COMMONWEALTH OF AUSTRALIA
MILITARY SUPERANNUATION AND BENEFITS ACT 1990
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. 3.
Commencement
2. This determination shall take effect from and including 11 September 1992.
Principal Determination
3. In this determination "the Principal Determination" means the Military Superannuation and Benefits Act 1991 (Interest) Determination No. 1.
Amendments to the Principal Determination
4. Clause 5 of the Principal Determination is revoked and the following clause substituted:
“5. (1) Where the period of interest in respect of a prescribed amount in relation to a person who has ceased to be a member commences on or after 1 July 1992, interest shall be deemed to have accrued during the whole of the period of interest at the rate of 7.0% per annum.
(2) Where the period of interest in respect of a prescribed amount in relation to a person who has ceased to be a member commences before 1 July 1992, interest payable in respect of that prescribed amount shall be deemed to have accrued –
(a) during the part, or where there is more than one such part, each part of the period of interest is comprised of a financial year specified in column 1 of the Schedule (or, where the period of interest is comprised wholly of such a financial year or part of such
(b) financial year, during the whole of the period of interest), at the rate of interest applicable in respect of the financial year that comprises, or part of which comprises, that part of the period of interest (or the whole of the period of interest as the case requires); and
(c) where the period of interest ends on or after 1 July 1992 – during the part of the period of interest that commences on 1 July 1992 at the rate of 7.0% per annum.
(3) Interest payable in respect of a prescribed amount in relation to a person who has ceased to be a member shall be deemed to have compounded each year on 30 June.
(4) For the purposes of a subclause 5(2), the rate of interest specified in column 2 of the Schedule opposite to the reference to a financial year in column 1 of the Schedule is the rate of interest applicable in respect of that financial year.
(5) In this clause, “period of interest” in respect of a prescribed amount means the period in respect of which interest is, by virtue of clause 4, payable in respect of the prescribed amount.”
5. The Principal Determination is amended by adding at the end the following Schedule:
“ SCHEDULE
Column 1 Column 2
Period Rate of Interest
1 October 1991 to 5.9% per annum“
30 Jun 1992
Military and Superannuation Benefits Act 1991 (Interest) Determination No. 3
W. Cole
....................
Sir William Cole
(Chairperson)
E. Stubington D. Sutherland
.................... .................... RADM E.G. Stubington WO D.J. Sutherland (Trustee) (Trustee)
A.G. Thompson K. A. Searson
.................... ....................
A.G. Thompson K.A. Searson
(Trustee) (Trustee)
The Common Seal of the Military and Superannuation Benefits Board of Trustees No. 1 was hereunto affixed by authority of the Board.
Dated this Tenth day of September 1992