External
To convert an annual superannuation pension amount to a weekly pension; the following formula is used:
annual government financed pension ÷ 52
|
Example |
|
An employee's annual gross pension is $29,760. |
|
This is divided into a government portion of $22,670 and an employee funded portion of $7,090. |
|
For the purposes of calculating entitlements, only the $22,670 is taken into account. |
|
CALCULATION |
|
annual government financed pension ÷ 52 |
|
$22,670 ÷ 52 |
|
or $435,96 per week |
|
Please note this is a simple example only and does not take into account the productivity benefit (another government component) which is now common as part of an employee's overall superannuation amount. |