(1)  If a contributor ceases, before attaining his or her preservation age, to be a contributor by reason of –

(a) resignation; or

(b) dismissal –

he or she is entitled to a benefit as provided in this regulation.

(2)  For the purposes of subregulation (1) , the benefit for a contributor who has completed 5 or more years' service as a contributor is to be a lump sum benefit calculated in accordance with the following formula:

where –

LS is the lump sum benefit payable;

FAS(3) is –

(a) the average annual salary paid or payable to the contributor in respect of the period of 3 years immediately preceding resignation or dismissal; or

(b) in the case of a contributor whose length of service at the time of his or her resignation or dismissal is less than 3 years, the average annual salary paid or payable in respect of the actual period of service;

ABMF is the contributor's adjusted benefit multiple factor, calculated by taking the rate or rates of contribution made by the contributor and multiplying the benefit multiple factor prescribed for that rate or those rates of contribution under regulation 30 by the contributor's length of service expressed in years at that rate or for each of those rates of contribution and accumulating each result obtained from those multiplications.

(3)  For the purposes of subregulation (1) , the benefit for a contributor who has completed less than 5 years' service as a contributor is to be a lump sum benefit calculated in accordance with whichever of the following formulae provides the greater benefit:

where –

LS is the lump sum benefit payable;

RC is the balance of contributions and interest in the contributor's account established under regulation 28 ;

S is the number of days, expressed in years, for which contributions were received;

SBMF is the State's benefit multiple factor which is –

(a) in respect of a person contributing at the rate of 2.5% of salary, a factor of 0.075; or

(b) in all other cases, a factor of 0.15;

FAS(3) is –

(a) the average annual salary paid or payable to the contributor in respect of the period of 3 years immediately preceding resignation or dismissal; or

(b) in the case of a contributor whose length of service at the time of his or her resignation or dismissal is less than 3 years, the average annual salary paid or payable in respect of the actual period of service;

n is the number of days for which contributions were received;

NCSB is the employer component of the benefit determined in accordance with subregulation (4) .

(4)  For the purposes of the definition of NCSB in subregulation (3) , the employer component of the benefit is the amount that would have been payable if, for each period of the contributor's service that is within a period referred to in column 1 of the table to this regulation –

(a) the employer component had been determined at the rate specified opposite the period in column 2 of the table; and

(b) interest had been paid in relation to the employer component for the relevant period at the rate specified opposite the period in column 3 of the table.

Column 1	Column 2	Column 3
Relevant period	Contribution rate	Interest rate
1 July 1994 – 30 June 1995	5%	The long term bond rate during the relevant period
1 July 1995 – 30 June 1998	6%	The long term bond rate during the relevant period
1 July 1998 – 24 April 2000	7%	The long term bond rate during the relevant period
25 April 2000 – 30 June 2000	7%	The rate payable to a member of the Tasmanian Accumulation Scheme who had not made an election for investment choice under the Trust Deed during the relevant period
1 July 2000 – 30 June 2002	8%	The rate payable to a member of the Tasmanian Accumulation Scheme who had not made an election for investment choice under the Trust Deed during the relevant period
1 July 2002 – 22 March 2014	The "charge percentage" specified in section 19(2) of the Superannuation Guarantee (Administration) Act 1992 of the Commonwealth	The rate payable to a member of the Tasmanian Accumulation Scheme who had not made an election for investment choice under the Trust Deed during the relevant period
From 23 March 2014	The "charge percentage" specified in section 19(2) of the Superannuation Guarantee (Administration) Act 1992 of the Commonwealth	The rate payable to a member of the Tasmanian Accumulation Scheme who had his or her entire account balance invested in the RBF Balanced Investment Option
From transfer date onwards	The "charge percentage" specified in section 19(2) of the Superannuation Guarantee (Administration) Act 1992 of the Commonwealth	The interest rate determined under regulation 92