COMMONWEALTH OF AUSTRALIA
DEFENCE FORCE RETIREMENT AND DEATH BENEFITS ACT 1973
DETERMINATION
The Defence Force Retirement and Death Benefits Authority, pursuant to subsection 124A(1) of the Defence Force Retirement and Death Benefits Act 1973, and for the purposes of subsection 23(6), subparagraph 24(8)(e)(ii), paragraph 24(9)(f), subsection 31(4), subparagraph 32A(7)(e)(ii), paragraph 32A(8)(f), subparagraph 41A(4A)(d)(ii) and subsections 43(2AA), 75(3A) and 75(4A) of the Act, DETERMINES as follows:
Citation
1. This determination may be cited as the "Superannuation (DFRDB Scheme) (Surcharge Deduction Amount - Conversion Factors) Determination No. 3".
Commencement
2. This determination shall take effect from and including 1 July 2003.
Purpose
3. The purpose of this determination is to determine, in accordance with advice from the Australian Government Actuary, new conversion factors to be used when calculating pension reductions in order to discharge Surcharge Deduction Amounts.
Principal Determination
4. In this determination "the Principal Determination" means the Superannuation (DFRDB Scheme) (Surcharge Deduction Amount - Conversion Factors) Determination No. 1.
Interpretation
5.(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.
Amendment of the Principal Determination
6. The Table in the Schedule to the Principal Determination and the conversion factors required to be determined under subsection 124A(1) of the Act there set out are omitted and replaced by the Table and conversion factors set out in the Schedule to this determination.
[Superannuation (DFRDB Scheme) (Surcharge Deduction Amount - Conversion Factors) Determination No. 2 (continued)]
Leo Bator
..............................................................
Mr L. Bator
(Chairman)
P. Charley R. Longbottom
............................................................. ............................................................
Mr P.J. Charley CAPT R. Longbottom
(Deputy Chairman (Member)
and Department of Defence Member)
R. Tattersall A. Bobets
.............................................................. ............................................................
MAJ R. Tattersall Mr A. Bobets
(Deputy Member) (Member)
Dated this thirteenth day of June 2003
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 |
Overview
The Defence Force Retirement and Death Benefits Act 1973 was enacted to establish a comprehensive retirement and death benefits scheme for members of the Australian Defence Force, aiming to address the need for a structured financial support system for veterans and their families. The Act was introduced by the Commonwealth Parliament to ensure that Defence Force members receive adequate retirement benefits and that their families are supported in the event of a member's death. The policy objective of the Act is to provide a fair and sustainable system of benefits that recognises the unique contributions and sacrifices made by Defence Force personnel. The legislation allows for the establishment of a scheme that includes pension payments and lump sum benefits, tailored to the service and circumstances of the member. This legislative framework ensures that the financial welfare of Defence personnel and their families is safeguarded, reflecting the nation's commitment to supporting those who serve in its defence.
Scope and Application
The Superannuation (DFRDB Scheme) (Surcharge Deduction Amount - Conversion Factors) Determination No. 3 amends the conversion factors used to calculate pension reductions to discharge Surcharge Deduction Amounts under the Defence Force Retirement and Death Benefits Act 1973. This Act applies to members of the Australian Defence Force and their beneficiaries, as well as to the Defence Force Retirement and Death Benefits Scheme established by the Act. The legislation operates on a Commonwealth level, regulating the retirement and death benefits scheme for Defence personnel across Australia. The Act is administered by the Defence Force Retirement and Death Benefits Authority, which is empowered to make determinations such as this to implement the legislative provisions. This determination, effective from 1 July 2003, replaces the previous conversion factors in the Superannuation (DFRDB Scheme) (Surcharge Deduction Amount - Conversion Factors) Determination No. 1, and is informed by advice from the Australian Government Actuary. The new conversion factors are detailed in the Schedule to this determination.
Key Provisions
The main operative sections of this determination, as outlined in the "Superannuation (DFRDB Scheme) (Surcharge Deduction Amount - Conversion Factors) Determination No. 3", include the citation (1), commencement date (2), purpose (3), the principal determination (4), interpretation (5), and the amendment of the principal determination (6). The determination is effective from 1 July 2003 and seeks to update conversion factors used in calculating pension reductions to discharge Surcharge Deduction Amounts. It references the Defence Force Retirement and Death Benefits Act 1973 and the DFRDB Scheme, defining key terms and amending previous conversion factors set out in the Schedule to the Principal Determination.
The Act imposes several obligations on the parties or entities it governs. These include ensuring that the new conversion factors are applied correctly when calculating pension reductions to discharge Surcharge Deduction Amounts. This involves adhering to the updated factors set out in the Schedule to this determination, ensuring that all calculations are accurate and compliant with the Act. The Defence Force Retirement and Death Benefits Authority is responsible for determining these factors based on advice from the Australian Government Actuary.
The determination also outlines potential consequences for non-compliance or breaches of the Act. While the specific offences, penalties, or civil/criminal consequences are not detailed in the provided excerpt, it is implied that any breaches of the Act or its provisions could lead to legal action. In general, breaches of the Defence Force Retirement and Death Benefits Act 1973 may result in fines, penalties, or other legal repercussions as stipulated by the Act. The exact penalties would depend on the nature and severity of the breach, as well as any relevant case law or statutory provisions.