Superannuation (DFRDB Scheme) (Surcharge Deduction Amount - Conversion Factors) Determination No. 1

Administered by Department of Defence

Legislation au F2008B00368 Not in force Legislative Instrument

Legislation content

Superannuation (DFRDB Scheme) (Surcharge Deduction Amount—Conversion Factors) Determination No. 1

as amended

made under subsection 124A(1) of the

Defence Force Retirement and Death Benefits Act 1973

Compilation start date:  1 July 2003

Includes amendments up to: Superannuation (DFRDB Scheme) (Surcharge Deduction Amount—Conversion Factors) Determination No. 3

 

About this compilation

This compilation

This is a compilation of the Superannuation (DFRDB Scheme) (Surcharge Deduction Amount—Conversion Factors) Determination No. 1 as in force on 1 July 2003. It includes any commenced amendment affecting the legislation to that date.

This compilation was prepared on 15 November 2013.

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of each amended provision.

Uncommenced amendments

The effect of uncommenced amendments is not reflected in the text of the compiled law but the text of the amendments is included in the endnotes.

Application, saving and transitional provisions for provisions and amendments

If the operation of a provision or amendment is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.

Modifications

If a provision of the compiled law is affected by a modification that is in force, details are included in the endnotes.

Provisions ceasing to have effect

If a provision of the compiled law has expired or otherwise ceased to have effect in accordance with a provision of the law, details are included in the endnotes.

 

 

 

 

 

Citation

 

1. This determination may be cited as the “Superannuation (DFRDB Scheme) (Surcharge Deduction Amount - Conversion Factors) Determination No. 1”.

 

Commencement

 

2. This determination shall take effect from and including 21 May 1999.

 

Purpose

 

3. The purpose of this determination is to determine, in accordance with advice from the Australian Government Actuary, conversion factors to be used when calculating pension reductions in order to discharge Surcharge Deduction Amounts.

 

Interpretation

 

4.(1) In this determination:

 

“Act” means the Defence Force Retirement and Death Benefits Act 1973; and

 

“DFRDB Scheme” means the retirement and death benefits scheme established by the Act.

 

(2) Words and expressions defined in the Act have the same meaning in this determination.

 

Schedule

 

5. The conversion factors required to be determined under subsection 124A(1) of the Act are set out in the Table in the Schedule to this determination.

Schedule—Conversion factors required to be determined under subsection 124A(1) of the Act

 

Age in completed years at date benefit becomes payable


Conversion factor

 

Age in completed years at date benefit becomes payable


Conversion factor

15

24.2

 

43

21.0

16

24.1

 

44

20.8

17

24.1

 

45

20.6

18

24.0

 

46

20.4

19

23.9

 

47

20.2

20

23.9

 

48

19.9

21

23.8

 

49

19.7

22

23.7

 

50

19.5

23

23.6

 

51

19.2

24

23.5

 

52

19.0

25

23.5

 

53

18.7

26

23.4

 

54

18.4

27

23.3

 

55

18.1

28

23.2

 

56

17.8

29

23.1

 

57

17.5

30

23.0

 

58

17.2

31

22.8

 

59

16.9

32

22.7

 

60

16.6

33

22.6

 

61

16.2

34

22.5

 

62

15.9

35

22.3

 

63

15.5

36

22.2

 

64

15.1

37

22.0

 

65

14.7

38

21.9

 

66

14.4

39

21.7

 

67

14.0

40

21.6

 

68

13.5

41

21.4

 

69

13.1

42

21.2

 

70

12.7

 

 

Endnotes

Endnote 1—About the endnotes

The endnotes provide details of the history of this legislation and its provisions. The following endnotes are included in each compilation:

 

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

Endnote 5—Uncommenced amendments

Endnote 6—Modifications

Endnote 7—Misdescribed amendments

Endnote 8—Miscellaneous

 

If there is no information under a particular endnote, the word “none” will appear in square brackets after the endnote heading.

 

Abbreviation key—Endnote 2

The abbreviation key in this endnote sets out abbreviations that may be used in the endnotes.

 

Legislation history and amendment history—Endnotes 3 and 4

Amending laws are annotated in the legislation history and amendment history.

 

The legislation history in endnote 3 provides information about each law that has amended the compiled law. The information includes commencement information for amending laws and details of application, saving or transitional provisions that are not included in this compilation.

 

The amendment history in endnote 4 provides information about amendments at the provision level. It also includes information about any provisions that have expired or otherwise ceased to have effect in accordance with a provision of the compiled law.

 

Uncommenced amendments—Endnote 5

The effect of uncommenced amendments is not reflected in the text of the compiled law but the text of the amendments is included in endnote 5.

 

Modifications—Endnote 6

If the compiled law is affected by a modification that is in force, details of the modification are included in endnote 6.

 

Misdescribed amendments—Endnote 7

An amendment is a misdescribed amendment if the effect of the amendment cannot be incorporated into the text of the compilation. Any misdescribed amendment is included in endnote 7.

 

Miscellaneous—Endnote 8

Endnote 8 includes any additional information that may be helpful for a reader of the compilation.

Endnote 2—Abbreviation key

 

ad = added or inserted

pres = present

am = amended

prev = previous

c = clause(s)

(prev) = previously

Ch = Chapter(s)

Pt = Part(s)

def = definition(s)

r = regulation(s)/rule(s)

Dict = Dictionary

Reg = Regulation/Regulations

disallowed = disallowed by Parliament

reloc = relocated

Div = Division(s)

renum = renumbered

exp = expired or ceased to have effect

rep = repealed

hdg = heading(s)

rs = repealed and substituted

LI = Legislative Instrument

s = section(s)

LIA = Legislative Instruments Act 2003

Sch = Schedule(s)

mod = modified/modification

Sdiv = Subdivision(s)

No = Number(s)

SLI = Select Legislative Instrument

o = order(s)

SR = Statutory Rules

Ord = Ordinance

Sub-Ch = Sub-Chapter(s)

orig = original

SubPt = Subpart(s)

par = paragraph(s)/subparagraph(s)
/sub-subparagraph(s)

 

 

Endnote 3—Legislation history

 

Name

Gazettal or FRLI registration

Commencement

Application, saving and transitional provisions

Superannuation (DFRDB Scheme) (Surcharge Deduction Amount—Conversion Factors) Determination No. 1
(F2008B00368)

23 June 1999 (see Gazette 1999, No. GN25)

21 May 1999

 

Superannuation (DFRDB Scheme) (Surcharge Deduction Amount—Conversion Factors) Determination No. 2
(F2008B00370)

28 Mar 2001 (see Gazette 2001, No. GN12)

16 Mar 2001

—

Superannuation (DFRDB Scheme) (Surcharge Deduction Amount—Conversion Factors) Determination No. 3
(F2008B00371)

10 Dec 2003 (see Gazette 2003, No. GN49)

1 July 2003

—

 

 

Endnote 4—Amendment history

 

Provision affected

How affected

Schedule

 

Schedule.................

rs  No 2, 2001; No 3, 2003

 

Endnote 5—Uncommenced amendments [none]

Endnote 6—Modifications [none]

Endnote 7—Misdescribed amendments [none]

Endnote 8—Miscellaneous [none]

 

Overview

The Superannuation (DFRDB Scheme) (Surcharge Deduction Amount—Conversion Factors) Determination No. 1 was enacted in 1999 under subsection 124A(1) of the Defence Force Retirement and Death Benefits Act 1973. This legislative instrument was introduced to address the specific need for setting conversion factors used in the calculation of pension reductions to discharge Surcharge Deduction Amounts within the Defence Force Retirement and Death Benefits Scheme (DFRDB Scheme). The enactment by the Parliament aimed to provide clarity and consistency in the financial calculations involved in pension adjustments, ensuring that the benefits are accurately and fairly applied according to the members' ages at the time the benefits become payable. The policy objective behind this determination is to facilitate the precise calculation of pension reductions by using standardised conversion factors, thereby supporting the administration of retirement benefits under the DFRDB Scheme.

Scope and Application

The Superannuation (DFRDB Scheme) (Surcharge Deduction Amount—Conversion Factors) Determination No. 1, made under subsection 124A(1) of the Defence Force Retirement and Death Benefits Act 1973, applies to the conversion factors used for calculating pension reductions necessary to discharge Surcharge Deduction Amounts. This legislative instrument took effect from 21 May 1999 and provides specific conversion factors based on the age at which a benefit becomes payable, as outlined in the Schedule to the determination. The application of this determination is limited to the Defence Force Retirement and Death Benefits Scheme established by the Act, and it does not explicitly exclude any particular persons, entities, or industries from its purview. There are no stated exemptions or thresholds in the determination itself, although the application of the conversion factors may be influenced by subordinate instruments or other legislative provisions. Any modifications or amendments to this determination are detailed in the endnotes, although as of the latest compilation, there are no uncommenced amendments, modifications, or misdescribed amendments.

Key Provisions

The Superannuation (DFRDB Scheme) (Surcharge Deduction Amount—Conversion Factors) Determination No. 1, which came into effect on 21 May 1999, sets out the conversion factors used for calculating pension reductions in order to discharge Surcharge Deduction Amounts under the Defence Force Retirement and Death Benefits Act 1973 (section 3). This determination is based on advice from the Australian Government Actuary and specifies the conversion factors in the Schedule, which lists factors corresponding to ages ranging from 15 to 70 years (Schedule). The parties or entities governed by this Act must adhere to the conversion factors outlined in the Schedule for calculating pension reductions. This requirement ensures consistency and accuracy in the determination of pension reductions necessary to satisfy Surcharge Deduction Amounts. The determination applies to all calculations involving pension reductions for the Surcharge Deduction Amounts under the DFRDB Scheme (section 4). Failure to comply with the requirements of this determination may result in incorrect calculations of pension reductions, potentially leading to financial discrepancies or legal issues. While the determination itself does not explicitly outline specific offences or penalties for non-compliance, it operates within the broader framework of the Defence Force Retirement and Death Benefits Act 1973. Non-compliance with the Act could lead to civil or administrative penalties as prescribed under the relevant sections of the Act, although the specific penalties are not detailed within this determination.

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