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SR 2004 No. 97 Orders/Other as amended, taking into account amendments up to Superannuation (Family Law — Parliamentary Contributory Superannuation Act 1948) Amendment Orders 2005 (No. 1)
Administered by: Finance
Registered 09 Aug 2005
Start Date 28 Jun 2005

Superannuation (Family Law — Parliamentary Contributory Superannuation Act 1948) Orders 2004

Statutory Rules 2004 No. 97 as amended

made under section 22CK of the

Parliamentary Contributory Superannuation Act 1948

This compilation was prepared on 26 July 2005 taking into account amendments up to the Superannuation (Family Law − Parliamentary Contributory Superannuation Act 1948) Amendment Orders 2005 (No. 1).

Prepared by the Department of Finance and Administration,
Canberra

 


 

 

Contents

Part 1                    Preliminary

                    1.01     Name of Orders [see Note 1]                                            3

                    1.02     Commencement [see Note 1]                                           3

                    1.03     Definitions                                                                       3

Part 2                    Orders relating to certain amounts and rates

                    2.01     Scheme value - member spouse with no surcharge debt      5

                  2.01A     Scheme value - member spouse with surcharge debt          5

                    2.02     Annual rate of associate immediate annuity                       7

                    2.03     Annual rate of associate deferred annuity                           9

                    2.04     Amount payable if non-member spouse dies before associate deferred annuity becomes payable                                                                                    13

                    2.05     Commutation of small associate annuity — maximum amount            14

                    2.06     Commutation of small associate annuity — lump sum payable on election       14

                    2.07     Reduction of associate annuity where original interest is entitlement to associate deferred annuity                                                                                    14

                    2.08     Reduction of standard allowance or annuity                      16

Schedule 1             Methods and factors used to determine scheme value in relation to member spouse     21

Part 1                      Methods                                                                        21

Part 2                      Scheme factors                                                             40

Schedule 2             Annuity Factors for non‑member spouses                  213

Schedule 3             Annuity Factors for member spouses                         218

 



 

Part 1                 Preliminary

  

1.01        Name of Orders [see Note 1]

                These Orders are the Superannuation (Family Law — Parliamentary Contributory Superannuation Act 1948) Orders 2004.

1.02        Commencement [see Note 1]

                These Orders commence, or are taken to have commenced, as follows:

                (a)    on the notification of these Orders in the Gazette — Part 1;

               (b)    on the commencement of Schedule 1 to the Superannuation Legislation Amendment (Family Law and Other Matters) Act 2004 — the remainder.

1.03        Definitions

         (1)   In these Orders:

Act means the Parliamentary Contributory Superannuation Act 1948.

actuary means a person who is a Fellow or Accredited Member of the Institute of Actuaries of Australia.

family law commencement day means 18 May 2004.

Note   Part 1 of these Orders commenced on 18 May 2004.

FL Act means the Family Law Act 1975.

FLS Regulations means the Family Law (Superannuation) Regulations 2001.

Secretary means the Secretary of the Department of Finance and Administration.

Note   Several other words and expressions used in these Orders have the meaning given by subsection 4 (1) of the Act, including parliamentary allowance.

In this context, member is defined in subsection 4 (1) of the Act to mean a member of either House. A member spouse is also defined in the Act, but uses the word member in a different sense.

         (2)   An expression that is used in these Orders, and defined in section 22CA of the Act, has the meaning given by that section.

Note   Section 22CA of the Act defines expressions including applicable additional percentage, applicable basic percentage, non-member spouse, operative time and transfer amount. Some expressions are defined in section 22CA to have the same meaning as in the FL Act.


 

Part 2                 Orders relating to certain amounts and rates

2.01        Scheme value — member spouse with no surcharge debt

         (1)   This section applies if the most recent member information statement provided to a member spouse before the operative time did not show a debit in the member spouse’s surcharge debt account.

         (2)   For the definition of scheme value in section 22CA of the Act:

                (a)    if the operative time was before the family law commencement day, the scheme value in relation to the member spouse is the family law value; and

               (b)    if the operative time is on or after the family law commencement day:

                          (i)    the scheme value in relation to the member spouse is determined using the methods and factors set out in Schedule 1 as in force at the operative time; or

                         (ii)    if it is not possible to determine the scheme value using those methods and factors, the scheme value in relation to the member spouse is to be determined by an actuary appointed by the Secretary for this section.

2.01A      Scheme value — member spouse with surcharge debt

         (1)   This section applies if the most recent member information statement provided to a member spouse before the operative time (the statement) showed a debit in the member spouse’s surcharge debt account.

         (2)   For the definition of scheme value in section 22CA of the Act, and subject to subsections (3) to (6):

                (a)    if the operative time was before the family law commencement day, the scheme value in relation to the member spouse is the family law value; and

               (b)    if the operative time is on or after the family law commencement day:

                          (i)    the scheme value in relation to the member spouse is determined using the methods and factors set out in Schedule 1 as in force at the operative time; or

                         (ii)    if it is not possible to determine the scheme value using those methods and factors, the scheme value in relation to the member spouse is to be determined by an actuary appointed by the Secretary for this section.

         (3)   If:

                (a)    it is necessary to work out the scheme value for the purpose of the definition of transfer amount in section 22CA of the Act; and

               (b)    the operative time is on or after the day on which this subsection commences;

the scheme value is the value identified under subsection (2), reduced by the amount of the member spouse’s surcharge debt shown in the statement.

         (4)   If:

                (a)    it is necessary to work out the scheme value for the purpose of the definition of transfer factor in section 22CA of the Act; and

               (b)    the operative time is on or after the day on which this subsection commences;

the scheme value is the value identified under subsection (2).

         (5)   If the operative time was before the family law commencement day, the transfer factor in relation to the member spouse is to be recalculated by:

                (a)    identifying the scheme value that had previously been used to calculate the transfer factor; and

               (b)    adding to that scheme value the amount of the member spouse’s surcharge debt shown in the statement; and

                (c)    using the result of paragraph (b) to recalculate the transfer factor.

         (6)   If the operative time was on or after the family law commencement day, and before the day on which this subsection commences, the transfer factor in relation to the member spouse is to be recalculated by:

(a)   identifying the scheme value that had previously been used to calculate the transfer amount as part of calculating the transfer factor; and

(b)   subtracting from that scheme value the amount of the member spouse’s surcharge debt shown in the statement; and

(c)   recalculating the transfer amount using the reduced scheme value calculated under paragraph (b); and

(d)   using the result of paragraph (c), and the unreduced scheme value identified under subsection (2), to recalculate the transfer factor.

2.02        Annual rate of associate immediate annuity

         (1)   For subsection 22CD (2) of the Act, this section applies if standard allowance or annuity is payable in respect of an original interest.

         (2)   The annual rate of associate immediate annuity payable to a non-member spouse to whom subsection 22CD (2) of the Act applies is calculated as follows:

 

Step 1

Identify the transfer amount in relation to the non-member spouse.

Note   Subsection 22CD (2) of the Act requires the rate of associate immediate annuity to be calculated by reference to the transfer amount.

Step 2

Work out an annuity factor (y+m) based on the non-member spouse’s gender and age, using the formula:

where:

Fy is the valuation factor mentioned in Table 1 in Schedule 2 applicable, at the operative time, to the non-member spouse’s gender and age in completed years (represented by y).

m is the number of completed months of the non‑member spouse’s age, at the operative time, that are not included in the non-member spouse’s age in completed years.

Fy+1 is the valuation factor mentioned in Table 1 in Schedule 2 that would apply to the person if the person’s age in completed years was one year more than it is at the operative time.

Note   The associate immediate annuity does not include a reversionary component.

Step 3

Divide the transfer amount identified in step 1 by the annuity factor worked out in step 2.

The result is the annual rate of the associate immediate annuity.

Step 4

The annual rate is to be increased in the same way, and at the same time, as the rate of parliamentary allowance is increased.

Note   If there is a decrease in the rate of parliamentary allowance, section 22T of the Act deals with the relationship between a member’s retiring allowance and the member’s parliamentary allowance. This is also relevant to the non-member spouse’s associate immediate annuity.

         (3)   However, if it is not possible to calculate the annual rate of associate immediate annuity using subsection (2), the annual rate of associate immediate annuity payable to a non-member spouse to whom subsection 22CD (2) of the Act applies is to be calculated by an actuary appointed by the Secretary for this section.

2.03        Annual rate of associate deferred annuity

         (1)   For subsection 22CE (1) of the Act, the annual rate at which an associate deferred annuity is to be paid is calculated as follows:

 

Step 1

Identify the transfer amount at the operative time.

Step 2A

Increase the transfer amount for any period between the operative time and the time at which the associate deferred annuity first becomes payable, using the Treasury bond rate for the last working day of the financial year ending immediately before the period for which the increase is being calculated for bonds with a 10 year term.

Note   The period between the operative time and the time at which the associate deferred annuity first becomes payable may include a number of full financial years, or may occur entirely within a single financial year.

Treasury bond rate for bonds with a 10 year term

The Treasury bond rate for the last working day of a financial year for bonds with a 10 year term is:

(a)   if any Treasury bonds with that term were issued on that day — the annual yield on those bonds; or

(b)   in any other case — the annual yield on Treasury bonds with that term, as published by the Reserve Bank of Australia for that day.

 

Calculation of increase in transfer amount

The increase in the transfer amount is calculated:

(a)   at the end of each financial year that occurs between the operative time and the time at which the associate deferred annuity first becomes payable; and

(b)   immediately before the associate deferred annuity first becomes payable;

using the applicable Treasury bond rate for the relevant period worked out in steps 2B, 2C and 2D, and compounded period by period.

Step 2B

First period

Identify the shorter of:

(a)   the period between the operative time and the end of the financial year in which the operative time occurs; and

(b)   the period between the operative time and the time at which the associate deferred annuity first becomes payable.

This is the first period.

Multiply the number of days in the first period by the Treasury bond rate for bonds with a 10 year term that is applicable to the financial year in which the first period occurs, and divide the result by 365.

Round the result to 3 decimal places.

The result is the applicable Treasury bond rate for the first period.

Step 2C

Full financial years (if any)

Use this step if a full financial year occurs immediately after the end of the first period and before the associate deferred annuity first becomes payable. This is the second period.

Identify the Treasury bond rate for bonds with a 10 year term that is applicable to the financial year.

Round the result to 3 decimal places.

The result is the applicable Treasury bond rate for the second period.

Repeat this arrangement for each full financial year after the second period.

Step 2D

Final period (if any)

Use this step if:

(a)   there is any period between the end of a financial year and the time at which the associate deferred annuity first becomes payable; and

(b)   neither step 2B nor step 2C covers that period.

This is the final period.

Multiply the number of days in the final period by the Treasury bond rate for bonds with a 10 year term that is applicable to the financial year in which the final period occurs, and divide the result by 365.

Round the result to 3 decimal places.

The result is the applicable Treasury bond rate for the final period.

Step 3

Work out an annuity factor (y+m) based on the non-member spouse’s gender and age, using the formula:

 

where:

Fy is:

(a)   if the associate deferred annuity is not payable on permanent incapacity — the valuation factor mentioned in Table 2A in Schedule 2, applicable, when the associate deferred annuity first becomes payable, to the non-member spouse’s gender and age in completed years (represented by y); and

(b)   if the associate deferred annuity is payable on permanent incapacity — the valuation factor mentioned in Table 2B in Schedule 2, applicable, when the associate deferred annuity first becomes payable, to the non‑member spouse’s gender and age in completed years (represented by y).

m is the number of completed months of the non‑member spouse’s age, when the associate deferred annuity first becomes payable, that are not included in the non-member spouse’s age in completed years.

Fy+1 is:

(a)   if the associate deferred annuity is not payable on permanent incapacity — the valuation factor mentioned in Table 2A in Schedule 2, applicable, when the associate deferred annuity first becomes payable, to the non‑member spouse’s gender and age in completed years if the person’s age in completed years was one year more than it was at that time; and

 

(b)   if the associate deferred annuity is payable on permanent incapacity — the valuation factor mentioned in Table 2B in Schedule 2, applicable, when the associate deferred annuity first becomes payable, to the non‑member spouse’s gender and age in completed years if the person’s age in completed years was one year more than it was at the operative time.

Note   The associate deferred annuity does not include a reversionary component.

Step 4

Divide the transfer amount, as increased in step 2A, by the annuity factor worked out in step 3.

The result is the annual rate of associate deferred annuity.

Step 5

The annual rate is to be increased in the same way, and at the same time, as the rate of parliamentary allowance is increased.

Note   If there is a decrease in the rate of parliamentary allowance, section 22T of the Act deals with the relationship between a member’s retiring allowance and the member’s parliamentary allowance. This is also relevant to the non-member spouse’s associate deferred annuity.

         (2)   However, if it is not possible to work out an annuity factor using step 3 in subsection (1), the annuity factor is to be worked out by an actuary appointed by the Secretary for this section.

2.04        Amount payable if non-member spouse dies before associate deferred annuity becomes payable

                For subsection 22CE (7) of the Act, the amount payable in respect of the death of a non-member spouse is a lump sum equal to the transfer amount, increased in the way described in step 2A in subsection 2.03 (1) if an associate deferred annuity had become payable at the date of death.

2.05        Commutation of small associate annuity — maximum amount

         (1)   For paragraph 22CF (1) (a) of the Act, the amount is $1 300.

         (2)   For paragraph 22CF (1) (b) of the Act, the amount is $1 300.

         (3)   An amount mentioned in subsection (1) or (2) is to be increased in the same way, and at the same time, as the rate of parliamentary allowance is increased.

Note   If there is a decrease in the rate of parliamentary allowance, section 22T of the Act deals with the relationship between a member’s retiring allowance and the member’s parliamentary allowance. This is also relevant to the amount worked out under this section.

2.06        Commutation of small associate annuity — lump sum payable on election

                For paragraph 22CF (3) (b) of the Act, the amount of the lump sum is an amount equal to the transfer amount, increased in the way described in step 2A in subsection 2.03 (1).

2.07        Reduction of associate annuity where original interest is entitlement to associate deferred annuity

                For subsection 22CI (2) of the Act, the annual rate of an associate deferred annuity is to be reduced as follows:

 

Step 1

Identify the transfer amount at the operative time.

Step 2

Increase the transfer amount as if it were the lump sum amount calculated in step 2A in subsection 2.03 (1) when the associate deferred annuity becomes payable.

Note   A lump sum amount is increased under section 2.03 only if there is a period between the operative time and the time at which benefits first become payable. Therefore, in a particular case, it is possible that the transfer amount will not need to be increased in this step.

Step 3

Identify the lump sum value of the associate deferred annuity, as calculated under subsection 22CE (1) of the Act to the date of payment.

Note   The lump sum value of the associate deferred annuity represents the increased transfer amount worked out under section 2.03.

If the lump sum value of the associate deferred annuity has previously been reduced in accordance with these Orders, the reduction must be taken into account.

Step 4

Reduce the lump sum value of the associate deferred annuity as identified in step 3 by the increased transfer amount worked out in step 2.

Step 5

Substitute the reduced lump sum amount worked out in step 4 for the lump sum calculated in step 2A in subsection 2.03 (1), for payment under section 22CE.

Example for section 2.07

A member spouse has an entitlement to associate deferred annuity. The scheme value of those benefits at the operative time is $300 000.

The agreement served on the Secretary specifies that half of the interest is to be transferred to the non-member spouse. Therefore, the transfer amount is $150 000.

Step 1 identifies the transfer amount to be $150 000.

Step 2 increases the transfer amount to the day on which the associate deferred annuity becomes payable to the non-member spouse.

The $150 000 is increased by the bond rate to $160 000.

Step 3 calculates the lump sum value of the associate deferred annuity.

The $300 000 is increased by the bond rate to $320 000.

Step 4 reduces the lump sum value of the associate deferred annuity by the amount calculated in Step 2.

The $320 000 is reduced by $160 000, leaving $160 000.

Step 5 provides that the reduced lump sum value ($160 000) is to be substituted for the lump sum calculated in step 2A in subsection 2.03 (1) to calculate the rate of associate annuity under section 22CE of the Act.

2.08        Reduction of standard allowance or annuity

         (1)   For subsection 22CJ (1) of the Act, this section applies if standard allowance or annuity is payable to a member spouse in respect of an original interest.

         (2)   If the allowance is a retiring allowance (including a retiring allowance that forms the basis of an annuity to a surviving spouse under section 19 of the Act), the amount to which the annual rate of retiring allowance, or the annual rate of annuity under section 19 payable in respect of an original interest, is to be reduced is calculated as follows:

 

Step 1

Identify the applicable basic percentage, and each applicable additional percentage, before the operative time.

Step 2

Multiply the applicable basic percentage identified in step 1 by the transfer factor.

Multiply each applicable additional percentage identified in step 1 by the transfer factor.

Step 3

Reduce the applicable basic percentage identified in step 1 by the percentage worked out in step 2.

Reduce each applicable additional percentage identified in step 1 by the applicable percentage worked out in step 2.

Step 4

Apply the reduced applicable basic percentage after the operative time to the rate of parliamentary allowance.

The result is the annual rate of retiring allowance (other than additional retiring allowance), or the annual rate of the annuity under section 19 of the Act based on the retiring allowance.

Step 5

Apply each reduced applicable additional percentage after the operative time to:

(a)   the rate of the related salary payable in respect of a Minister of State; or

(b)   the rate of the related allowance by way of salary payable in respect of an office holder.

The result is the annual rate of additional retiring allowance, or the annual rate of the annuity under section 19 of the Act based on the additional retiring allowance.

Note   The reduction is to be disregarded in calculating the amount of any annuity payable under section 19AA of the Act in respect of a child of the member spouse after the member spouse’s death.

         (3)   If the annuity is an associate immediate annuity, the amount to which the annual rate of associate annuity payable in respect of an original interest is to be reduced is calculated as follows:

 

Step 1

Identify the annual rate of associate immediate annuity that was payable in relation to the member spouse immediately before the operative time.

Step 2

Work out an annuity factor (y+m) based on the member spouse’s gender and age, using the formula:

where:

Fy is the valuation factor mentioned in Table 1 in Schedule 3, applicable, at the operative time, to the member spouse’s gender and age in completed years (represented by y).

m is the number of completed months of the member spouse’s age, when the associate deferred annuity first becomes payable, that are not included in the member spouse’s age in completed years.

 

Fy+1 is the valuation factor mentioned in Table 1 in Schedule 3, applicable, at the operative time, to the member spouse’s gender and age in completed years if the person’s age in completed years was one year more than it was at that time.

Step 3

Multiply the annual rate of associate immediate annuity by the annuity factor worked out in step 2.

Step 4

Subtract the transfer amount from the amount worked out in step 3.

Step 5

Divide the amount worked out in step 4 by the annuity factor worked out in step 2.

The result is the annual rate of associate immediate annuity payable after the operative time in respect of the original interest.

Step 6

The annual rate is to be increased in the same way, and at the same time, as the rate of parliamentary allowance is increased.

Note   If there is a decrease in the rate of parliamentary allowance, section 22T of the Act deals with the relationship between a member’s retiring allowance and the member’s parliamentary allowance. This is also relevant to the member spouse’s annual rate of associate annuity.

         (4)   However, if it is not possible to reduce the annual rate of associate immediate annuity using subsection (3), the reduction of the annual rate of associate immediate annuity is to be calculated by an actuary appointed by the Secretary for this section.

         (5)   If the annuity is an associate deferred annuity, the amount to which the annual rate of associate deferred annuity payable in respect of an original interest is to be reduced is calculated as follows:

 

Step 1

Identify the annual rate of associate deferred annuity that would have been payable in relation to the member spouse immediately before the operative time.

Step 2

Work out an annuity factor (y+m) based on the member spouse’s gender and age, using the formula:

where:

Fy is:

(a)   if the associate deferred annuity is not payable on permanent incapacity — the valuation factor mentioned in Table 2A in Schedule 3, applicable, when the associate deferred annuity first becomes payable, to the member spouse’s gender and age in completed years (represented by y); and

(b)   if the associate deferred annuity is payable on permanent incapacity — the valuation factor mentioned in Table 2B in Schedule 3, applicable, when the associate deferred annuity first becomes payable, to the member spouse’s gender and age in completed years (represented by y).

m is the number of completed months of the member spouse’s age, when the associate deferred annuity first becomes payable, that are not included in the member spouse’s age in completed years.

Fy+1 is:

(a)   if the associate deferred annuity is not payable on permanent incapacity — the valuation factor mentioned in Table 2A in Schedule 3, applicable, when the associate deferred annuity first becomes payable, to the member spouse’s gender and age in completed years if the person’s age in completed years was one year more than it was at that time; and

(b)   if the associate deferred annuity is payable on permanent incapacity — the valuation factor mentioned in Table 2B in Schedule 3, applicable, when the associate deferred annuity first becomes payable, to the member spouse’s gender and age in completed years if the person’s age in completed years was one year more than it was at the operative time.

Step 3

Multiply the annual rate of associate deferred annuity by the annuity factor worked out in step 2.

Step 4

Subtract the transfer amount from the amount worked out in step 3.

Step 5

Divide the amount worked out in step 4 by the annuity factor worked out in step 2.

The result is the annual rate of associate deferred annuity payable after the operative time in respect of the original interest.

Step 6

The annual rate is to be increased in the same way, and at the same time, as the rate of parliamentary allowance is increased.

Note   If there is a decrease in the rate of parliamentary allowance, section 22T of the Act deals with the relationship between a member’s retiring allowance and the member’s parliamentary allowance. This is also relevant to the member spouse’s annual rate of associate annuity.

         (6)   However, if it is not possible to reduce the annual rate of associate deferred annuity using subsection (5), the reduction of the annual rate of associate deferred annuity is to be calculated by an actuary appointed by the Secretary for this section.


Schedule 1        Methods and factors used to determine scheme value in relation to member spouse

(section 2.01)

Part 1          Methods

1              Definitions

                In this Part:

fraction of a year means the quotient of the number of days of the period of service in the year and 365.

Scheme means the retirement scheme constituted by the Act.

2              Methods and factors for interests of members in the Scheme — growth phase

                For an interest that is in the growth phase in the Scheme mentioned in an item in the following table, the method or factor mentioned in the item is approved for these Orders.

 

Item

Interest in the growth phase

Method or factor

1

An interest that a person who is a member of either House has in the Scheme.

(ABP × Parl. A + AARA – PC) × PFy+m,s + LS × LSFy+m,s

where:

ABP is the person’s accrued basic pension multiple at the operative time calculated, by reference to the person’s period of service:

   (a)  by adding:

         (i)   for service that occurred within the first 8 years — 0.0625 × each full year of service plus 0.0625/365 × the number of left-over days in that period; and

        (ii)   for service that occurred within the next 10 years — 0.025 × each full year of service plus 0.025/365 × the number of left‑over days in that period; and

   (b)  if section 22CD of the Act applies to the interest — by subtracting from the amount calculated under paragraph (a) any interim factors for previous splits (calculated in accordance with subsection 22CH (6) of the Act) that would apply after a retiring allowance becomes payable.

Note   ABP will not exceed 0.75.

 

 

Parl. A is the parliamentary allowance of the person, expressed as an annual amount, at the operative time.

 

 

AARA is the person’s additional retiring allowance, if any, being the lesser of:

   (a)  the sum of the additional retiring allowances accrued at the operative time by the person for each office the person held as a Minister of State or as an office holder during the person’s period of service, calculated, for each office, as the product of:

         (i)   the person’s accrued additional retiring allowance multiple — being 0.0625 × the number of years, and any fraction of a year, the person served as a Minister of State or an office holder, as the case may be, during that period, and if section 22CD of the Act applies to the interest, that multiple less the sum of any interim factors for previous splits (calculated in accordance with subsection 22CH (7) of the Act) that would apply after a retiring allowance becomes payable; and

 

 

        (ii)   the annual salary payable to a Minister of State, or the annual allowance by way of salary payable to an office holder in respect of that office, as the case may be, at the operative time; and

 

 

   (b)  whichever of the following applies:

         (i)   if the person has accrued additional retiring allowance for 1 office only and section 22CD of the Act does not apply to the interest — 75% of the annual salary payable to a Minister of State, or the annual allowance by way of salary payable to an office holder in respect of that office, as the case may be, at the operative time;

 

 

        (ii)   if the person has accrued additional retiring allowance for 1 office only and section 22CD of the Act applies to the interest — 75% of the annual salary payable to a Minister of State, or the annual allowance by way of salary payable to an office holder in respect of that office, as the case may be, at the operative time less the product of the sum of any interim factors for previous splits (calculated in accordance with subsection 22CH (7) of the Act) that would apply after a retiring allowance becomes payable, and that annual salary or annual allowance, as the case may be, at the operative time;

 

 

       (iii)   if the person has accrued additional retiring allowance for 2 or more offices and section 22CD of the Act does not apply to the interest — 75% of the highest annual salary or annual allowance by way of salary payable in respect of those offices at the operative time;

       (iv)   if the person has accrued additional retiring allowance for 2 or more offices and section 22CD of the Act applies to the interest — 75% of the highest annual salary payable to a Minister of State, or the annual allowance by way of salary payable to an office holder in respect of those offices, as the case may be, at the operative time less the product of the sum of any interim factors for previous splits (calculated in accordance with subsection 22CH (7) of the Act) that would apply after a retiring allowance becomes payable, and that annual salary or annual allowance, as the case may be, at the operative time.

 

 

PC is the annual amount, if any, by which the person’s retiring allowance is reduced under subsection 20 (3A) of the Act.

PFy+m,s is the pension valuation factor calculated in accordance with the following formula:

 

 

where:

PFy,s is the pension valuation factor mentioned, for:

   (a)  the person’s age in completed years (y) at the operative time; and

   (b)  the person’s period of service in completed years (s) as at the date of the last House of Representatives election before the operative time;

in whichever of Tables 1 to 36 is applicable, according to Table A, given the following:

   (c)  the person’s gender;

   (d)  whether he or she is a member of the House of Representatives or the Senate or was such a member at the operative time;

   (e)  whether or not, if he or she became entitled to a retiring allowance within the meaning of the Act, he or she would be a deferring member;

   (f)  the number of completed years, at the operative time, since the last election of the House of Representatives;

 

 

   (g)  in the case of a member of the Senate, whether he or she last became a member of the Senate (whether by election or otherwise) before the last House of Representatives election.

m is the number of complete months of the person’s age at the operative time that are not included in the person’s completed years of age.

 

 

PFy+1,s is the pension valuation factor mentioned in whichever of Tables 1 to 36 is applicable that would apply if the person’s age in completed years at the operative time were 1 year more than it is.

 

 

LS is the sum of the person’s member contributions paid to the operative time, plus:

   (a)  for a person whose period of service is at least 8 years — 2 times the person’s member contributions paid in the period of service of 8 years immediately before the operative time; or

   (b)  for a person whose period of service is less than 8 years — 2 times the person’s member contributions paid in the period of service immediately before the operative time.

LSFy+m,s is the factor calculated in accordance with the following formula:

 

 

where:

LSFy,s is the lump sum valuation factor mentioned for:

   (a)  the person’s age in completed years (y) at the operative time; and

   (b)  the person’s period of service in completed years (s) as at the date of the last House of Representatives election before the operative time;

 

 

in whichever of Tables 37 to 54 is applicable, according to Table B, given the following:

   (c)  the person’s gender;

   (d)  whether he or she is a member of the House of Representatives or the Senate;

 

 

   (e)  the number of completed years, at the operative time, since the last election of the House of Representatives;

   (f)  in the case of a member of the Senate, whether he or she last became a member of the Senate (whether by election or otherwise) before the last House of Representatives election.

m has the meaning given above.

 

 

LSFy+1,s is the lump sum valuation factor mentioned in whichever of Tables 37 to 54 is applicable that would apply if the person’s age in completed years at the operative time were 1 year more than it is.

2


An interest that a person who has ceased to be a member of either House has in the Scheme as a deferring member under Part VA of the Act, before the day on which the person attains the age of 55 years.

(ABP × Parl. A + AARA – PC) × DPFy+m,s

where:

ABP is the person’s accrued basic pension multiple at the operative time calculated, by reference to the person’s period of service:

   (a)  by adding:

         (i)   for service that occurred within the first 8 years — 0.0625 × each full year of service plus 0.0625/365 × the number of left-over days in that period; and

 

 

        (ii)   for service that occurred within the next 10 years — 0.025 × each full year of service plus 0.025/365 × the number of left‑over days in that period; and

   (b)  if section 22CD of the Act applies to the interest — by subtracting from the amount calculated under paragraph (a) any interim factors for previous splits (calculated in accordance with subsection 22CH (6) of the Act) that would apply after a retiring allowance becomes payable.

Note   ABP will not exceed 0.75.

 

 

Parl. A is the parliamentary allowance, expressed as an annual amount, payable to a member of either House of the Parliament at the operative time.

 

 

AARA is the person’s additional retiring allowance, if any, being the lesser of:

   (a)  the sum of the additional retiring allowances accrued at the operative time by the person for each office the person held as a Minister of State or as an office holder during the person’s period of service, calculated, for each office, as the product of:

 

 

         (i)   the person’s accrued additional retiring allowance multiple — being 0.0625 × the number of years, and any fraction of a year, the person served as a Minister of State or an office holder, as the case may be, during that period, and if section 22CD of the Act applies to the interest, that multiple less the sum of any interim factors for previous splits (calculated in accordance with subsection 22CH (7) of the Act) that would apply after a retiring allowance becomes payable; and

 

 

        (ii)   the annual salary payable to a Minister of State, or the annual allowance by way of salary payable to an office holder in respect of that office, as the case may be, at the operative time; and

 

 

   (b)  whichever of the following applies:

         (i)   if the person has accrued additional retiring allowance for 1 office only and section 22CD of the Act does not apply to the interest — 75% of the annual salary payable to a Minister of State, or the annual allowance by way of salary payable to an office holder in respect of that office, as the case may be, at the operative time;

 

 

        (ii)   if the person has accrued additional retiring allowance for 1 office only and section 22CD of the Act applies to the interest — 75% of the annual salary payable to a Minister of State, or the annual allowance by way of salary payable to an office holder in respect of that office, as the case may be, at the operative time less the product of the sum of any interim factors for previous splits (calculated in accordance with subsection 22CH (7) of the Act) that would apply after a retiring allowance becomes payable, and that annual salary or annual allowance, as the case may be, at the operative time;

 

 

       (iii)   if the person has accrued additional retiring allowance for 2 or more offices and section 22CD of the Act does not apply to the interest — 75% of the highest annual salary or annual allowance by way of salary payable in respect of those offices at the operative time;

       (iv)   if the person has accrued additional retiring allowance for 2 or more offices and section 22CD of the Act applies to the interest — 75% of the highest annual salary payable to a Minister of State, or the annual allowance by way of salary payable to an office holder in respect of those offices, as the case may be, at the operative time less the product of the sum of any interim factors for previous splits (calculated in accordance with subsection 22CH (7) of the Act) that would apply after a retiring allowance becomes payable, and that annual salary or annual allowance, as the case may be, at the operative time.

 

 

PC is the annual amount, if any, by which the person’s retiring allowance is reduced under subsection 20 (3A) of the Act.

 

 

DPFy+m is the deferred pension valuation factor calculated in accordance with the following formula:

 

 

where:

DPFy is the deferred pension valuation factor mentioned in Table 55 that applies at the person’s age in completed years (y) at the operative time for the person’s gender.

m is the number of complete months of the person’s age at the operative time that are not included in the person’s completed years of age.

 

 

DPFy+1 is the deferred pension valuation factor mentioned in Table 55 that would apply if the person’s age in completed years at the operative time were 1 year more than it is.

3

An interest that a person has in the Scheme if the person is entitled to an associate deferred annuity under subsection 22CD (3) of the Act.

 

where UTA is:

   (a)  the lump sum value of the transfer amount, as increased in accordance with the method set out below; or

   (b)  if section 22CD of the Act applies to the interest — the amount calculated under paragraph (a) less the sum of any reductions that apply under section 22CI of the Act, as if the annuity had become payable at the operative time.

 

 

Method for increasing transfer amount

 

 

Step 1

Increase the transfer amount for any period between the operative time (being the operative time in relation to the splitting agreement or splitting order as a result of which the person has the entitlement under subsection 22CD (3) of the Act) and the operative time, using the Treasury bond rate for the last working day of the financial year ending immediately before the period for which the increase is being calculated for bonds with a 10 year term.

Note   The period between the operative time and the operative time may include a number of full financial years, or may occur entirely within a single financial year.

 

 

 

Treasury bond rate for bonds with a 10 year term

The Treasury bond rate for the last working day of a financial year for bonds with a 10 year term is:

   (a)  if any Treasury bonds with that term were issued on that day — the annual yield on those bonds; or

   (b)  in any other case — the annual yield on Treasury bonds with that term, as published by the Reserve Bank of Australia for that day.

 

 

 

Calculation of increase in transfer amount

The increase in the transfer amount is calculated:

   (a)  at the end of each financial year that occurs between the operative time and the operative time; and

   (b)  immediately before the operative time;

using the applicable Treasury bond rate for the relevant period worked out in accordance with steps 2, 3 and 4, and compounded period by period.

 

 

Step 2

First period

Identify the shorter of:

   (a)  the period between the operative time and the end of the financial year in which the operative time occurs; and

   (b)  the period between the operative time and the operative time.

This is the first period.

 

 

 

Multiply the number of days in the first period by the Treasury bond rate for bonds with a 10 year term that is applicable to the financial year in which the first period occurs, and divide the result by 365.

 

 

 

Round the result to 3 decimal places.

The result is the applicable Treasury bond rate for the first period.

 

 

Step 3

Full financial years (if any)

Use this step if a full financial year occurs immediately after the end of the first period and before the operative time. This is the second period.

Identify the Treasury bond rate for bonds with a 10 year term that is applicable to the financial year.

Round the result to 3 decimal places.

The result is the applicable Treasury bond rate for the second period.

Repeat this arrangement for each full financial year after the second period.

 

 

Step 4

Final period (if any)

Use this step if:

   (a)  there is any period between the end of a financial year and the operative time; and

   (b)  neither step 2 nor step 3 covers that period.

This is the final period.

Multiply the number of days in the final period by the Treasury bond rate for bonds with a 10 year term that is applicable to the financial year in which the final period occurs, and divide the result by 365.

Round the result to 3 decimal places.

The result is the applicable Treasury bond rate for the final period.

3              Methods and factors for interests of members in the Scheme — payment phase

                For an interest that is in the payment phase in the Scheme mentioned in an item in the following table, the method or factor mentioned in the item is approved for these Orders.

 

Item

Interest in the payment phase

Method or factor

1

An interest that a person has in the Scheme under section 18 or 19 of the Act.

A × Fy+m

where:

A is the annual retiring allowance (including additional retiring allowance) to which the person is entitled under section 18 of the Act, or the annuity to which the person is entitled under section 19 of the Act, as the case may be (without applying any reduction under section 21B of the Act).

 

 

Fy+m is the factor calculated in accordance with the following formula:

where:

Fy is the valuation factor mentioned in Table 56 that applies at the person’s age in completed years (y) at the operative time for the person’s gender and type of pension.

 

 

m is the number of complete months of the person’s age at the operative time that are not included in the person’s completed years of age.

Fy+1 is the valuation factor mentioned in Table 56 that would apply if the person’s age in completed years at the operative time were 1 year more than it is.

2

An interest that a person has in the Scheme if the person is entitled to an associate immediate annuity under subsection 22CD (2) of the Act.

where:

AIA is the associate immediate annuity to which the person is entitled under subsection 22CD (2) of the Act.

 

 

Fy+m is the factor calculated in accordance with the following formula:

 

 

where:

Fy is the valuation factor mentioned in Table 57 that applies at the person’s age in completed years (y) at the operative time for the person’s gender.

 

 

m is the number of complete months of the person’s age at the operative time that are not included in the person’s completed years of age.

Fy+1 is the valuation factor mentioned in Table 57 that would apply if the person’s age in completed years at the operative time were 1 year more than it is.

3

An interest that a person has in the Scheme if the person is entitled to an associate deferred annuity under subsection 22CD (3) of the Act.

where:

ADA is the associate deferred annuity that is payable to the person under section 22CE of the Act.

 

 

Fy+m is the factor calculated in accordance with the following formula:

 

 

where:

Fy is the valuation factor mentioned in Table 58 that applies at the person’s age in completed years (y) at the operative time for the person’s gender and type of annuity.

 

 

m is the number of complete months of the person’s age at the operative time that are not included in the person’s completed years of age.

 

 

Fy+1 is the valuation factor mentioned in Table 58 that would apply if the person’s age in completed years at the operative time were 1 year more than it is.

Part 2          Scheme factors

Table A  Pension valuation factors for sitting members

                (HoR means the House of Representatives)

 

Item

Gender

House

Interest subject to deferral

Completed years since last election for the House of Representatives

Last became member of Senate before last election for the House of Representatives

Relevant table

1

Male

HoR

No

0

n/a

1

2

Male

HoR

No

1

n/a

2

3

Male

HoR

No

2 or more

n/a

3

4

Male

HoR

Yes

0

n/a

4

5

Male

HoR

Yes

1

n/a

5

6

Male

HoR

Yes

2 or more

n/a

6

7

Male

Senate

No

0

No

7

8

Male

Senate

No

1

No

8

9

Male

Senate

No

2 or more

No

9

10

Male

Senate

No

0

Yes

10

11

Male

Senate

No

1

Yes

11

12

Male

Senate

No

2 or more

Yes

12

13

Male

Senate

Yes

0

No

13

14

Male

Senate

Yes

1

No

14

15

Male

Senate

Yes

2 or more

No

15

16

Male

Senate

Yes

0

Yes

16

17

Male

Senate

Yes

1

Yes

17

18

Male

Senate

Yes

2 or more

Yes

18

19

Female

HoR

No

0

n/a

19

20

Female

HoR

No

1

n/a

20

21

Female

HoR

No

2 or more

n/a

21

22

Female

HoR

Yes

0

n/a

22

23

Female

HoR

Yes

1

n/a

23

24

Female

HoR

Yes

2 or more

n/a

24

25

Female

Senate

No

0

No

25

26

Female

Senate

No

1

No

26

27

Female

Senate

No

2 or more

No

27

28

Female

Senate

No

0

Yes

28

29

Female

Senate

No

1

Yes

29

30

Female

Senate

No

2 or more

Yes

30

31

Female

Senate

Yes

0

No

31

32

Female

Senate

Yes

1

No

32

33

Female

Senate

Yes

2 or more

No

33

34

Female

Senate

Yes

0

Yes

34

35

Female

Senate

Yes

1

Yes

35

36

Female

Senate

Yes

2 or more

Yes

36

Table B  Lump sum valuation factors for sitting members

                (HoR means the House of Representatives)

 

Item

Gender

House

Interest subject to deferral

Completed years since last election for the House of Representatives

Last became member of Senate before last election for the House of Representatives

Relevant table

1

Male

HoR

No

0

n/a

37

2

Male

HoR

No

1

n/a

38

3

Male

HoR

No

2 or more

n/a

39

4

Male

Senate

No

0

No

40

5

Male

Senate

No

1

No

41

6

Male

Senate

No

2 or more

No

42

7

Male

Senate

No

0

Yes

43

8

Male

Senate

No

1

Yes

44

9

Male

Senate

No

2 or more

Yes

45

10

Female

HoR

No

0

n/a

46

11

Female

HoR

No

1

n/a

47

12

Female

HoR

No

2 or more

n/a

48

13

Female

Senate

No

0

No

49

14

Female

Senate

No

1

No

50

15

Female

Senate

No

2 or more

No

51

16

Female

Senate

No

0

Yes

52

17

Female

Senate

No

1

Yes

53

18

Female

Senate

No

2 or more

Yes

54


Table 1            Pension valuation factors (PF) for sitting members

 

Age

Period of service (years)

 

0

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15+

up to 30

15.5893

15.5868

19.5462

20.0720

20.0691

 

 

 

 

 

 

 

 

 

 

 

31

15.3930

15.3905

19.3122

19.8369

19.8339

24.8576

 

 

 

 

 

 

 

 

 

 

32

15.1912

15.1885

19.0720

19.5961

19.5931

24.5727

25.2293

 

 

 

 

 

 

 

 

 

33

14.9860

14.9830

18.8272

19.3507

19.3476

24.2821

24.9382

24.9346

 

 

 

 

 

 

 

 

34

14.7809

14.7775

18.5812

19.1028

19.0996

23.9878

24.6426

24.6389

24.6348

 

 

 

 

 

 

 

35

14.5678

14.5640

18.3268

18.8475

18.8441

23.6853

24.3395

24.3357

24.3315

25.2605

 

 

 

 

 

 

36

14.3505

14.3461

18.0675

18.5871

18.5833

23.3764

24.0300

24.0261

24.0218

24.9502

24.9451

 

 

 

 

 

37

14.1379

14.1329

17.8110

18.3266

18.3224

23.0659

23.7172

23.7132

23.7088

24.6356

24.6304

24.6246

 

 

 

 

38

13.9121

13.9066

17.5414

18.0555

18.0508

22.7446

23.3948

23.3906

23.3860

24.3123

24.3070

24.3010

24.5598

 

 

 

39

13.6838

13.6777

17.2681

17.7803

17.7749

22.4178

23.0667

23.0621

23.0572

23.9827

23.9773

23.9712

24.2299

24.2299

 

 

40

13.4713

13.4647

17.0073

17.5121

17.5059

22.0953

22.7394

22.7342

22.7289

23.6513

23.6457

23.6395

23.8973

23.8973

23.8973

 

41

13.1865

13.1793

16.6661

17.1689

17.1621

21.6873

22.3296

22.3238

22.3178

23.2388

23.2329

23.2264

23.4841

23.4841

23.4841

23.9410

42

12.8980

12.8902

16.3193

16.8201

16.8126

21.2720

21.9121

21.9054

21.8987

22.8180

22.8115

22.8048

23.0622

23.0622

23.0622

23.5189

43

12.6443

12.6362

16.0013

16.4883

16.4803

20.8695

21.5005

21.4930

21.4854

22.3981

22.3908

22.3834

22.6391

22.6391

22.6391

23.0942

44

12.3458

12.3373

15.6417

16.1265

16.1177

20.4379

21.0667

21.0584

21.0497

21.9601

21.9520

21.9437

22.1992

22.1992

22.1992

22.6540

45

12.0427

12.0336

15.2757

15.7583

15.7488

19.9981

20.6246

20.6155

20.6058

21.5134

21.5043

21.4949

21.7502

21.7502

21.7502

22.2047

46

11.8157

11.8063

14.9753

15.4316

15.4218

19.5927

20.2023

20.1925

20.1820

21.0773

21.0669

21.0563

21.3082

21.3082

21.3082

21.7596

47

11.4991

11.4891

14.5932

15.0474

15.0371

19.1343

19.7416

19.7309

19.7195

20.6124

20.6008

20.5888

20.8405

20.8405

20.8405

21.2916

48

11.1774

11.1660

14.2040

14.6558

14.6446

18.6667

19.2719

19.2603

19.2478

20.1382

20.1256

20.1122

20.3637

20.3637

20.3637

20.8146

49

11.0207

11.0093

13.9596

14.3586

14.3472

18.2809

18.8536

18.8417

18.8284

19.6956

19.6821

19.6675

19.9119

19.9119

19.9119

20.3567

50

10.6829

10.6706

13.5523

13.9491

13.9369

17.7926

18.3633

18.3507

18.3366

19.2016

19.1868

19.1709

19.4154

19.4154

19.4154

19.8600

51

10.2167

10.2042

12.9962

13.3905

13.3769

17.1286

17.6972

17.6838

17.6691

18.5321

18.5164

18.4992

18.7436

18.7436

18.7436

19.1879

52

10.0955

10.0862

12.7472

13.0347

13.0214

16.6422

17.1452

17.1318

17.1167

17.9347

17.9188

17.9008

18.1304

18.1304

18.1304

18.5623

53

9.5987

9.5898

12.1593

12.4459

12.4320

15.9452

16.4466

16.4325

16.4165

17.2332

17.2167

17.1980

17.4279

17.4279

17.4279

17.8599

54

9.0955

9.0870

11.5623

11.8477

11.8335

15.2368

15.7358

15.7202

15.7034

16.5182

16.5008

16.4812

16.7112

16.7112

16.7112

17.1432

55

9.1985

9.1985

11.5082

11.6871

11.6771

14.9181

15.2830

15.2681

15.2511

15.9731

15.9557

15.9358

16.1346

16.1346

16.1346

16.5407

56

8.8571

8.8571

11.1058

11.2870

11.2771

14.4437

14.8075

14.7913

14.7721

15.4924

15.4737

15.4521

15.6515

15.6515

15.6515

16.0581

57

8.5098

8.5098

10.6924

10.8866

10.8766

13.9669

14.3290

14.3119

14.2909

15.0085

14.9872

14.9639

15.1635

15.1635

15.1635

15.5703

58

9.2810

9.2810

11.2629

11.2629

11.2629

14.1875

14.4146

14.4023

14.3851

14.9105

14.8894

14.8652

14.9988

14.9988

14.9988

15.3505

59

8.9057

8.9057

10.8252

10.8252

10.8252

13.6803

13.9110

13.8985

13.8806

14.4058

14.3828

14.3554

14.4916

14.4916

14.4916

14.8447

60

8.5182

8.5182

10.3759

10.3759

10.3759

13.1563

13.4041

13.3915

13.3735

13.8981

13.8737

13.8438

13.9824

13.9824

13.9824

14.3363

61

 

 

11.3562

11.3562

11.3562

13.8905

13.8905

13.8905

13.8823

14.2128

14.1952

14.1707

14.1707

14.1707

14.1707

14.4079

62

 

 

10.8783

10.8783

10.8783

13.3422

13.3422

13.3422

13.3422

13.6793

13.6615

13.6358

13.6358

13.6358

13.6358

13.8778

63

 

 

10.3906

10.3906

10.3906

12.7843

12.7843

12.7843

12.7843

13.1473

13.1294

13.1034

13.1034

13.1034

13.1034

13.3502

64

 

 

 

 

 

14.0792

14.0792

14.0792

14.0792

14.0792

14.0792

14.0676

14.0676

14.0676

14.0676

14.0676

65

 

 

 

 

 

13.4921

13.4921

13.4921

13.4921

13.4921

13.4921

13.4921

13.4921

13.4921

13.4921

13.4921

66

 

 

 

 

 

12.9175

12.9175

12.9175

12.9175

12.9175

12.9175

12.9175

12.9175

12.9175

12.9175

12.9175

67

 

 

 

 

 

12.3450

12.3450

12.3450

12.3450

12.3450

12.3450

12.3450

12.3450

12.3450

12.3450

12.3450

68

 

 

 

 

 

11.7753

11.7753

11.7753

11.7753

11.7753

11.7753

11.7753

11.7753

11.7753

11.7753

11.7753

69

 

 

 

 

 

11.2087

11.2087

11.2087

11.2087

11.2087

11.2087

11.2087

11.2087

11.2087

11.2087

11.2087

70 and over

 

 

 

 

 

10.6455

10.6455

10.6455

10.6455

10.6455

10.6455

10.6455

10.6455

10.6455

10.6455

10.6455

Table 2            Pension valuation factors (PF) for sitting members

 

Age

Period of service (years)

 

0

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15+

up to 30

16.0693

16.0668

20.1398

20.6765

 

 

 

 

 

 

 

 

 

 

 

 

31

15.8700

15.8675

19.9034

20.4395

20.4366

 

 

 

 

 

 

 

 

 

 

 

32

15.6691

15.6665

19.6641

20.1992

20.1962

25.3171

 

 

 

 

 

 

 

 

 

 

33

15.4626

15.4598

19.4185

19.9531

19.9500

25.0261

25.6957

 

 

 

 

 

 

 

 

 

34

15.2520

15.2490

19.1678

19.7018

19.6986

24.7291

25.3982

25.3945

 

 

 

 

 

 

 

 

35

15.0417

15.0383

18.9160

19.4480

19.4447

24.4283

25.0961

25.0923

25.0881

 

 

 

 

 

 

 

36

14.8228

14.8189

18.6554

19.1864

19.1830

24.1189

24.7862

24.7824

24.7781

25.7256

 

 

 

 

 

 

37

14.5998

14.5954

18.3898

18.9197

18.9159

23.8032

24.4698

24.4659

24.4615

25.4086

25.4034

 

 

 

 

 

38

14.3813

14.3763

18.1268

18.6528

18.6485

23.4857

24.1501

24.1460

24.1415

25.0870

25.0817

25.0817

 

 

 

 

39

14.1507

14.1451

17.8516

18.3760

18.3712

23.1577

23.8211

23.8168

23.8121

24.7571

24.7516

24.7516

25.0155

 

 

 

40

13.9174

13.9111

17.5724

18.0950

18.0895

22.8241

23.4862

23.4815

23.4766

24.4207

24.4152

24.4152

24.6789

24.6789

 

 

41

13.6490

13.6423

17.2461

17.7612

17.7549

22.4245

23.0817

23.0764

23.0710

24.0120

24.0063

24.0063

24.2691

24.2691

24.2691

 

42

13.3571

13.3497

16.8966

17.4098

17.4028

22.0071

22.6624

22.6565

22.6505

23.5901

23.5841

23.5841

23.8467

23.8467

23.8467

24.3124

43

13.0611

13.0532

16.5414

17.0524

17.0448

21.5821

22.2352

22.2285

22.2217

23.1596

23.1531

23.1531

23.4155

23.4155

23.4155

23.8809

44

12.7997

12.7915

16.2147

16.7118

16.7036

21.1697

21.8137

21.8061

21.7984

22.7297

22.7224

22.7224

22.9830

22.9830

22.9830

23.4469

45

12.4923

12.4837

15.8453

16.3402

16.3313

20.7274

21.3693

21.3609

21.3521

22.2812

22.2730

22.2730

22.5334

22.5334

22.5334

22.9970

46

12.1796

12.1703

15.4689

15.9617

15.9521

20.2765

20.9161

20.9069

20.8971

21.8236

21.8143

21.8143

22.0746

22.0746

22.0746

22.5378

47

11.9441

11.9346

15.1593

15.6253

15.6154

19.8608

20.4833

20.4734

20.4627

21.3769

21.3664

21.3664

21.6231

21.6231

21.6231

22.0832

48

11.6166

11.6065

14.7658

15.2299

15.2194

19.3906

20.0110

20.0002

19.9886

20.9006

20.8889

20.8889

21.1455

21.1455

21.1455

21.6054

49

11.2843

11.2728

14.3653

14.8271

14.8158

18.9113

19.5297

19.5180

19.5053

20.4151

20.4023

20.4023

20.6587

20.6587

20.6587

21.1182

50

11.1206

11.1091

14.1130

14.5209

14.5094

18.5156

19.1010

19.0890

19.0755

19.9618

19.9481

19.9481

20.1973

20.1973

20.1973

20.6507

51

10.6488

10.6366

13.5512

13.9574

13.9452

17.8483

18.4322

18.4196

18.4056

19.2900

19.2753

19.2753

19.5245

19.5245

19.5245

19.9776

52

10.1677

10.1553

12.9791

13.3828

13.3694

17.1672

17.7491

17.7359

17.7212

18.6040

18.5884

18.5884

18.8375

18.8375

18.8375

19.2904

53

10.0401

10.0311

12.7217

13.0164

13.0033

16.6681

17.1833

17.1700

17.1549

17.9920

17.9762

17.9762

18.2104

18.2104

18.2104

18.6506

54

9.5296

9.5210

12.1186

12.4125

12.3988

15.9544

16.4681

16.4542

16.4382

17.2744

17.2580

17.2580

17.4924

17.4924

17.4924

17.9327

55

9.0123

9.0042

11.5061

11.7988

11.7848

15.2288

15.7403

15.7250

15.7082

16.5427

16.5255

16.5255

16.7600

16.7600

16.7600

17.2003

56

9.3174

9.3174

11.6819

11.8652

11.8551

15.1728

15.5467

15.5315

15.5141

16.2535

16.2358

16.2358

16.4385

16.4385

16.4385

16.8524

57

8.9663

8.9663

11.2698

11.4556

11.4455

14.6891

15.0620

15.0455

15.0259

15.7640

15.7449

15.7449

15.9483

15.9483

15.9483

16.3628

58

8.6091

8.6091

10.8463

11.0454

11.0353

14.2028

14.5742

14.5567

14.5353

15.2711

15.2493

15.2493

15.4530

15.4530

15.4530

15.8677

59

9.3967

9.3967

11.4307

11.4307

11.4307

14.4319

14.6652

14.6526

14.6351

15.1744

15.1528

15.1528

15.2892

15.2892

15.2892

15.6479

60

9.0085

9.0085

10.9809

10.9809

10.9809

13.9144

14.1517

14.1390

14.1206

14.6604

14.6370

14.6370

14.7760

14.7760

14.7760

15.1362

61

8.6092

8.6092

10.5204

10.5204

10.5204

13.3806

13.6356

13.6228

13.6043

14.1442

14.1193

14.1193

14.2608

14.2608

14.2608

14.6219

62

 

 

11.5360

11.5360

11.5360

14.1460

14.1460

14.1460

14.1376

14.4781

14.4601

14.4601

14.4601

14.4601

14.4601

14.7021

63

 

 

11.0511

11.0511

11.0511

13.5915

13.5915

13.5915

13.5915

13.9391

13.9209

13.9209

13.9209

13.9209

13.9209

14.1681

64

 

 

10.5560

10.5560

10.5560

13.0254

13.0254

13.0254

13.0254

13.3999

13.3816

13.3816

13.3816

13.3816

13.3816

13.6337

65

 

 

 

 

 

14.3712

14.3712

14.3712

14.3712

14.3712

14.3712

14.3712

14.3712

14.3712

14.3712

14.3712

66

 

 

 

 

 

13.7886

13.7886

13.7886

13.7886

13.7886

13.7886

13.7886

13.7886

13.7886

13.7886

13.7886

67

 

 

 

 

 

13.2069

13.2069

13.2069

13.2069

13.2069

13.2069

13.2069

13.2069

13.2069

13.2069

13.2069

68

 

 

 

 

 

12.6274

12.6274

12.6274

12.6274

12.6274

12.6274

12.6274

12.6274

12.6274

12.6274

12.6274

69

 

 

 

 

 

12.0507

12.0507

12.0507

12.0507

12.0507

12.0507

12.0507

12.0507

12.0507

12.0507

12.0507

70 and over

 

 

 

 

 

11.4771

11.4771

11.4771

11.4771

11.4771

11.4771

11.4771

11.4771

11.4771

11.4771

11.4771

Table 3            Pension valuation factors (PF) for sitting members

 

Age

Period of service (years)

 

0

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15+

30

16.5596

16.5571

20.7457

 

 

 

 

 

 

 

 

 

 

 

 

 

31

16.3595

16.3570

20.5087

21.0559

 

 

 

 

 

 

 

 

 

 

 

 

32

16.1556

16.1530

20.2670

20.8137

20.8107

 

 

 

 

 

 

 

 

 

 

 

33

15.9499

15.9473

20.0224

20.5680

20.5650

25.7852

 

 

 

 

 

 

 

 

 

 

34

15.7380

15.7352

19.7709

20.3161

20.3129

25.4878

26.1707

 

 

 

 

 

 

 

 

 

35

15.5222

15.5191

19.5144

20.0589

20.0557

25.1843

25.8667

25.8630

 

 

 

 

 

 

 

 

36

15.3062

15.3027

19.2563

19.7989

19.7956

24.8767

25.5579

25.5541

25.5498

 

 

 

 

 

 

 

37

15.0816

15.0776

18.9894

19.5311

19.5276

24.5605

25.2412

25.2373

25.2329

26.1995

 

 

 

 

 

 

38

14.8525

14.8480

18.7173

19.2579

19.2540

24.2378

24.9179

24.9139

24.9094

25.8755

25.8755

 

 

 

 

 

39

14.6294

14.6242

18.4487

18.9853

18.9810

23.9137

24.5916

24.5874

24.5828

25.5474

25.5474

25.5474

 

 

 

 

40

14.3937

14.3880

18.1677

18.7027

18.6978

23.5790

24.2558

24.2514

24.2467

25.2107

25.2107

25.2107

25.4796

 

 

 

41

14.1042

14.0979

17.8227

18.3559

18.3503

23.1681

23.8435

23.8387

23.8337

24.7970

24.7970

24.7970

25.0657

25.0657

 

 

42

13.8291

13.8223

17.4885

18.0140

18.0077

22.7592

23.4297

23.4244

23.4189

24.3789

24.3789

24.3789

24.6468

24.6468

24.6468

 

43

13.5297

13.5223

17.1306

17.6542

17.6472

22.3321

23.0008

22.9948

22.9887

23.9474

23.9474

23.9474

24.2150

24.2150

24.2150

24.6897

44

13.2253

13.2173

16.7660

17.2875

17.2799

21.8969

22.5634

22.5566

22.5497

23.5068

23.5068

23.5068

23.7743

23.7743

23.7743

24.2487

45

12.9558

12.9476

16.4304

16.9377

16.9295

21.4743

22.1317

22.1240

22.1162

23.0667

23.0667

23.0667

23.3323

23.3323

23.3323

23.8051

46

12.6388

12.6301

16.0506

16.5559

16.5469

21.0211

21.6764

21.6678

21.6589

22.6074

22.6074

22.6074

22.8728

22.8728

22.8728

23.3453

47

12.3160

12.3066

15.6636

16.1668

16.1571

20.5590

21.2122

21.2028

21.1929

22.1390

22.1390

22.1390

22.4043

22.4043

22.4043

22.8764

48

12.0715

12.0618

15.3442

15.8203

15.8103

20.1326

20.7686

20.7586

20.7478

21.6815

21.6815

21.6815

21.9432

21.9432

21.9432

22.4122

49

11.7334

11.7232

14.9396

15.4139

15.4033

19.6509

20.2849

20.2739

20.2622

21.1939

21.1939

21.1939

21.4555

21.4555

21.4555

21.9242

50

11.3905

11.3789

14.5279

14.9999

14.9885

19.1599

19.7920

19.7802

19.7673

20.6971

20.6971

20.6971

20.9585

20.9585

20.9585

21.4268

51

11.0977

11.0863

14.1254

14.5428

14.5313

18.5877

19.1865

19.1745

19.1610

20.0673

20.0673

20.0673

20.3213

20.3213

20.3213

20.7833

52

10.6111

10.5991

13.5478

13.9636

13.9515

17.9035

18.5010

18.4886

18.4745

19.3792

19.3792

19.3792

19.6333

19.6333

19.6333

20.0950

53

10.1155

10.1033

12.9599

13.3735

13.3602

17.2056

17.8013

17.7882

17.7735

18.6768

18.6768

18.6768

18.9309

18.9309

18.9309

19.3923

54

9.9831

9.9744

12.6954

12.9975

12.9846

16.6947

17.2223

17.2092

17.1942

18.0510

18.0510

18.0510

18.2898

18.2898

18.2898

18.7384

55

9.4586

9.4503

12.0769

12.3784

12.3649

15.9640

16.4904

16.4767

16.4609

17.3170

17.3170

17.3170

17.5561

17.5561

17.5561

18.0048

56

9.1268

9.1185

11.6799

11.9797

11.9655

15.4909

16.0149

15.9992

15.9822

16.8367

16.8367

16.8367

17.0758

17.0758

17.0758

17.5245

57

9.4381

9.4381

11.8603

12.0482

12.0379

15.4362

15.8194

15.8039

15.7862

16.5437

16.5437

16.5437

16.7505

16.7505

16.7505

17.1723

58

9.0772

9.0772

11.4385

11.6290

11.6187

14.9433

15.3258

15.3089

15.2889

16.0456

16.0456

16.0456

16.2530

16.2530

16.2530

16.6755

59

8.7068

8.7068

11.0029

11.2073

11.1969

14.4474

14.8288

14.8110

14.7891

15.5443

15.5443

15.5443

15.7521

15.7521

15.7521

16.1750

60

9.5134

9.5134

11.6034

11.6034

11.6034

14.6870

14.9270

14.9141

14.8962

15.4504

15.4504

15.4504

15.5895

15.5895

15.5895

15.9554

61

9.1140

9.1140

11.1431

11.1431

11.1431

14.1607

14.4050

14.3920

14.3732

14.9286

14.9286

14.9286

15.0705

15.0705

15.0705

15.4380

62

8.7060

8.7060

10.6745

10.6745

10.6745

13.6201

13.8829

13.8698

13.8509

14.4070

14.4070

14.4070

14.5515

14.5515

14.5515

14.9201

63

 

 

11.7295

11.7295

11.7295

14.4203

14.4203

14.4203

14.4118

14.7628

14.7628

14.7628

14.7628

14.7628

14.7628

15.0098

64

 

 

11.2375

11.2375

11.2375

13.8583

13.8583

13.8583

13.8583

14.2168

14.2168

14.2168

14.2168

14.2168

14.2168

14.4692

65

 

 

10.7347

10.7347

10.7347

13.2838

13.2838

13.2838

13.2838

13.6702

13.6702

13.6702

13.6702

13.6702

13.6702

13.9279

66

 

 

 

 

 

14.6873

14.6873

14.6873

14.6873

14.6873

14.6873

14.6873

14.6873

14.6873

14.6873

14.6873

67

 

 

 

 

 

14.0978

14.0978

14.0978

14.0978

14.0978

14.0978

14.0978

14.0978

14.0978

14.0978

14.0978

68

 

 

 

 

 

13.5092

13.5092

13.5092

13.5092

13.5092

13.5092

13.5092

13.5092

13.5092

13.5092

13.5092

69

 

 

 

 

 

12.9229

12.9229

12.9229

12.9229

12.9229

12.9229

12.9229

12.9229

12.9229

12.9229

12.9229

70 and over

 

 

 

 

 

12.3393

12.3393

12.3393

12.3393

12.3393

12.3393

12.3393

12.3393

12.3393

12.3393

12.3393

Table 4            Pension valuation factors (PF) for sitting members

 

Age

Period of service (years)

 

0

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15+

up to 30

9.6999

9.6940

11.3799

11.3799

11.3724

 

 

 

 

 

 

 

 

 

 

 

31

9.8693

9.8634

11.5811

11.5845

11.5770

13.6005

 

 

 

 

 

 

 

 

 

 

32

10.0339

10.0279

11.7788

11.7879

11.7805

13.8421

13.8425

 

 

 

 

 

 

 

 

 

33

10.2248

10.2185

12.0002

12.0081

12.0009

14.0997

14.0998

14.0904

 

 

 

 

 

 

 

 

34

10.3916

10.3849

12.2009

12.2156

12.2083

14.3471

14.3513

14.3420

14.3325

 

 

 

 

 

 

 

35

10.5451

10.5378

12.3906

12.4164

12.4090

14.5895

14.6009

14.5917

14.5823

14.5830

 

 

 

 

 

 

36

10.7495

10.7417

12.6261

12.6490

12.6411

14.8606

14.8706

14.8615

14.8522

14.8523

14.8390

 

 

 

 

 

37

10.9008

10.8922

12.8154

12.8516

12.8432

15.1060

15.1244

15.1152

15.1060

15.1120

15.0990

15.0855

 

 

 

 

38

11.0197

11.0106

12.9771

13.0369

13.0278

15.3371

15.3695

15.3602

15.3509

15.3671

15.3541

15.3408

15.3504

 

 

 

39

11.2444

11.2352

13.2338

13.2872

13.2774

15.6267

15.6554

15.6456

15.6362

15.6506

15.6378

15.6246

15.6336

15.6336

 

 

40

11.3555

11.3460

13.3909

13.4730

13.4623

15.8602

15.9057

15.8952

15.8852

15.9114

15.8985

15.8855

15.8986

15.8986

15.8986

 

41

11.3695

11.3596

13.4512

13.5686

13.5574

16.0015

16.0771

16.0658

16.0551

16.1017

16.0887

16.0756

16.0958

16.0958

16.0958

16.1130

42

11.5244

11.5147

13.6369

13.7907

13.7793

16.2559

16.3250

16.3129

16.3015

16.3441

16.3304

16.3172

16.3363

16.3363

16.3363

16.3529

43

11.5305

11.5209

13.6911

13.8698

13.8582

16.3846

16.4904

16.4773

16.4649

16.5321

16.5175

16.5035

16.5312

16.5312

16.5312

16.5552

44

11.4334

11.4236

13.6542

13.8807

13.8686

16.4536

16.6037

16.5899

16.5764

16.6863

16.6705

16.6556

16.6980

16.6980

16.6980

16.7345

45

11.5719

11.5628

13.8267

14.0602

14.0484

16.6728

16.8686

16.8547

16.8407

16.9433

16.9265

16.9105

16.9509

16.9509

16.9509

16.9860

46

11.4689

11.4595

13.7846

14.0574

14.0458

16.7313

16.9583

16.9440

16.9295

17.0843

17.0661

17.0488

17.1070

17.1070

17.1070

17.1573

47

11.2233

11.2132

13.6162

13.9245

13.9126

16.6749

16.9620

16.9472

16.9321

17.1500

17.1308

17.1120

17.2009

17.2009

17.2009

17.2772

48

11.1774

11.1660

13.6232

14.0750

14.0638

16.8710

17.1688

17.1544

17.1394

17.4224

17.4030

17.3836

17.4688

17.4688

17.4688

17.5426

49

11.0207

11.0093

13.5337

13.9327

13.9213

16.8074

17.1548

17.1406

17.1252

17.4529

17.4332

17.4130

17.5353

17.5353

17.5353

17.6405

50

10.6829

10.6706

13.2151

13.6119

13.5997

16.5858

16.9781

16.9635

16.9477

17.3613

17.3408

17.3198

17.4674

17.4674

17.4674

17.6270

51

10.2167

10.2042

12.9962

13.3905

13.3769

16.4169

16.9855

16.9721

16.9574

17.3933

17.3737

17.3530

17.5974

17.5974

17.5974

17.7552

52

10.0955

10.0862

12.7472

13.0347

13.0214

16.1305

16.6335

16.6201

16.6050

17.1160

17.0970

17.0762

17.3059

17.3059

17.3059

17.5316

53

9.5987

9.5898

12.1593

12.4459

12.4320

15.5506

16.0520

16.0380

16.0220

16.6020

16.5829

16.5619

16.7917

16.7917

16.7917

17.0647

54

9.0955

9.0870

11.5623

11.8477

11.8335

15.2368

15.7358

15.7202

15.7034

16.5182

16.5008

16.4812

16.7112

16.7112

16.7112

17.1432

55

9.1985

9.1985

11.5082

11.6871

11.6771

14.9181

15.2830

15.2681

15.2511

15.9731

15.9557

15.9358

16.1346

16.1346

16.1346

16.5407

56

8.8571

8.8571

11.1058

11.2870

11.2771

14.4437

14.8075

14.7913

14.7721

15.4924

15.4737

15.4521

15.6515

15.6515

15.6515

16.0581

57

8.5098

8.5098

10.6924

10.8866

10.8766

13.9669

14.3290

14.3119

14.2909

15.0085

14.9872

14.9639

15.1635

15.1635

15.1635

15.5703

58

9.2810

9.2810

11.2629

11.2629

11.2629

14.1875

14.4146

14.4023

14.3851

14.9105

14.8894

14.8652

14.9988

14.9988

14.9988

15.3505

59

8.9057

8.9057

10.8252

10.8252

10.8252

13.6803

13.9110

13.8985

13.8806

14.4058

14.3828

14.3554

14.4916

14.4916

14.4916

14.8447

60

8.5182

8.5182

10.3759

10.3759

10.3759

13.1563

13.4041

13.3915

13.3735

13.8981

13.8737

13.8438

13.9824

13.9824

13.9824

14.3363

61

 

 

11.3562

11.3562

11.3562

13.8905

13.8905

13.8905

13.8823

14.2128

14.1952

14.1707

14.1707

14.1707

14.1707

14.4079

62

 

 

10.8783

10.8783

10.8783

13.3422

13.3422

13.3422

13.3422

13.6793

13.6615

13.6358

13.6358

13.6358

13.6358

13.8778

63

 

 

10.3906

10.3906

10.3906

12.7843

12.7843

12.7843

12.7843

13.1473

13.1294

13.1034

13.1034

13.1034

13.1034

13.3502

64

 

 

 

 

 

14.0792

14.0792

14.0792

14.0792

14.0792

14.0792

14.0676

14.0676

14.0676

14.0676

14.0676

65

 

 

 

 

 

13.4921

13.4921

13.4921

13.4921

13.4921

13.4921

13.4921

13.4921

13.4921

13.4921

13.4921

66

 

 

 

 

 

12.9175

12.9175

12.9175

12.9175

12.9175

12.9175

12.9175

12.9175

12.9175

12.9175

12.9175

67

 

 

 

 

 

12.3450

12.3450

12.3450

12.3450

12.3450

12.3450

12.3450

12.3450

12.3450

12.3450

12.3450

68

 

 

 

 

 

11.7753

11.7753

11.7753

11.7753

11.7753

11.7753

11.7753

11.7753

11.7753

11.7753

11.7753

69

 

 

 

 

 

11.2087

11.2087

11.2087

11.2087

11.2087

11.2087

11.2087

11.2087

11.2087

11.2087

11.2087

70 and over

 

 

 

 

 

10.6455

10.6455

10.6455

10.6455

10.6455

10.6455

10.6455

10.6455

10.6455

10.6455

10.6455

Table 5            Pension valuation factors (PF) for sitting members

 

Age

Period of service (years)

 

0

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15+

up to 30

9.6843

9.6782

11.3657

11.3661

 

 

 

 

 

 

 

 

 

 

 

 

31

9.8661

9.8601

11.5780

11.5780

11.5703

 

 

 

 

 

 

 

 

 

 

 

32

10.0379

10.0319

11.7823

11.7857

11.7781

13.8400

 

 

 

 

 

 

 

 

 

 

33

10.2048

10.1987

11.9830

11.9922

11.9847

14.0855

14.0860

 

 

 

 

 

 

 

 

 

34

10.3979

10.3914

12.2072

12.2153

12.2079

14.3469

14.3469

14.3374

 

 

 

 

 

 

 

 

35

10.5666

10.5598

12.4106

12.4256

12.4182

14.5979

14.6023

14.5928

14.5831

 

 

 

 

 

 

 

36

10.7213

10.7138

12.6023

12.6287

12.6212

14.8437

14.8553

14.8459

14.8363

14.8370

 

 

 

 

 

 

37

10.9281

10.9200

12.8410

12.8643

12.8563

15.1187

15.1290

15.1197

15.1102

15.1103

15.0968

 

 

 

 

 

38

11.0804

11.0717

13.0323

13.0693

13.0607

15.3675

15.3863

15.3770

15.3676

15.3738

15.3604

15.3604

 

 

 

 

39

11.2014

11.1922

13.1970

13.2580

13.2487

15.6030

15.6361

15.6267

15.6172

15.6337

15.6205

15.6205

15.6303

 

 

 

40

11.4300

11.4206

13.4582

13.5129

13.5029

15.8980

15.9274

15.9174

15.9078

15.9225

15.9095

15.9095

15.9187

15.9187

 

 

41

11.4974

11.4878

13.5661

13.6507

13.6399

16.0766

16.1236

16.1130

16.1029

16.1302

16.1171

16.1171

16.1306

16.1306

16.1306

 

42

11.5102

11.5002

13.6260

13.7468

13.7353

16.2192

16.2970

16.2855

16.2746

16.3228

16.3097

16.3097

16.3304

16.3304

16.3304

16.3482

43

11.6649

11.6552

13.8124

13.9703

13.9588

16.4759

16.5476

16.5353

16.5237

16.5681

16.5542

16.5542

16.5739

16.5739

16.5739

16.5911

44

11.6684

11.6588

13.8652

14.0484

14.0367

16.6049

16.7140

16.7007

16.6881

16.7577

16.7428

16.7428

16.7713

16.7713

16.7713

16.7961

45

11.5664

11.5565

13.8247

14.0568

14.0446

16.6728

16.8272

16.8132

16.7995

16.9126

16.8966

16.8966

16.9401

16.9401

16.9401

16.9776

46

11.7015

11.6922

13.9952

14.2350

14.2231

16.8921

17.0931

17.0790

17.0648

17.1712

17.1540

17.1540

17.1957

17.1957

17.1957

17.2320

47

11.5925

11.5829

13.9489

14.2288

14.2171

16.9490

17.1820

17.1675

17.1528

17.3125

17.2940

17.2940

17.3538

17.3538

17.3538

17.4056

48

11.3373

11.3272

13.7732

14.0895

14.0774

16.8886

17.1830

17.1680

17.1527

17.3770

17.3575

17.3575

17.4486

17.4486

17.4486

17.5269

49

11.2843

11.2728

13.7751

14.2368

14.2255

17.0835

17.3896

17.3751

17.3598

17.6506

17.6309

17.6309

17.7187

17.7187

17.7187

17.7948

50

11.1206

11.1091

13.6808

14.0888

14.0772

17.0166

17.3734

17.3590

17.3434

17.6801

17.6600

17.6600

17.7856

17.7856

17.7856

17.8938

51

10.6488

10.6366

13.2146

13.6207

13.6086

16.6327

17.0385

17.0240

17.0082

17.4354

17.4150

17.4150

17.5678

17.5678

17.5678

17.7327

52

10.1677

10.1553

12.9791

13.3828

13.3694

16.4501

17.0320

17.0187

17.0040

17.4565

17.4370

17.4370

17.6862

17.6862

17.6862

17.8511

53

10.0401

10.0311

12.7217

13.0164

13.0033

16.1551

16.6702

16.6569

16.6419

17.1712

17.1523

17.1523

17.3865

17.3865

17.3865

17.6207

54

9.5296

9.5210

12.1186

12.4125

12.3988

15.5610

16.0746

16.0608

16.0448

16.6449

16.6260

16.6260

16.8604

16.8604

16.8604

17.1427

55

9.0123

9.0042

11.5061

11.7988

11.7848

15.2288

15.7403

15.7250

15.7082

16.5427

16.5255

16.5255

16.7600

16.7600

16.7600

17.2003

56

9.3174

9.3174

11.6819

11.8652

11.8551

15.1728

15.5467

15.5315

15.5141

16.2535

16.2358

16.2358

16.4385

16.4385

16.4385

16.8524

57

8.9663

8.9663

11.2698

11.4556

11.4455

14.6891

15.0620

15.0455

15.0259

15.7640

15.7449

15.7449

15.9483

15.9483

15.9483

16.3628

58

8.6091

8.6091

10.8463

11.0454

11.0353

14.2028

14.5742

14.5567

14.5353

15.2711

15.2493

15.2493

15.4530

15.4530

15.4530

15.8677

59

9.3967

9.3967

11.4307

11.4307

11.4307

14.4319

14.6652

14.6526

14.6351

15.1744

15.1528

15.1528

15.2892

15.2892

15.2892

15.6479

60

9.0085

9.0085

10.9809

10.9809

10.9809

13.9144

14.1517

14.1390

14.1206

14.6604

14.6370

14.6370

14.7760

14.7760

14.7760

15.1362

61

8.6092

8.6092

10.5204

10.5204

10.5204

13.3806

13.6356

13.6228

13.6043

14.1442

14.1193

14.1193

14.2608

14.2608

14.2608

14.6219

62

 

 

11.5360

11.5360

11.5360

14.1460

14.1460

14.1460

14.1376

14.4781

14.4601

14.4601

14.4601

14.4601

14.4601

14.7021

63

 

 

11.0511

11.0511

11.0511

13.5915

13.5915

13.5915

13.5915

13.9391

13.9209

13.9209

13.9209

13.9209

13.9209

14.1681

64

 

 

10.5560

10.5560

10.5560

13.0254

13.0254

13.0254

13.0254

13.3999

13.3816

13.3816

13.3816

13.3816

13.3816

13.6337

65

 

 

 

 

 

14.3712

14.3712

14.3712

14.3712

14.3712

14.3712

14.3712

14.3712

14.3712

14.3712

14.3712

66

 

 

 

 

 

13.7886

13.7886

13.7886

13.7886

13.7886

13.7886

13.7886

13.7886

13.7886

13.7886

13.7886

67

 

 

 

 

 

13.2069

13.2069

13.2069

13.2069

13.2069

13.2069

13.2069

13.2069

13.2069

13.2069

13.2069

68

 

 

 

 

 

12.6274

12.6274

12.6274

12.6274

12.6274

12.6274

12.6274

12.6274

12.6274

12.6274

12.6274

69

 

 

 

 

 

12.0507

12.0507

12.0507

12.0507

12.0507

12.0507

12.0507

12.0507

12.0507

12.0507

12.0507

70 and over

 

 

 

 

 

11.4771

11.4771

11.4771

11.4771

11.4771

11.4771

11.4771

11.4771

11.4771

11.4771

11.4771

Table 6            Pension valuation factors (PF) for sitting members

 

Age

Period of service (years)

 

0

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15+

up to 30

9.6798

9.6736

11.3614

 

 

 

 

 

 

 

 

 

 

 

 

 

31

9.8502

9.8440

11.5635

11.5639

 

 

 

 

 

 

 

 

 

 

 

 

32

10.0346

10.0286

11.7791

11.7791

11.7712

 

 

 

 

 

 

 

 

 

 

 

33

10.2089

10.2028

11.9865

11.9900

11.9822

14.0834

 

 

 

 

 

 

 

 

 

 

34

10.3776

10.3714

12.1897

12.1991

12.1915

14.3324

14.3329

 

 

 

 

 

 

 

 

 

35

10.5730

10.5665

12.4171

12.4254

12.4178

14.5978

14.5978

14.5881

 

 

 

 

 

 

 

 

36

10.7433

10.7363

12.6228

12.6381

12.6305

14.8523

14.8567

14.8471

14.8371

 

 

 

 

 

 

 

37

10.8994

10.8918

12.8168

12.8438

12.8361

15.1015

15.1134

15.1039

15.0940

15.0948

 

 

 

 

 

 

38

11.1083

11.1001

13.0584

13.0823

13.0741

15.3805

15.3910

15.3816

15.3719

15.3720

15.3720

 

 

 

 

 

39

11.2634

11.2545

13.2532

13.2910

13.2823

15.6340

15.6532

15.6438

15.6342

15.6405

15.6405

15.6405

 

 

 

 

40

11.3863

11.3769

13.4209

13.4832

13.4737

15.8739

15.9077

15.8981

15.8885

15.9054

15.9054

15.9054

15.9154

 

 

 

41

11.5738

11.5642

13.6351

13.6917

13.6816

16.1154

16.1461

16.1359

16.1262

16.1418

16.1418

16.1418

16.1514

16.1514

 

 

42

11.6411

11.6313

13.7436

13.8308

13.8198

16.2961

16.3448

16.3340

16.3237

16.3522

16.3522

16.3522

16.3661

16.3661

16.3661

 

43

11.6525

11.6423

13.8031

13.9272

13.9156

16.4401

16.5201

16.5085

16.4974

16.5472

16.5472

16.5472

16.5685

16.5685

16.5685

16.5869

44

11.8060

11.7961

13.9893

14.1514

14.1397

16.6984

16.7727

16.7602

16.7484

16.7947

16.7947

16.7947

16.8151

16.8151

16.8151

16.8329

45

11.8066

11.7969

14.0404

14.2284

14.2165

16.8276

16.9401

16.9266

16.9138

16.9858

16.9858

16.9858

17.0151

17.0151

17.0151

17.0406

46

11.6990

11.6890

13.9960

14.2339

14.2215

16.8942

17.0529

17.0387

17.0248

17.1413

17.1413

17.1413

17.1859

17.1859

17.1859

17.2245

47

11.8303

11.8210

14.1642

14.4105

14.3985

17.1136

17.3200

17.3057

17.2913

17.4016

17.4016

17.4016

17.4445

17.4445

17.4445

17.4820

48

11.7148

11.7052

14.1134

14.4008

14.3889

17.1689

17.4081

17.3935

17.3785

17.5433

17.5433

17.5433

17.6047

17.6047

17.6047

17.6580

49

11.4506

11.4403

13.9309

14.2556

14.2434

17.1050

17.4070

17.3918

17.3763

17.6071

17.6071

17.6071

17.7004

17.7004

17.7004

17.7808

50

11.3905

11.3789

13.9279

14.3999

14.3885

17.2991

17.6138

17.5991

17.5836

17.8825

17.8825

17.8825

17.9729

17.9729

17.9729

18.0513

51

11.0977

11.0863

13.6919

14.1094

14.0979

17.0741

17.4436

17.4294

17.4138

17.7625

17.7625

17.7625

17.8929

17.8929

17.8929

18.0055

52

10.6111

10.5991

13.2118

13.6276

13.6156

16.6789

17.0987

17.0844

17.0686

17.5101

17.5101

17.5101

17.6682

17.6682

17.6682

17.8387

53

10.1155

10.1033

12.9599

13.3735

13.3602

16.4829

17.0787

17.0655

17.0508

17.5205

17.5205

17.5205

17.7746

17.7746

17.7746

17.9470

54

9.9831

9.9744

12.6954

12.9975

12.9846

16.1804

16.7080

16.6949

16.6799

17.2282

17.2282

17.2282

17.4670

17.4670

17.4670

17.7098

55

9.4586

9.4503

12.0769

12.3784

12.3649

15.5719

16.0983

16.0846

16.0688

16.6897

16.6897

16.6897

16.9287

16.9287

16.9287

17.2206

56

9.1268

9.1185

11.6799

11.9797

11.9655

15.4909

16.0149

15.9992

15.9822

16.8367

16.8367

16.8367

17.0758

17.0758

17.0758

17.5245

57

9.4381

9.4381

11.8603

12.0482

12.0379

15.4362

15.8194

15.8039

15.7862

16.5437

16.5437

16.5437

16.7505

16.7505

16.7505

17.1723

58

9.0772

9.0772

11.4385

11.6290

11.6187

14.9433

15.3258

15.3089

15.2889

16.0456

16.0456

16.0456

16.2530

16.2530

16.2530

16.6755

59

8.7068

8.7068

11.0029

11.2073

11.1969

14.4474

14.8288

14.8110

14.7891

15.5443

15.5443

15.5443

15.7521

15.7521

15.7521

16.1750

60

9.5134

9.5134

11.6034

11.6034

11.6034

14.6870

14.9270

14.9141

14.8962

15.4504

15.4504

15.4504

15.5895

15.5895

15.5895

15.9554

61

9.1140

9.1140

11.1431

11.1431

11.1431

14.1607

14.4050

14.3920

14.3732

14.9286

14.9286

14.9286

15.0705

15.0705

15.0705

15.4380

62

8.7060

8.7060

10.6745

10.6745

10.6745

13.6201

13.8829

13.8698

13.8509

14.4070

14.4070

14.4070

14.5515

14.5515

14.5515

14.9201

63

 

 

11.7295

11.7295

11.7295

14.4203

14.4203

14.4203

14.4118

14.7628

14.7628

14.7628

14.7628

14.7628

14.7628

15.0098

64

 

 

11.2375

11.2375

11.2375

13.8583

13.8583

13.8583

13.8583

14.2168

14.2168

14.2168

14.2168

14.2168

14.2168

14.4692

65

 

 

10.7347

10.7347

10.7347

13.2838

13.2838

13.2838

13.2838

13.6702

13.6702

13.6702

13.6702

13.6702

13.6702

13.9279

66

 

 

 

 

 

14.6873

14.6873

14.6873

14.6873

14.6873

14.6873

14.6873

14.6873

14.6873

14.6873

14.6873

67

 

 

 

 

 

14.0978

14.0978

14.0978

14.0978

14.0978

14.0978

14.0978

14.0978

14.0978

14.0978

14.0978

68

 

 

 

 

 

13.5092

13.5092

13.5092

13.5092

13.5092

13.5092

13.5092

13.5092

13.5092

13.5092

13.5092

69

 

 

 

 

 

12.9229

12.9229

12.9229

12.9229

12.9229

12.9229

12.9229

12.9229

12.9229

12.9229

12.9229

70 and over

 

 

 

 

 

12.3393

12.3393

12.3393

12.3393

12.3393

12.3393

12.3393

12.3393

12.3393

12.3393

12.3393

Table 7            Pension valuation factors (PF) for sitting members

 

Age

Period of service (years)

 

0

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15+

up to 30

17.3427

17.3388

22.1132

23.6076

23.6041

 

 

 

 

 

 

 

 

 

 

 

31

17.1128

17.1087

21.8388

23.3305

23.3270

23.3231

 

 

 

 

 

 

 

 

 

 

32

16.8755

16.8713

21.5563

23.0466

23.0430

23.0390

23.9148

 

 

 

 

 

 

 

 

 

33

16.6342

16.6295

21.2682

22.7571

22.7534

22.7494

23.6244

23.6196

 

 

 

 

 

 

 

 

34

16.3947

16.3895

20.9801

22.4646

22.4608

22.4566

23.3299

23.3250

23.3195

 

 

 

 

 

 

 

35

16.1441

16.1381

20.6806

22.1632

22.1592

22.1548

23.0275

23.0224

23.0168

25.2605

 

 

 

 

 

 

36

15.8889

15.8821

20.3755

21.8558

21.8514

21.8469

22.7186

22.7135

22.7077

24.9502

24.9451

 

 

 

 

 

37

15.6432

15.6354

20.0771

21.5488

21.5439

21.5388

22.4075

22.4022

22.3963

24.6356

24.6304

24.6246

 

 

 

 

38

15.3791

15.3704

19.7608

21.2297

21.2241

21.2184

22.0858

22.0802

22.0741

24.3123

24.3070

24.3010

24.5598

 

 

 

39

15.1122

15.1026

19.4404

20.9056

20.8993

20.8928

21.7585

21.7523

21.7459

23.9827

23.9773

23.9712

24.2299

24.2299

 

 

40

14.8714

14.8611

19.1413

20.5897

20.5824

20.5751

21.4344

21.4275

21.4204

23.6513

23.6457

23.6395

23.8973

23.8973

23.8973

 

41

14.5382

14.5268

18.7411

20.1854

20.1774

20.1690

21.0259

21.0181

21.0102

23.2388

23.2329

23.2264

23.4841

23.4841

23.4841

23.9410

42

14.2005

14.1882

18.3342

19.7741

19.7652

19.7560

20.6100

20.6011

20.5921

22.8180

22.8115

22.8048

23.0622

23.0622

23.0622

23.5189

43

13.9188

13.9061

17.9747

19.3824

19.3730

19.3628

20.2048

20.1947

20.1846

22.3981

22.3908

22.3834

22.6391

22.6391

22.6391

23.0942

44

13.5686

13.5552

17.5521

18.9551

18.9448

18.9338

19.7729

19.7617

19.7501

21.9601

21.9520

21.9437

22.1992

22.1992

22.1992

22.6540

45

13.2131

13.1987

17.1219

18.5199

18.5088

18.4967

19.3328

19.3206

19.3077

21.5134

21.5043

21.4949

21.7502

21.7502

21.7502

22.2047

46

12.9792

12.9643

16.7974

18.1332

18.1216

18.1088

18.9225

18.9094

18.8953

21.0773

21.0669

21.0563

21.3082

21.3082

21.3082

21.7596

47

12.6068

12.5910

16.3474

17.6789

17.6667

17.6531

18.4638

18.4495

18.4343

20.6124

20.6008

20.5888

20.8405

20.8405

20.8405

21.2916

48

12.2293

12.2114

15.8896

17.2159

17.2028

17.1884

17.9962

17.9808

17.9641

20.1382

20.1256

20.1122

20.3637

20.3637

20.3637

20.8146

49

12.1144

12.0964

15.6632

16.8643

16.8508

16.8358

17.6004

17.5845

17.5667

19.6956

19.6821

19.6675

19.9119

19.9119

19.9119

20.3567

50

11.7168

11.6974

15.1828

16.3803

16.3659

16.3497

17.1118

17.0950

17.0762

19.2016

19.1868

19.1709

19.4154

19.4154

19.4154

19.8600

51

11.1695

11.1497

14.5292

15.7215

15.7055

15.6885

16.4478

16.4299

16.4103

18.5321

18.5164

18.4992

18.7436

18.7436

18.7436

19.1879

52

11.1708

11.1562

14.3654

15.3021

15.2864

15.2690

15.9409

15.9230

15.9028

17.9347

17.9188

17.9008

18.1304

18.1304

18.1304

18.5623

53

10.5856

10.5716

13.6734

14.6086

14.5922

14.5731

15.2429

15.2242

15.2028

17.2332

17.2167

17.1980

17.4279

17.4279

17.4279

17.8599

54

9.9942

9.9808

12.9720

13.9039

13.8872

13.8669

14.5337

14.5130

14.4905

16.5182

16.5008

16.4812

16.7112

16.7112

16.7112

17.1432

55

10.3630

10.3630

13.1319

13.7146

13.7029

13.6867

14.1745

14.1546

14.1318

15.9731

15.9557

15.9358

16.1346

16.1346

16.1346

16.5407

56

9.9503

9.9503

12.6510

13.2413

13.2296

13.2128

13.6992

13.6775

13.6518

15.4924

15.4737

15.4521

15.6515

15.6515

15.6515

16.0581

57

9.5321

9.5321

12.1562

12.7663

12.7545

12.7376

13.2220

13.1991

13.1711

15.0085

14.9872

14.9639

15.1635

15.1635

15.1635

15.5703

58

10.8695

10.8695

13.2058

13.2058

13.2058

13.1980

13.5020

13.4854

13.4625

14.9105

14.8894

14.8652

14.9988

14.9988

14.9988

15.3505

59

10.4238

10.4238

12.6870

12.6870

12.6870

12.6870

12.9958

12.9791

12.9551

14.4058

14.3828

14.3554

14.4916

14.4916

14.4916

14.8447

60

9.9648

9.9648

12.1556

12.1556

12.1556

12.1556

12.4875

12.4707

12.4465

13.8981

13.8737

13.8438

13.9824

13.9824

13.9824

14.3363

61

 

 

13.3112

13.3112

13.3112