008B00349) | 26 Sep 2000 | 27 Sep 2000 | — |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 57 (F2008B00350) | 25 Oct 2000 | 25 Oct 2000 | — |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 58 (F2008B00351) | 29 Nov 2000 | 29 Nov 2000 | — |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 59 (F2008B00352) | 22 Dec 2000 | 22 Dec 2000 | — |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 60 (F2008B00354) | 23 Jan 2001 | 24 Jan 2001 | — |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 61 (F2008B00355) | 22 Feb 2001 | 23 Feb 2001 | — |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 62 (F2008B00357) | 21 Mar 2001 | 22 Mar 2001 | — |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 63 (F2008B00356) | 20 Apr 2001 | 24 Apr 2001 | — |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 64 (F2008B00358) | 18 May 2001 | 21 May 2001 | — |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 65 (F2008B00359) | 20 June 2001 | 21 June 2001 | — |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 66 (F2008B00360) | 24 July 2001 | 24 July 2001 | — |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 67 (F2008B00361) | 23 Aug 2001 | 23 Aug 2001 | — |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 68 (F2008B00362) | 27 Sep 2001 | 28 Sep 2001 | — |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 69 | - |
| This Determination was not issued – see the note under clause 3 of Military Superannuation and Benefits Act 1991 (Interest) Determination No. 71 |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 70 | 21 Nov 2001 | 22 Nov 2001 | Revoked by clause 3 of Military Superannuation and Benefits Act 1991 (Interest) Determination |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 71 (F2008B00385) | 30 Nov 2001 | 22 Nov 2001 | Clause 3 revokes Military Superannuation and Benefits Act 1991 (Interest) Determination The note under clause 3 states that Military Superannuation and Benefits Act 1991 (Interest) Determination No. 69 was not issued. |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 72 (F2008B00386) | 19 Dec 2001 | 21 Dec 2001 | — |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 73 (F2008B00387) | 22 Jan 2002 | 23 Jan 2002 | — |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 74 (F2008B00388) | 20 Feb 2002 | 21 Feb 2002 | — |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 75 (F2008B00389) | 22 Mar 2002 | 25 Mar 2002 | — |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 76 (F2008B00390) | 22 Apr 2002 | 23 Apr 2002 | — |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 77 (F2008B00391) | 22 May 2002 | 23 May 2002 | — |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 78 (F2008B00392) | 28 May 2002 | 29 May 2002 | — |
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 79 (F2008B00393) | 4 July 2002 | 5 July 2002 | — |
Table of Amendments
ad. = added or inserted am. = amended rep. = repealed rs. = repealed and substituted | |
Provision affected | How affected |
C. 1....................... | am. No. 1 |
C. 3....................... | rs. No. 37 |
C. 4....................... | rs. No. 37 |
C. 5....................... | am. No. 1 |
| rs. No. 3 |
| am. Nos, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 and 36 |
| rs. No. 37 |
| am. Nos. 38, 39, 40, 41, 42, 43, 44, 45, 46, 47, 48, 49, 50, 51, 52, 53, 54, 55, 56, 57, 58, 59, 60, 61, 62, 63, 64, 65, 66, 67, 68, 71, 72, 73, 74,75, 76, 77, 78 and 79 |
Schedule |
|
Schedule.................. | ad. No. 3 |
| am. Nos. 5, 6, 11, 16, 20, 24 and 28 |
| rs. No. 37 |
| am. Nos. 41, 44, 55, 67 and 79 |
Table A
Military Superannuation and Benefits Act 1991 (Interest) Determination Nos. 4, 7, 8, 9 and 10
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 an eligible employee;
on or after that date.
(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.
Military Superannuation and Benefits Act 1991 (Interest) Determination Nos. 5, 6
Application
6. (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 an eligible employee;
on or after that date.
(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.
Military Superannuation and Benefits Act 1991 (Interest) Determination Nos. 11, 16, 20, 24 and 28
Application
6. (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.
(2) An expression used in subclause 6(1) that is defined in the Principal Determination has the same meaning for the purposes of that subclause as it has in that determination.
Military Superannuation and Benefits Act 1991 (Interest) Determination Nos. 12-15, 17-19, 21-23, 25-27, 30-36
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.
(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.
Military Superannuation and Benefits Act 1991 (Interest) Determination No. 50
Application of Amendment
5. The amendment made by clause 4 ceases to have effect on 25 February 2000.
Note: This application clause applies only to clause 4 of Military Superannuation and Benefits Act 1991 (Interest) Determination No. 50 and does not affect the overall operation of the consolidated Determination.