An Example Benefit Determination

The original Trustees’ Minute Book is held at the Australian National University and it provides and example of how the pension benefit was originally determined.

The pension formula in the original Trust Deed was based on the “classic” pension formula of:

[1/60] times [Years of Service] times [Average Salary]

where [Average Salary] was the average based on all the years of service.

 

A proviso was that the pension could not exceed two-thirds of the [Average Salary].

 

Alfred Horsley Chapman was the the Company Secretary on one of the original three natural person trustees of the Fund.

  AH Chapman pension Trustee Minutes 28 March 1930