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Approvals as made
This Approval amends the Family Law (Superannuation) (Methods and Factors for Valuing Particular Superannuation Interests) Approval 2003.
Administered by: Attorney-General's
Exempt from sunsetting by the Legislative Instruments Act 2003 s 54(2) item 42
Made 13 Sep 2007
Registered 14 Sep 2007
Tabled HR 18 Sep 2007
Tabled Senate 18 Sep 2007
Date of repeal 09 Apr 2013
Repealed by Attorney-General's (Spent and Redundant Instruments) Repeal Regulation 2013

Family Law (Superannuation) (Methods and Factors for Valuing Particular Superannuation Interests) Amendment Approval 2007 (No. 1)

Family Law (Superannuation) Regulations 2001

I, PHILIP MAXWELL RUDDOCK, Attorney‑General, make this Approval under regulations 38 and 43A of the Family Law (Superannuation) Regulations 2001.

Dated 13 September 2007

PHILIP RUDDOCK

 


1              Name of Approval

                This Approval is the Family Law (Superannuation) (Methods and Factors for Valuing Particular Superannuation Interests) Amendment Approval 2007 (No. 1)

2              Commencement

                This Approval commences on the day after it is registered.

3              Amendment of Family Law (Superannuation) (Methods and Factors for Valuing Particular Superannuation Interests) Approval 2003

                Schedule 1 amends the Family Law (Superannuation) (Methods and Factors for Valuing Particular Superannuation Interests) Approval 2003.


Schedule 1        Amendments

(section 3)

  

[1]           Section 3, definition of spouse, including the note

substitute

spouse has the meaning given by section 90MD of the Act.

Note   Spouse is defined in section 90MD of the Act as a party to a marriage.

[2]           Schedule 2, after Part 7

insert

Part 8                 New South Wales State Superannuation Scheme

Division 8.1           Definitions

1              Definitions

         (1)   In this Part:

calculation year means the financial year in relation to which a calculation is being made for paragraph (a) or (b) of step 1 or for step 3 of the method set out in clause 2.

NSW Superannuation Act means the Superannuation Act 1916 (NSW).

SS Scheme means the superannuation scheme constituted by the NSW Superannuation Act.

         (2)   A reference in this Part to the requirements of Division 2.2 of the Regulations being satisfied does not include a reference to the requirements of that Division being satisfied by making a payment of the kind mentioned in regulation 14H of the Regulations.

         (3)   An expression used in this Part and in the NSW Superannuation Act or in a provision of that Act has the same meaning in this Part as it has in the NSW Superannuation Act or the provision of that Act.

Note   The following expressions are defined in subsection 3 (1) of the NSW Superannuation Act:

·         Child

·         Contributor

·         Contributors’ reserve

·         De facto partner

·         Employee

·         Maturity age

·         Prescribed age

·         Salary

·         Service

·         Spouse

·         STC

·         Superannuation contributions surcharge.

Division 8.2           Interests in the growth phase

Subdivision 8.2.1        Contributors who have not elected to defer benefit

2              Method for interests in SS Scheme

         (1)   For an interest that:

                (a)    is in the growth phase in the SS Scheme; and

               (b)    is held by a person who is a contributor;

the method set out in the following table is approved for section 4 of this instrument.

         (2)   However, the method set out in the following table does not apply to an interest for which a method is approved under another Subdivision of this Division.

 

Method

Step 1   

Calculate the probability weighted employer funded accrued benefit (if any) that would be payable to, or in respect of, the person for each benefit that would be payable to the person for each of the reasons (r) set out in clause 8 in accordance with whichever of the following is applicable:

   (a)  if the person is less than 65 years at the end of the financial year in which the relevant date occurs, calculate the benefit for each financial year (t) in the period commencing on 1 July before the relevant date and ending at the end of the financial year when the person would turn 65;

   (b)  if the person is 65 years or more at the end of the financial year in which the relevant date occurs, calculate the benefit for the financial year commencing on 1 July before the relevant date;

in accordance with the formula:

         where:

         Bt,r has the meaning given by clause 6.

         TPCIt is the total amount of the person’s contributions and interest that would be debited against the contributors’ reserve, in respect of the person, in accordance with paragraph 33B (2) (a) of the NSW Superannuation Act, if:

        (a)   the benefit were to be payable to, or in respect of, the person on 31 December in the calculation year; and

        (b)   the following assumptions were to apply to the person’s contributions and interest:

            (i)         each of the assumptions set out in clause 10;

(ii)        the interest rate that is fixed by STC, under subsection 8 (1) of the NSW Superannuation Act, for each year commencing on 1 July before the relevant date is 6.5%.

         st has the meaning given by clause 3.

         pt,r has the meaning given by clause 4.

         aft,r has the meaning given by clause 5.

         dt is:

        (a)   in respect of the financial year in which the relevant date occurs — 1.032; and

        (b)   in any other case — the discount factor mentioned in Table 1 of Division 8.4 that is applicable to the calculation year.

Step 2   

Calculate the sum (V0) of all of the probability weighted employer funded accrued benefits worked out in step 1

Step 3   

Applying the assumptions set out in clause 9, repeat step 1 for each calculation year commencing on 1 July after the relevant date, modified so that:

   (a)  the relevant date referred to in paragraph (b) of the definition of st is:

         (i)   the date corresponding to the relevant date in the financial year following the financial year in which the relevant date occurs; or

        (ii)   if there is no such corresponding date because the relevant date is 29 February — 1 March; and

   (b)  LPS0 referred to in the definition of aft,r is, if applicable, the length of the person’s service as at 1 July immediately after the relevant date; and

   (c)  dt is:

         (i)   in respect of the financial year immediately after the relevant date — 1.032; and

        (ii)   in any other case — the discount factor that would apply to the calculation year if the reference to ‘1 July before the relevant date’ in the heading of column 1 in Table 1 in Division 8.4 was a reference to ‘1 July after the relevant date’.

Step 4   

Calculate the sum (V1) of all of the probability weighted employer funded accrued benefits worked out in step 3.

Step 5   

Calculate the employer financed component of the benefit (EFB) that is payable to the person in accordance with the formula:

where:

V0 is the amount worked out in step 2.

V1 is the amount worked out in step 4.

m is the number of complete months in the period commencing on 1 July before the relevant date and ending at the end of the relevant date.

Step 6   

Calculate the gross value of the interest in accordance with the formula:

where:

EFB is the employer financed component of the benefit that is payable to the person, worked out in accordance with step 5.

TPCI is the total amount of the person’s contributions and interest, at the relevant date, that would be debited from his or her contributor’s account, under subsection 33B (4) of the NSW Superannuation Act, if a benefit under that Act were to become payable to that person at that date.

RUA is the person’s reserve unit accumulation, being the amount that would be payable under subsection 15A (6AB) of the NSW Superannuation Act if the person ceased to be an employee at the relevant date.

R is the reduction factor under clause 7.

3              Meaning of st

                For step 1 of the method set out in clause 2:

st is:

                (a)    for the financial year commencing on 1 July before the relevant date — 1; or

               (b)    for each year in the period commencing on 1 July after the relevant date and ending at the end of 30 June immediately before the calculation year  — the probability that the person will be an employee in the calculation year, worked out in accordance with the method set out in the following table.

Step 1   

Calculate, for each year in the period commencing on 1 July before the relevant date and ending at the end of 30 June immediately before the calculation year (the calculation period), the total of the sum of the factors set out in whichever of paragraphs (a), (b) and (c) is applicable to the person:

   (a)  if the person is male — the factors set out, for the person’s age in that year, in columns 2 to 7 of Table 2 in Division 8.4;

   (b)  if the person is female and elected to contribute at the rate prescribed by the NSW Superannuation Act for retirement at 55 years  — the factors set out, for the person’s age in that year, in columns 2, 4, 5, 6, 7 and 9 of Table 3 in Division 8.4;

   (c)  if the person is female and elected to contribute at the rate prescribed by the NSW Superannuation Act for retirement at 60 years — the factors set out, for the person’s age in that year, in columns 3, 4, 5, 6, 8 and 10 of Table 3 in Division 8.4.

Step 2   

For each year in the calculation period, calculate the probability that the person will remain an employee at the end of each year (survival factor), being 1 less the sum of the factors set out in whichever of paragraphs (a), (b) and (c) in step 1 is applicable to the person for each year.

Step 3   

Multiply the survival factor worked out in step 2 for the first year in the calculation period by the survival factor for each remaining year in that period.

Step 4   

st is the result of the calculation worked out in step 3.

4              Meaning of pt,r

                For step 1 of the method set out in clause 2:

pt,r is the probability, set out in whichever of Tables 2 and 3 of Division 8.4 is applicable, that the benefit would be payable to the person in the calculation year for any of the reasons mentioned in subclause 8 (2), given:

                (a)    the person’s gender; and

               (b)    the person’s age in completed years on 31 December in the calculation year; and

                (c)    if the person is female, the person’s contribution rate for retirement at 55 or 60 years (as the case may be).

5              Meaning of aft,r

         (1)   For step 1 of the method set out in clause 2:

aft,r is:

                (a)    if the benefit is payable to, or in respect of, a person under section 29, 30 or 32A of the NSW Superannuation Act — the lesser of:

                          (i)    1; and

                         (ii)    the factor calculated in accordance with the formula:

                                 where:

                                 LPS0 is the length of the person’s service expressed in years and any fraction of a year, at the relevant date.

                                 LPSmd is the length of the person’s service if he or she remained an employee until maturity age, expressed in years and any fraction of a year; or

               (b)    in any other case — the factor calculated in accordance with the formula:

                                 where:

                                 LPS0 is the length of the person’s service expressed in years and any fraction of a year, as at 1 July before the relevant date.

                                 t is:

                                    (a)     if the person is less than 65 years on 30 June after the relevant date — the number of years in the period commencing on 1 July before the relevant date and ending at the beginning of the calculation year; or

                                    (b)     if the person is 65 years or more on 30 June after the relevant date — 0.

         (2)   For the definition of LPSmd in paragraph (a) of the definition of aft,r in subclause (1):

fraction of a year means the quotient of:

                (a)    the number of days, including the day when the person reaches maturity age, that would not be included in the number of complete years of service if the person remained an employee until maturity age; and

               (b)    whichever of subparagraphs (i), (ii), (iii) and (iv) is applicable:

                          (i)    if the length of the person’s service at the date when the person will reach maturity age is less than 1 complete year and the date ‘29 February’ occurs in the period of 12 months commencing on the date on which the person commenced service — 366;

                         (ii)    if the length of the person’s service at the date when the person will reach maturity age is more than 1 complete year and the date ‘29 February’ occurs in the period of 12 months commencing on the person’s most recent anniversary date before maturity age — 366;

                         (iii)    if the length of the person’s service at the date when the person will reach maturity age is more than 1 complete year and the person’s most recent anniversary date before maturity age is taken to be ‘1 March’ under subclause (4) — 365;

                        (iv)    in any other case — 365.

         (3)   For the definition of LPS0 in paragraph (c) of the definition of aft,r in subclause (1):

fraction of a year means the quotient of:

                (a)    the number of days, including the date ‘1 July’ before the relevant date, that are not included in the number of complete years of service; and

               (b)    whichever of subparagraphs (i), (ii), (iii) and (iv) is applicable:

                          (i)    if the length of the person’s service at the relevant date is less than 1 complete year and the date ‘29 February’ occurs in the period of 12 months commencing on the date on which the person commenced service — 366;

                         (ii)    if the length of the person’s service at the relevant date is more than 1 complete year and the date ‘29 February’ occurs in the period of 12 months commencing on the person’s most recent anniversary date in the financial year preceding the relevant date — 366;

                         (iii)    if the length of the person’s service at the relevant date is more than 1 complete year and the person’s most recent anniversary date in the financial year preceding the relevant date is taken to be ‘1 March’ under subclause (4) — 365;

                        (iv)    in any other case — 365.

         (4)   If a person’s anniversary date is ‘29 February’, the person’s most recent anniversary date is taken to be ‘1 March’ in a year that is not a leap year.

         (5)   In this clause:

anniversary date means the anniversary of the date on which a person commenced service.

6              Valuation of benefit (Bt,r)

         (1)   For step 1 of the method set out in clause 2 and subject to subclause (2):

Bt,r is the value of the benefit (including any lump sum payments or pension payments) in the calculation year that:

                (a)    would be payable to the person for any of the reasons mentioned in subclause 8 (1); and

               (b)    applies the assumptions set out in clause 10; and

                (c)    takes into account the amount of reduction of the benefit (if any) determined by STC under subsection 61RA (1) of the NSW Superannuation Act in accordance with section 61RD of that Act; and

               (d)    assumes, for the purpose of calculating the amount of that reduction, that L in subsection 61RD (7) of the NSW Superannuation Act is 0.15; and

                (e)    disregards the amount of adjustment (if any) that STC would determine under subsection 61RA (1A) of the NSW Superannuation Act in respect of the superannuation contributions surcharge.

         (2)   For subclause (1), the value of the benefit is taken to be whichever of the following is applicable:

                (a)    if the benefit is payable as an immediate lump sum only — the amount of the lump sum;

               (b)    if the benefit is payable as a pension that is immediately payable in the calculation year — the value of the benefit calculated in accordance with the formula set out in subclause (3);

                (c)    if the benefit is payable under Division 3A of Part 4 of the NSW Superannuation Act after the person resigned — the value of the benefit calculated in accordance with the formula set out in subclause (4).

         (3)   For paragraph (2) (b), the value of the benefit is to be calculated in accordance with the formula:

                        where:

                        Pension is the amount of fortnightly pension benefit that would be payable to, or in respect of, the person on the date when the person’s pension entitlement first arises.

                        PFy+t+m is the factor calculated in accordance with the formula:

                                 where:

                                 PFy+t is the valuation factor mentioned in Table 4 of Division 8.4 that is applicable, given:

                                    (a)     the person’s age in completed years (y+t) on 31 December in the calculation year; and

                                    (b)     the person’s gender; and

                                    (c)     the type of pension.

                                 m is the number of complete months of the person’s age that are not included in the person’s age in completed years on 31 December in the calculation year.

                                 PFy+t+1 is the valuation factor mentioned in Table 4 of Division 8.4 that would be applicable to the person if the person’s age in completed years on 31 December in the calculation year were 1 year more than it is.

         (4)   For paragraph (2) (c), the value of the benefit is to be calculated in accordance with the formula:

where:

Pension1t is the amount of fortnightly pension that would be calculated under subsection 52A (2) of the NSW Superannuation Act in respect of the person, if the person was entitled to a pension under section 52C of that Act on 31 December in the calculation year.

PF1y+t+m is the pension valuation factor calculated in accordance with the formula:

                        where:

                        PF1y+t is the P1 pension valuation factor mentioned in Table 5 of Division 8.4 that is applicable, given:

                         (a)    the person’s gender; and

                         (b)    the person’s age in completed years on 31 December in the calculation year.

                        m is the number of complete months of the person’s age that are not included in the person’s age in completed years on 31 December in the calculation year.

                        PF1y+t+1 is the P1 pension valuation factor mentioned in Table 5 of Division 8.4 that would be applicable if the person’s age in completed years on 31 December in the calculation year were 1 year more than it is.

Pension2t is the amount of fortnightly pension that would be calculated under subsection 52A (3) of the NSW Superannuation Act in respect of the person, if the person was entitled to a pension under section 52C of that Act on 31 December in the calculation year.

PF2y+t+m is the pension valuation factor calculated in accordance with the formula:

                        where:

                        PF2y+t is the P2 pension valuation factor mentioned in Table 5 of Division 8.4 that is applicable, given:

                         (a)    the person’s gender; and

                         (b)    the person’s age in completed years on 31 December in the calculation year.

                        m has the meaning given above.

                        PF2y+t+1 is the P2 pension valuation factor mentioned in Table 5 of Division 8.4 that would be applicable if the person’s age in completed years on 31 December in the calculation year were 1 year more than it is.

7              Reduction factor

         (1)   For step 6 of the method set out in clause 2, the reduction factor is:

                (a)    if the requirements of Division 2.2 of the Regulations have been satisfied in respect of the entitlement of only one spouse of the person, being an entitlement arising under a particular superannuation agreement, flag lifting agreement or splitting order that applies in respect of the interest — the factor calculated in accordance with the formula set out in subclause (2); or

               (b)    if the requirements of Division 2.2 of the Regulations have been satisfied in respect of the entitlements of 2 or more spouses of the person, being entitlements each arising under a superannuation agreement, flag lifting agreement or splitting order that applies to the interest — the product of the factors calculated in accordance with the formula set out in subclause (2) in respect of each entitlement; or

                (c)    in any other case — 1.

         (2)   For paragraphs (1) (a) and (b), each amount is calculated in accordance with the formula:

1 – NMProp ´ ESProp

where:

NMProp is the quotient of:

                (a)    the value of the spouse’s entitlement under the agreement or order immediately before the time when the requirements of Division 2.2 of the Regulations were satisfied; and

               (b)    the gross value of the person’s interest, immediately before those requirements were satisfied, determined in accordance with the method set out in clause 2.

ESProp is calculated in accordance with the formula:

where:

CDs is the total number of days of the person’s service as at the date when the requirements of Division 2.2 of the Regulations were satisfied.

Bs is the number of days of the person’s service in the period commencing on 1 July 1988 and ending on the date when the requirements of Division 2.2 of the Regulations were satisfied.

EFPs is the employer financed proportion of the person’s benefit immediately before the time when the requirements of Division 2.2 of the Regulations were satisfied, calculated in accordance with the formula:

                        where:

                        EFBs is the employer financed component of the benefit that is payable to the person, worked out in accordance with the formula in step 5 of the method set out in clause 2, immediately before the time when the requirements of Division 2.2 of the Regulations were satisfied.

                        TPCIs is the total amount of the person’s contributions and interest, being the amount that would have been required to be calculated under subsection 33B (4) of the NSW Superannuation Act if a benefit had been payable to the person immediately before the time when the requirements of Division 2.2 of the Regulations were satisfied.

CD is the total number of days of the person’s service at the relevant date.

B is the number of days of the person’s service in the period commencing on 1 July 1988 and ending at the end of the relevant date.

EFP is the employer financed proportion of the person’s benefit at the relevant date, calculated in accordance with the formula:

                        where:

                        EFB is the employer financed component of the benefit that is payable to the person, worked out in accordance with step 5 of the method set out in clause 2.

                        TPCI is the total amount of the person’s contributions and interest, at the relevant date, that would be debited from his or her contributor’s account, under subsection 33B (4) of the NSW Superannuation Act, if a benefit under that Act were to become payable to that person at that date.

Subdivision 8.2.2        Reasons and assumptions in respect of interest described in Subdivision 8.2.1

8              Reasons for payment of benefit

         (1)   For step 1 of the method set out in clause 2, and paragraph (a) of the definition of Bt,r in subclause 6 (1), each of the events set out in subclauses (4) to (10) is a reason.

         (2)   For the definition of pt,r in clause 4, each of the events set out in subclauses (3), (6), (7), (8), (9) and (10) is a reason.

         (3)   The person retired when the person was at least 55 years and was entitled to a benefit under section 27, 28, 28A or 28AA of the NSW Superannuation Act.

         (4)   The person retired when the person was at least 60 years and was entitled to a benefit under section 27 of the NSW Superannuation Act.

         (5)   The person retired when the person was at least 55 years but less than 60 years and was entitled to a benefit under section 28, 28A or 28AA of the NSW Superannuation Act.

         (6)   The person retired on the grounds of invalidity, or physical or mental incapacity to carry out the person’s duties as an employee and was entitled to a benefit under section 29 of the NSW Superannuation Act.

         (7)   The person died leaving a spouse or de facto partner and was entitled to a benefit under section 30 of the NSW Superannuation Act.

         (8)   The person died without leaving a spouse, de facto partner or child to whom a benefit was payable under the NSW Superannuation Act and section 32A of that Act applies to that person.

         (9)   The person:

                (a)    would have been entitled to a benefit under section 27, 28, 28A or 28AA of the NSW Superannuation Act on retirement, but resigned before retirement; and

               (b)    had not elected to take the benefit of Division 3A of Part 4 of that Act.

       (10)   The person:

                (a)    would have been entitled to a benefit under section 27, 28, 28A or 28AA of the NSW Superannuation Act on retirement, but resigned before retirement; and

               (b)    elected to take the benefit of Division 3A of Part 4 of that Act.

9              Step 3 — Assumptions in respect of person

                For step 3 of the method set out in clause 2, the following assumptions apply:

                (a)    the person remains a contributor;

               (b)    the person’s salary will increase in accordance with paragraph 10 (a);

                (c)    the person will contribute for units of pension that will be taken to be optional units of pension under Part 3 of the NSW Superannuation Act, in accordance with paragraph 10 (c).

10            Assumptions to be applied for TPCIt and Bt,r

                For the definition of TPCIt in step 1 of the method set out in clause 2, and paragraph (b) of the definition of Bt,r in subclause 6 (1), the following assumptions apply:

                (a)    the person’s salary will increase by 4% each year commencing on 1 July immediately before the relevant date;

               (b)    a pension (if any) that is included in the benefit will increase by 2.5% each year;

                (c)    the person will, in the calculation year, contribute for units of pension that will be taken to be optional units of pension under Part 3 of the NSW Superannuation Act, in accordance with whichever of Tables 6 and 7 of Division 8.4 is applicable, given:

                          (i)    the date when the person first became a contributor to the SS Scheme; and

                         (ii)    the person’s age in the calculation year; and

                         (iii)    the person’s gender; and

                        (iv)    if the person is female, the person’s contribution rate for retirement at 55 or 60 years (as the case may be);

               (d)    if the person:

                          (i)    would have reached the person’s prescribed age in the calculation year; and

                         (ii)    had retired, died or was retrenched during that year;

                        the total amount of any unpaid unit of pension that was required to be paid under subsection 10AH (1) of the NSW Superannuation Act and paragraph (c), was paid in accordance with subsection 10AH (2) of that Act.

Subdivision 8.2.3        Deferred benefits — Division 3A of Part 4 of the NSW Superannuation Act

11            Method for interests in SS Scheme

                For an interest:

                (a)    that is held by:

                          (i)    a person who has elected, under paragraph 20AB (1) (b) of NSW Superannuation Act, to make provision for a benefit provided by Division 3A of Part 4 of that Act; or

                         (ii)    a person who has elected to take the benefit of Division 3A of Part 4 of the NSW Superannuation Act; or

                         (iii)    a person to whom subsection 52IA (1) of the NSW Superannuation Act applies; or

                        (iv)    a person who has elected, under paragraph 52N (1) (b) of the NSW Superannuation Act, to preserve a benefit provided for by Division 3A of Part 4 of the Act; or

                         (v)    a person who is taken, under subclause 2 (1) of Schedule 23 to the NSW Superannuation Act, to have elected to take the benefit of Division 3A of Part 4 of that Act; and

               (b)    that is in the growth phase in the SS Scheme;

the method set out in the following table is approved for section 4 of this instrument.

 

Method

where:

P1 is the amount of fortnightly pension that would be calculated under subsection 52A (2) of the NSW Superannuation Act in respect of the person if the person was entitled to a pension under section 52C of that Act at the relevant date.

PF1y+m has the meaning given by subclause 12 (1).

P2 is the amount of fortnightly pension that would be calculated under subsection 52A (3) of the NSW Superannuation Act in respect of the person if the person was entitled to a pension under section 52C of that Act at the relevant date.

PF2y+m has the meaning given by subclause 12 (2).

R is the reduction factor under clause 13.

12            Definitions of PF1y+m and PF2y+m

         (1)   In clause 11 and, unless expressly modified, in any other provision in this Subdivision:

PF1y+m is the pension valuation factor calculated in accordance with the formula:

where:

PF1y is the person’s P1 pension valuation factor mentioned in Table 5 of Division 8.4 that is applicable, given:

                (a)    the person’s gender; and

               (b)    the person’s age in completed years at the relevant date.

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

PF1y+1 is the person’s P1 pension valuation factor mentioned in Table 5 of Division 8.4 that would apply if the person’s age in completed years at the relevant date were 1 year more than it is.

         (2)   In clause 11 and, unless expressly modified, in any other provision in this Subdivision:

PF2y+m is the pension valuation factor calculated in accordance with the formula:

where:

PF2y is the P2 pension valuation factor mentioned in Table 5 of Division 8.4 that is applicable, given:

                (a)    the person’s gender; and

               (b)    the person’s age in completed years at the relevant date.

m has the meaning given by subclause (1).

PF2y+1 is the person’s P2 pension valuation factor mentioned in Table 5 of Division 8.4 that would apply if the person’s age in completed years at the relevant date were 1 year more than it is.

13            Reduction factor

         (1)   For clause 11, the reduction factor is:

                (a)    if paragraphs (b), (c) and (d) do not apply — 1; or

               (b)    if the requirements of Division 2.2 of the Regulations have been satisfied:

                          (i)    after the date when:

                                   (A)     the person elected under paragraph 20AB (1) (b) of the NSW Superannuation Act, to make provision for a benefit provided by Division 3A of Part 4 of that Act; or

                                   (B)     the person elected to take the benefit of Division 3A of Part 4 of the NSW Superannuation Act; or

                                   (C)     subsection 52IA (1) of the NSW Superannuation Act first applied to the person; or

                                   (D)     the person elected, under paragraph 52N (1) (b) of the NSW Superannuation Act, to preserve a benefit provided for by Division 3A of Part 4 of that Act; or

                                    (E)     the person was taken, under subclause 2 (1) of Schedule 23 to the NSW Superannuation Act, to have elected to take the benefit of Division 3A of Part 4 of that Act; and

                         (ii)    in respect of the entitlement of only one spouse of the person, being an entitlement arising under a particular superannuation agreement, flag lifting agreement or splitting order that applies in respect of the interest;

                        the factor calculated in accordance with the formula set out in subclause (2); or

                (c)    if the requirements of Division 2.2 of the Regulations have been satisfied:

                          (i)    before any of the dates mentioned in sub‑subparagraph (b) (i) (A) to (E); and

                         (ii)    in respect of the entitlement of only one spouse of the person, being an entitlement arising under a particular superannuation agreement, flag lifting agreement or splitting order that applies in respect of the interest;

                        the factor calculated in accordance with the formula set out in subclause (3); or

               (d)    if the requirements of Division 2.2 of the Regulations have been satisfied in relation to the entitlements of 2 or more spouses of the person, being entitlements each arising under a particular superannuation agreement, flag lifting agreement or splitting order that applies to the interest — the product of the factors calculated in accordance with whichever of paragraphs (b) and (c) is applicable, in respect of each entitlement.

         (2)   For paragraph (1) (b), the factor is calculated in accordance with the formula:

1 – NMProp

where:

NMProp is the quotient of:

                (a)    the value of the spouse’s entitlement under the agreement or order immediately before the time when the requirements of Division 2.2 of the Regulations were satisfied; and

               (b)    the gross value of the person’s interest, immediately before those requirements were satisfied, determined in accordance with the method set out in clause 11.

         (3)   For paragraph (1) (c), the factor is calculated in accordance with the formula:

1 – NMProp ´ ESProp

where:

NMProp has the meaning given by subclause (2).

ESProp is calculated in accordance with the formula:

                        where:

                        CDs is the total number of days of the person’s service as at the date when the requirements of Division 2.2 of the Regulations were satisfied.

                        Bs is the number of days of the person’s service in the period commencing on 1 July 1988 and ending on the date when the requirements of Division 2.2 of the Regulations were satisfied.

                        EFPs has the meaning given by subclause 14 (1).

                        CDe is the total number of days of the person’s service at:

                         (a)    in the case of a person who has elected, under paragraph 20AB (1) (b) of the NSW Superannuation Act, to make provision for a benefit provided by Division 3A of Part 4 of that Act — the date when the person elected to make provision for that benefit; or

                         (b)    in the case of a person who has elected to take the benefit of Division 3A of Part 4 of the NSW Superannuation Act — the date that was the person’s exit day, within the meaning given by subsection 3 (1) of that Act; or

                         (c)    in the case of a person to whom subsection 52IA (1) of the NSW Superannuation Act applies — the date when subsection 52IA (1) first so applied; or

                         (d)    in the case of a person who has elected, under paragraph 52N (1) (b) of the NSW Superannuation Act, to preserve a benefit provided for by Division 3A of Part 4 of that Act — the date that was the exit day for the person under Division 3B of Part 4 of that Act; or

                         (e)    in the case of a person who is taken, under subclause 2 (1) of Schedule 23 to the NSW Superannuation Act, to have elected to take the benefit of Division 3A of Part 4 of that Act — the date when Part 1 of Schedule 23 first applied to the person.

                        Be is the number of days of the person’s service in the period commencing on 1 July 1988 and ending on whichever date mentioned in paragraphs (a) to (e) of the definition of CDe applies to the person.

                        EFPe has the meaning given by subclause 14 (2).

14            Definitions of EFPs and EFPe

         (1)   In subclause 13 (3):

EFPs is the employer financed proportion of the person’s benefit at the date when the requirements of Division 2.2 of the Regulations were satisfied, calculated in accordance with the formula:

where:

EFBs is the employer financed component of the benefit that is payable to the person immediately before the time when the requirements of Division 2.2 of the Regulations were satisfied, worked out in accordance with the formula:

                   where:

                                 V0 is the sum of all the probability weighted employer funded accrued benefits worked out in step 1 of the method set out in clause 2.

                                 m is the number of complete months in the period commencing on 1 July before the date when the requirements of Division 2.2 of the Regulations were satisfied and ending at the end of the date when those requirements were satisfied.

                                 V1 is the sum of all the probability weighted employer funded accrued benefits worked out in step 3 of the method set out in clause 2 .

TPCIs is the total amount of the person’s contributions and interest, being the amount that would have been required to be calculated under subsection 33B (4) of the NSW Superannuation Act if a benefit had been payable to the person immediately before the time when the requirements of Division 2.2 of the Regulations were satisfied.

         (2)   In subclause 13 (3):

EFPe is the employer financed proportion of the person’s benefit at the date when:

                (a)    the person elected, under paragraph 20AB (1) (b) of the NSW Superannuation Act, to make provision for a benefit provided by Division 3A of Part 4 of that Act; or

               (b)    the person elected to take the benefit of Division 3A of Part 4 of the NSW Superannuation Act; or

                (c)    Subsection 52IA (1) of the NSW Superannuation Act first applied to the person; or

               (d)    the person elected, under paragraph 52N (1) (b) of the NSW Superannuation Act, to preserve a benefit provided for by Division 3A of Part 4 of that Act; or

                (e)    the person was taken, under subclause 2 (1) of Schedule 23 to the NSW Superannuation Act, to have elected to take the benefit of Division 3A of Part 4 of that Act;

calculated in accordance with the formula:

where:

EFBe is the employer financed component of benefit that is payable to the person, calculated in accordance with the formula:

where:

P1 is the amount of fortnightly pension that would be calculated under subsection 52A (2) of the NSW Superannuation Act in respect of the person if the person was entitled to a pension under section 52C of that Act at:

                                    (a)     in the case of a person, who has elected, under paragraph 20AB (1) (b) of the NSW Superannuation Act, to make provision for a benefit provided by Division 3A of Part 4 of that Act — the date when the person elected to make provision for that benefit; or

                                    (b)     in the case of a person who has elected to take the benefit of Division 3A of Part 4 of the NSW Superannuation Act — the date that was the person’s exit day, within the meaning given by subsection 3 (1) of that Act; or

                                    (c)     in the case of a person to whom subsection 52IA (1) of the NSW Superannuation Act applies — the date when subsection 52IA (1) first so applied; or

                                    (d)     in the case of a person who has elected, under paragraph 52N (1) (b) of the NSW Superannuation Act, to preserve a benefit provided for by Division 3A of Part 4 of that Act — the date that was the exit day for the person under Division 3B of Part 4 of that Act; or

                                    (e)     in the case of a person who is taken, under subclause 2 (1) of Schedule 23 to the NSW Superannuation Act, to have elected to take the benefit of Division 3A of Part 4 of that Act — the date when Part 1 of Schedule 23 first applied to the person.

                                 PF1y+m has the meaning given by subclause 12 (1), modified so that a reference to ‘the relevant date’ in that definition is a reference to whichever date mentioned in paragraphs (a) to (e) of the definition of P1 applies to the person.

                                 P2 is the amount of fortnightly pension that would be calculated under subsection 52A (3) of the NSW Superannuation Act in respect of the person if the person was entitled to a pension under section 52C of that Act at whichever date mentioned in paragraphs (a) to (e) of the definition of P1 applies to the person.

                                 PF2y+m has the meaning given by subclause 12 (2), modified so that a reference to ‘the relevant date’ in that definition is a reference to whichever date mentioned in paragraphs (a) to (e) of the definition of P1 applies to the person.

TPCIe is the amount calculated under subsection 33B (4) of the NSW Superannuation Act at whichever date mentioned in paragraphs (a) to (e) of the definition of P1 applies to the person.

Subdivision 8.2.4        Deferred benefits — Division 3B of Part 4 of the NSW Superannuation Act

15            Method for interest in SS Scheme

                For an interest:

                (a)    that is held by:

                          (i)    a person who has elected, under paragraph 52N (1) (a) of the NSW Superannuation Act, to defer a benefit under subsection 21 (1) or (1B) of that Act in accordance with Division 3B of Part 4 of that Act; or

                         (ii)    a person who has elected, under subclause 2 (2) of Schedule 23 to the NSW Superannuation Act, to take the benefit of Division 3B of Part 4 of that Act; and

               (b)    that is in the growth phase in the SS Scheme;

the method set out in the following table is approved for section 4 of this instrument.

 

Method

where:

LS is the amount of the lump sum benefit (if any) that would be payable to the person under section 52S of the NSW Superannuation Act if he or she applied on the relevant date for payment of the benefit after his or her resignation, retirement or other cessation of employment.

P is the annual rate of pension (if any) that would be payable to the person under section 52S of the NSW Superannuation Act if he or she applied on the relevant date for payment of the pension after his or her resignation, retirement or other cessation of employment.

PFy+m is the factor calculated in accordance with the formula:

         where:

         PFy is the age retirement pension valuation factor mentioned in Table 8 of Division 8.4 that is applicable, given:

        (a)   the person’s age in completed years (y) at the relevant date; and

        (b)   the person’s gender.

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

         PFy+1 is the age retirement pension valuation factor mentioned in Table 8 of Division 8.4 that would apply if the person’s age in completed years at the relevant date were 1 year more than it is.

         R is the reduction factor under clause 16.

16            Reduction factor

         (1)   For clause 15, the reduction factor is:

                (a)    if paragraphs (b), (c) and (d) do not apply — 1; or

               (b)    if the requirements of Division 2.2 of the Regulations have been satisfied:

                          (i)    after the date when:

                                   (A)     the person elected, under paragraph 52N (1) (a) of the NSW Superannuation Act, to defer a benefit under subsection 21 (1) or (1B) of that Act in accordance with Division 3B of Part 4 of that Act; or

                                   (B)     the person elected, under subclause 2 (2) of Schedule 23 to the NSW Superannuation Act, to take the benefit of Division 3B of Part 4 of that Act; and

                         (ii)    in respect of the entitlement of only one spouse of the person, being an entitlement arising under a particular superannuation agreement, flag lifting agreement or splitting order that applies in respect of the interest;

                        the factor calculated in accordance with the formula set out in subclause (2); or

                (c)    if the requirements of Division 2.2 of the Regulations have been satisfied:

                          (i)    before the date when:

                                   (A)     the person elected, under paragraph 52N (1) (a) of the NSW Superannuation Act, to defer a benefit under subsection 21 (1) or (1B) of that Act in accordance with Division 3B of Part 4 of that Act; or

                                   (B)     the person elected, under subclause 2 (2) of Schedule 23 to the NSW Superannuation Act, to take the benefit of Division 3B of Part 4 of that Act; and

                         (ii)    in respect of the entitlement of only one spouse of the person, being an entitlement arising under a particular superannuation agreement, flag lifting agreement or splitting order that applies in respect of the interest;

                        the factor calculated in accordance with the formula set out in subclause (3); or

               (d)    if the requirements of Division 2.2 of the Regulations have been satisfied in relation to the entitlements of 2 or more spouses of the person, being entitlements each arising under a particular superannuation agreement, flag lifting agreement or splitting order that applies to the interest — the product of the factors calculated in accordance with whichever of paragraphs (b) and (c) is applicable, in respect of each entitlement.

         (2)   For paragraph (1) (b), the factor is calculated in accordance with the formula:

1 – NMProp

where:

NMProp is the quotient of:

                (a)    the value of the spouse’s entitlement under the agreement or order immediately before the time when the requirements of Division 2.2 of the Regulations were satisfied; and

               (b)    the gross value of the person’s interest, immediately before those requirements were satisfied, determined in accordance with the method set out in clause 15.

         (3)   For paragraph (1) (c), the factor is calculated in accordance with the formula:

1 – NMProp ´ ESProp

where:

NMProp has the meaning given by subclause (2).

ESProp is calculated in accordance with the formula:

                        where:

                        CDs is the total number of days of the person’s service as at the date when the requirements of Division 2.2 of the Regulations were satisfied.

                        Bs is the number of days of the person’s service in the period commencing on 1 July 1988 and ending on the date when the requirements of Division 2.2 of the Regulations were satisfied.

                        EFPs has the meaning given by subclause 17 (1).

                        CDe is the total number of days of the person’s service at:

                         (a)    in the case of a person who has elected, under paragraph 52N (1) (a) of the NSW Superannuation Act, to defer a benefit under subsection 21 (1) or (1B) of that Act in accordance with Division 3B of Part 4 of that Act — the date that was the exit day for the person under Division 3B of Part 4 of that Act; or

                         (b)    in the case of a person who has elected, under subclause 2 (2) of Schedule 23 to the NSW Superannuation Act, to take the benefit of Division 3B of Part 4 of that Act — the date when Part 1 of Schedule 23 first applied to the person.

                        Be is the number of days of the person’s service in the period commencing on 1 July 1988 and ending on whichever date mentioned in paragraph (a) or (b) of the definition of CDe applies to the person.

                        EFPe has the meaning given by subclause 17 (2).

17            Definitions of EFPs and EFPe

         (1)   In subclause 16 (3):

EFPs is the employer financed proportion of the person’s benefit at the date when the requirements of Division 2.2 of the Regulations were satisfied, calculated in accordance with the formula:

                        where:

                        EFBs is the employer financed component of the benefit that is payable to the person immediately before the time when the requirements of Division 2.2 of the Regulations were satisfied, worked out in accordance with the formula:

                                 where:

                                 V0 is the sum of all the probability weighted employer funded accrued benefits worked out in step 1 of the method set out in clause 2.

                                 V1 is the sum of all the probability weighted employer funded accrued benefits worked out in step 3 of the method set out in clause 2.

                                 m is the number of complete months in the period commencing on 1 July before the date when the requirements of Division 2.2 of the Regulations were satisfied and ending at the end of the date when those requirements were satisfied.

                        TPCIs is the total amount of the person’s contributions and interest, being the amount that would have been required to be calculated under subsection 33B (4) of the NSW Superannuation Act if a benefit had been payable to the person immediately before the time when the requirements of Division 2.2 of the Regulations were satisfied.

         (2)   In subclause 16 (3):

EFPe is the employer financed proportion of the person’s benefit at the date when:

                (a)    the person elected, under paragraph 52N (1) (b) of the NSW Superannuation Act, to defer a benefit under subsection 21 (1) or (1B) of that Act in accordance with Division 3B of Part 4 of that Act; or

               (b)    the person elected, under subclause 2 (2) of Schedule 23 to the NSW Superannuation Act, to take the benefit of Division 3B of Part 4 of that Act;

calculated in accordance with the formula:

                        where:

                        EFBe is the employer financed component of the benefit that is payable to the person, calculated in accordance with the formula:

                                 where:

                                 LS is the amount of the lump sum benefit (if any) that would be payable to the person under section 52S of the NSW Superannuation Act if he or she had applied for payment of the benefit at:

                                    (a)     in the case of a person who has elected, under paragraph 52N (1) (a) of the NSW Superannuation Act, to defer a benefit under subsection 21 (1) or (1B) of that Act in accordance with Division 3B of Part 4 of that Act — the date that was the exit day for the person under Division 3B of Part 4 of that Act; or

                                    (b)     in the case of a person who has elected, under subclause 2 (2) of Schedule 23 to the NSW Superannuation Act, to take the benefit of Division 3B of Part 4 of that Act — the date when Part 1 of Schedule 23 first applied to the person.

                                 P is the amount of annual pension (if any) that would be payable to the person under section 52S of the NSW Superannuation Act if he or she had applied for payment of the pension at whichever date mentioned in paragraph (a) or (b) of the definition of LS applies to the person.

                                 PFy+m has the meaning given by the method set out in clause 15, modified so that a reference to ‘the relevant date’ in that definition is a reference to whichever date mentioned in paragraph (a) or (b) of the definition of LS applies to the person.

                        TPCIe is the total amount of the person’s contributions and interest, being the total amount that would be required to be calculated under subsection 33B (4) of the NSW Superannuation Act at whichever date mentioned in paragraph (a) or (b) of the definition of LS applies to the person.

Subdivision 8.2.5        Deferred benefits — Division 3D of Part 4 of the NSW Superannuation Act

18            Method for interest in SS Scheme

                For an interest:

                (a)    that is held by a person who is entitled to a benefit which has been preserved under Division 3D of Part 4 of the NSW Superannuation Act; and

               (b)    that is in the growth phase in the SS Scheme;

the method set out in the following table is approved for section 4 of this instrument.

 

Method

where:

LS is the amount of the lump sum benefit that would be payable to the person:

   (a)  under section 52Z of the NSW Superannuation Act on the person’s retirement (within the meaning given by subregulation 6.01 (2) of the Superannuation Industry (Supervision) Regulations 1994); and

   (b)  if the person’s retirement was on the relevant day.

P is the annual rate of pension that:

   (a)  would be payable to the person under section 52Z of the NSW Superannuation Act on his or her retirement (within the meaning given by subregulation 6.01 (2) of the Superannuation Industry (Supervision) Regulations 1994) if the person’s retirement were on the relevant date; and

   (b)  is in addition to any pension being paid to the person.

APFy+m has the meaning given by clause 19.

PF has the meaning given by clause 20.

DFy+m has the meaning given by clause 21.

R is the reduction factor under clause 22.

19            Meaning of APFy+m

                In clause 18:

APFy+m is:

                (a)    if the person is 60 years or more at the relevant date — 0; or

               (b)    in any other case — the annuity factor calculated in accordance with the formula:

                        where:

                        APFy is the annuity factor mentioned in Table 9 of Division 8.4 that is applicable given the person’s age in completed years (y) at the relevant date.

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

                        APFy+1 is the annuity factor mentioned in Table 9 of Division 8.4 that would apply if the person’s age in completed years at the relevant date were 1 year more than it is.

20            Meaning of PF

                In clause 18:

PF is:

                (a)    for a person who is less than 60 years at the relevant date and:

                          (i)    male — 15.533; or

                         (ii)    female — 17.169; or

               (b)    in any other case — the factor calculated in accordance with the formula:

                        where:

                        PFy is the age retirement pension valuation factor mentioned in Table 8 of Division 8.4 that is applicable, given:

                         (a)    the person’s age in completed years (y) at the relevant date; and

                         (b)    the person’s gender.

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

                        PFy+1 is the age retirement pension valuation factor mentioned in Table 8 of Division 8.4 that would apply if the person’s age in completed years at the relevant date were 1 year more than it is.

21            Meaning of DFy+m

                In clause 18:

DFy+m is:

                (a)    if the person is 60 years or more at the relevant date — 1; or

               (b)    in any other case — the factor calculated in accordance with the formula:

                        where:

                        DFy is the discount factor mentioned in Table 9 of Division 8.4 that is applicable given the person’s age in completed years (y) at the relevant date.

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

                        DFy+1 is the valuation factor mentioned in Table 9 of Division 8.4 that would apply if the person’s age in completed years at the relevant date were 1 year more than it is.

22            Reduction factor

         (1)   For clause 18, the reduction factor is:

                (a)    if paragraphs (b), (c) and (d) do not apply — 1; or

               (b)    if the requirements of Division 2.2 of the Regulations have been satisfied:

                          (i)    after the date when the benefit was preserved under Division 3D of Part 4 of the NSW Superannuation Act; and

                         (ii)    in respect of the entitlement of only one spouse of the person, being an entitlement arising under a particular superannuation agreement, flag lifting agreement or splitting order that applies in respect of the interest;

                        the factor calculated in accordance with the formula set out in subclause (2); or

                (c)    if the requirements of Division 2.2 of the Regulations have been satisfied:

                          (i)    before the date when the benefit was preserved under Division 3D of Part 4 of the NSW Superannuation Act; and

                         (ii)    in respect of the entitlement of only one spouse of the person, being an entitlement arising under a particular superannuation agreement, flag lifting agreement or splitting order that applies in respect of the interest;

                        the factor calculated in accordance with the formula set out in subclause (3); or

               (d)    if the requirements of Division 2.2 of the Regulations have been satisfied in relation to the entitlements of 2 or more spouses of the person, being entitlements each arising under a particular superannuation agreement, flag lifting agreement or splitting order that applies to the interest — the product of the factors calculated in accordance with whichever of paragraphs (b) or (c) is applicable, in respect of each entitlement.

         (2)   For paragraph (1) (b), the factor is calculated in accordance with the formula:

1 – NMProp

where:

NMProp is the quotient of:

                (a)    the value of the spouse’s entitlement under the agreement or order immediately before the time when the requirements of Division 2.2 of the Regulations were satisfied; and

               (b)    the gross value of the person’s interest, immediately before those requirements were satisfied, determined in accordance with the method set out in clause 18.

         (3)   For paragraph (1) (c), the factor is calculated in accordance with the formula:

1 – NMProp ´ ESProp

where:

NMProp has the meaning given by subclause (2).

ESProp is calculated in accordance with the formula:

                        where:

                        CDs is the total number of days of the person’s service as at the date when the requirements of Division 2.2 of the Regulations were satisfied.

                        Bs is the number of days of the person’s service in the period commencing on 1 July 1988 and ending on the date when the requirements of Division 2.2 of the Regulations were satisfied.

                        EFPs has the meaning given by subclause 23 (1).

                        CDe is the total number of days of the person’s service at the date when the benefit was preserved under Division 3D of Part 4 of the NSW Superannuation Act.

                        Be is the number of days of the person’s service in the period commencing on 1 July 1988 and ending on the date when the benefit was preserved under Division 3D of Part 4 of the NSW Superannuation Act.

                        EFPe has the meaning given by subclause 23 (2).

23            Definitions of EFPs and EFPe

         (1)   In subclause 22 (3):

EFPs is the employer financed proportion of the person’s benefit at the date when the requirements of Division 2.2 of the Regulations were satisfied, calculated in accordance with the formula:

                        where:

                        EFBs is the employer financed component of the benefit that is payable to the person immediately before the time when the requirements of Division 2.2 of the Regulations were satisfied, worked out in accordance with the formula:

                                 where:

                                 V0 is the sum of all the probability weighted employer funded accrued benefits worked out in step 1 of the method set out in clause 2.

                                 V1 is the sum of all the probability weighted employer funded accrued benefits worked out in step 3 of the method set out in clause 2.

                                 m is the number of complete months in the period commencing on 1 July before the date when the requirements of Division 2.2 of the Regulations were satisfied and ending at the end of the date when those requirements were satisfied.

                        TPCIs is the total amount of the person’s contributions and interest, being the amount that would have been required to be calculated under subsection 33B (4) of the NSW Superannuation Act if a benefit had been payable to the person immediately before the time when the requirements of Division 2.2 of the Regulations were satisfied.

         (2)   In subclause 22 (3):

EFBe is the employer financed component of the benefit that is payable to the person, calculated in accordance with the formula:

 

                        where:

                        LS is the amount of the lump sum benefit that would be payable to the person under section 52Z of the NSW Superannuation Act on the person’s retirement (within the meaning given by subregulation 6.01 (2) of the Superannuation Industry (Supervision) Regulations 1994) if the person’s retirement had occurred on the date when the benefit was preserved under Division 3D of Part 4 of the NSW Superannuation Act.

                        P is the amount of annual pension:

                         (a)    that would be payable to the person under section 52Z of the NSW Superannuation Act on the person’s retirement (within the meaning given by subregulation 6.01 (2) of the Superannuation Industry (Supervision) Regulations 1994) if the person’s retirement had occurred on the date when the benefit was preserved under Division 3D of Part 4 of the NSW Superannuation Act; and

                         (b)    that is in addition to any pension being paid to the person.

                        APFy+m has the meaning given by the method set out in clause 19, modified so that a reference to ‘the relevant date’ in that definition is a reference to ‘the date when the benefit was preserved under Division 3D of Part 4 of the NSW Superannuation Act’.

                        PF has the meaning given by the method set out in clause 20, modified so that a reference to ‘the relevant date’ in that definition is a reference to ‘the date when the benefit was preserved under Division 3D of Part 4 of the NSW Superannuation Act’.

                        DFy+m has the meaning given by the method set out in clause 21, modified so that a reference to ‘the relevant date’ in that definition is a reference to ‘the date when the benefit was preserved under Division 3D of Part 4 of the NSW Superannuation Act’.

TPCIe is the total amount of the person’s contributions and interest, being the total amount that would be required to be calculated under subsection 33B (4) of the NSW Superannuation Act at the date when the benefit was preserved under Division 3D of Part 4 of the NSW Superannuation Act.

Division 8.3           Interests in the payment phase

24            Method for interests in SS Scheme

                For an interest:

                (a)    that is held by a person who is entitled to be paid a pension under the SS Scheme; and

               (b)    that is in the payment phase in the SS Scheme;

the method set out in the following table is approved for section 4 of this instrument.

 

Method

where:

P is the amount of annual pension benefit that is payable to the person in respect of the interest at the relevant date.

PFy+m is the amount calculated in accordance with the formula:

         where:

         PFy is the valuation factor mentioned in Table 8 of Division 8.4 that is applicable, given:

        (a)   the person’s age in completed years (y) at the relevant date; and

        (b)   the person’s gender; and

        (c)   the type of pension.

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

         PFy+1 is the valuation factor mentioned in Table 8 of Division 8.4 that would apply if the person’s age in completed years at the relevant date were 1 year more than it is.

Division 8.4           Factors, probabilities and proportions of optional units for which contributions are required to be made

Table 1  Discount factors

Note   Step 3 of the method set out in clause 2 modifies the discount factor that applies to a calculation year by replacing the reference to ‘1 July before the relevant date’ in the heading of column 1 of the following table with a reference to ‘1 July after the relevant date’.

 

Number of years in the period commencing on 1 July before the relevant date and ending on 1 July in the calculation year

Discount factor (dt)

1

1.099

2

1.171

3

1.247

4

1.328

5

1.414

6

1.506

7

1.604

8

1.708

9

1.819

10

1.937

11

2.063

12

2.197

13

2.340

14

2.492

15

2.654

16

2.827

17

3.010

18

3.206

19

3.414

20

3.636

21

3.873

22

4.124

23

4.393

24

4.678

25

4.982

26

5.306

27

5.651

28

6.018

29

6.409

30

6.826

31

7.270

32

7.742

33

8.245

34

8.781

35

9.352

36

9.960

37

10.607

38

11.297

39

12.031

40

12.813

Table 2  Probability that particular benefits will be payable — males

 

Age

Retirement pension under section 27, 28, 28A or 28AA of the NSW Superannuation Act

Invalidity pension under section 29 of the NSW Superannuation Act

Pension on death of contributor under section 30 of the NSW Superannuation Act

Amount payable on death of contributor under section 32A of the NSW Superannuation Act

Amount payable on resignation under section 38A of the NSW Superannuation Act

Preservation pension under Division 3A of Part 4 of the NSW Superannuation Act

26

0.0000

0.0024

0.0002

0.0002

0.0216

0.0073

27

0.0000

0.0027

0.0002

0.0002

0.0210

0.0080

28

0.0000

0.0027

0.0002

0.0002

0.0205

0.0086

29

0.0000

0.0030

0.0003

0.0002

0.0194

0.0091

30

0.0000

0.0030

0.0003

0.0002

0.0178

0.0092

31

0.0000

0.0033

0.0003

0.0002

0.0163

0.0092

32

0.0000

0.0033

0.0003

0.0002

0.0143

0.0089

33

0.0000

0.0033

0.0003

0.0002

0.0120

0.0081

34

0.0000

0.0033

0.0003

0.0002

0.0097

0.0072

35

0.0000

0.0033

0.0003

0.0002

0.0085

0.0068

36

0.0000

0.0033

0.0003

0.0002

0.0078

0.0068

37

0.0000

0.0036

0.0003

0.0002

0.0071

0.0067

38

0.0000

0.0036

0.0004

0.0002

0.0064

0.0067

39

0.0000

0.0036

0.0004

0.0002

0.0058

0.0065

40

0.0000

0.0039

0.0004

0.0002

0.0052

0.0063

41

0.0000

0.0042

0.0003

0.0003

0.0050

0.0066

42

0.0000

0.0045

0.0004

0.0003

0.0048

0.0068

43

0.0000

0.0048

0.0004

0.0003

0.0046

0.0070

44

0.0000

0.0054

0.0004

0.0004

0.0044

0.0072

45

0.0000

0.0060

0.0004

0.0004

0.0041

0.0074

46

0.0000

0.0062

0.0004

0.0005

0.0037

0.0075

47

0.0000

0.0065

0.0004

0.0005

0.0034

0.0076

48

0.0000

0.0075

0.0004

0.0006

0.0029

0.0077

49

0.0000

0.0088

0.0005

0.0006

0.0026

0.0078

50

0.0000

0.0103

0.0005

0.0007

0.0023

0.0080

51

0.0000

0.0108

0.0005

0.0009

0.0020

0.0083

52

0.0000

0.0112

0.0004

0.0011

0.0016

0.0087

53

0.0000

0.0128

0.0004

0.0013

0.0012

0.0093

54

0.0000

0.0144

0.0003

0.0016

0.0009

0.0097

55

0.0900

0.0160

0.0002

0.0019

0.0000

0.0000

56

0.0650

0.0176

0.0002

0.0020

0.0000

0.0000

57

0.1000

0.0192

0.0003

0.0023

0.0000

0.0000

58

0.1400

0.0208

0.0003

0.0026

0.0000

0.0000

59

0.2500

0.0224

0.0003

0.0029

0.0000

0.0000

60

0.6800

0.0000

0.0004

0.0032

0.0000

0.0000

61

0.4300

0.0000

0.0004

0.0036

0.0000

0.0000

62

0.2900

0.0000

0.0005

0.0041

0.0000

0.0000

63

0.3000

0.0000

0.0005

0.0045

0.0000

0.0000

64

0.4800

0.0000

0.0006

0.0050

0.0000

0.0000

65 or over

1.0000

0.0000

0.0000

0.0000

0.0000

0.0000

 


Table 3  Probability that particular benefits will be payable — females

 

Age

Retirement pension under section 27, 28, 28A or 28AA of the NSW Superannuation Act

Invalidity pension under section 29 of the NSW Superannuation Act

Pension on death of contributor under section 30 of the NSW Superannuation Act

Amount payable on death of contributor under section 32A of the NSW Superannuation Act

Amount payable on resignation under section 38A of the NSW Superannuation Act

Preservation pension under Division 3A of Part 4 of the NSW Superannuation Act

Retirement age — 55 years

Retirement age — 60 years

Retirement age — 55 years

Retirement age — 60 years

Retirement age — 55 years

Retirement age — 60 years

26

0.0000

0.0000

0.0006

0.0001

0.0001

0.0333

0.0204

0.0105

0.0120

27

0.0000

0.0000

0.0006

0.0001

0.0001

0.0324

0.0204

0.0113

0.0120

28

0.0000

0.0000

0.0006

0.0001

0.0001

0.0315

0.0204

0.0122

0.0120

29

0.0000

0.0000

0.0006

0.0001

0.0001

0.0306

0.0204

0.0130

0.0122

30

0.0000

0.0000

0.0006

0.0001

0.0001

0.0297

0.0204

0.0138

0.0124

31

0.0000

0.0000

0.0009

0.0001

0.0001

0.0269

0.0204

0.0136

0.0126

32

0.0000

0.0000

0.0009

0.0001

0.0001

0.0242

0.0192

0.0133

0.0130

33

0.0000

0.0000

0.0012

0.0001

0.0001

0.0216

0.0192

0.0130

0.0134

34

0.0000

0.0000

0.0015

0.0001

0.0001

0.0191

0.0168

0.0125

0.0135

35

0.0000

0.0000

0.0018

0.0001

0.0001

0.0168

0.0150

0.0119

0.0130

36

0.0000

0.0000

0.0018

0.0001

0.0001

0.0146

0.0138

0.0112

0.0125

37

0.0000

0.0000

0.0018

0.0002

0.0002

0.0125

0.0126

0.0104

0.0120

38

0.0000

0.0000

0.0018

0.0002

0.0002

0.0105

0.0108

0.0095

0.0115

39

0.0000

0.0000

0.0021

0.0002

0.0002

0.0086

0.0090

0.0085

0.0110

40

0.0000

0.0000

0.0021

0.0002

0.0002

0.0074

0.0072

0.0075

0.0105

41

0.0000

0.0000

0.0024

0.0001

0.0002

0.0062

0.0060

0.0060

0.0100

42

0.0000

0.0000

0.0027

0.0002

0.0002

0.0049

0.0048

0.0050

0.0090

43

0.0000

0.0000

0.0033

0.0002

0.0002

0.0042

0.0042

0.0050

0.0080

44

0.0000

0.0000

0.0039

0.0002

0.0002

0.0038

0.0036

0.0050

0.0070

45

0.0000

0.0000

0.0045

0.0002

0.0003

0.0035

0.0030

0.0060

0.0075

46

0.0000

0.0000

0.0058

0.0002

0.0003

0.0029

0.0030

0.0060

0.0080

47

0.0000

0.0000

0.0065

0.0002

0.0004

0.0026

0.0030

0.0060

0.0081

48

0.0000

0.0000

0.0075

0.0002

0.0004

0.0023

0.0030

0.0065

0.0082

49

0.0000

0.0000

0.0088

0.0002

0.0005

0.0020

0.0030

0.0065

0.0085

50

0.0000

0.0000

0.0103

0.0002

0.0006

0.0013

0.0030

0.0069

0.0090

51

0.0000

0.0000

0.0108

0.0002

0.0007

0.0009

0.0030

0.0073

0.0095

52

0.0000

0.0000

0.0112

0.0001

0.0009

0.0004

0.0030

0.0077

0.0100

53

0.0000

0.0000

0.0128

0.0001

0.0010

0.0003

0.0030

0.0078

0.0103

54

0.0000

0.0000

0.0144

0.0001

0.0011

0.0001

0.0030

0.0080

0.0106

55

0.6900

0.1200

0.0160

0.0001

0.0012

0.0000

0.0000

0.0000

0.0000

56

0.2900

0.0650

0.0176

0.0001

0.0013

0.0000

0.0000

0.0000

0.0000

57

0.2300

0.0650

0.0192

0.0001

0.0014

0.0000

0.0000

0.0000

0.0000

58

0.2300

0.0900

0.0208

0.0001

0.0016

0.0000

0.0000

0.0000

0.0000

59

0.2400

0.2400

0.0224

0.0001

0.0017

0.0000

0.0000

0.0000

0.0000

60

0.2500

0.6400

0.0000

0.0001

0.0019

0.0000

0.0000

0.0000

0.0000

61

0.2200

0.3500

0.0000

0.0001

0.0021

0.0000

0.0000

0.0000

0.0000

62

0.2600

0.3500

0.0000

0.0001

0.0023

0.0000

0.0000

0.0000

0.0000

63

0.1400

0.2100

0.0000

0.0001

0.0026

0.0000

0.0000

0.0000

0.0000

64

0.4400

0.4500

0.0000

0.0001

0.0028

0.0000

0.0000

0.0000

0.0000

65 or over

1.0000

1.0000

0.0000

0.0000

0.0000

0.0000

0.0000

0.0000

0.0000


Table 4  Valuation factors — contributors

 

 

Age retirement pension under section 27, 28, 28A or 28AA of the NSW Superannuation Act

Invalidity pension under section 29 of the NSW Superannuation Act

Reversionary pension under section 30 or 31 of the NSW Superannuation Act

Age

Male

Female

Male

Female

Spouse of male contributor

Spouse of female contributor

25

23.570

23.420

22.872

22.325

23.584

22.717

26

23.472

23.311

22.770

22.186

23.481

22.588

27

23.369

23.198

22.664

22.042

23.373

22.454

28

23.263

23.080

22.553

21.894

23.261

22.314

29

23.152

22.958

22.438

21.742

23.144

22.168

30

23.037

22.833

22.317

21.585

23.024

22.016

31

22.917

22.701

22.192

21.422

22.900

21.858

32

22.792

22.565

22.061

21.255

22.771

21.694

33

22.663

22.423

21.930

21.082

22.636

21.524

34

22.529

22.276

21.793

20.904

22.498

21.348

35

22.389

22.122

21.650

20.720

22.355

21.165

36

22.244

21.962

21.502

20.529

22.205

20.974

37

22.093

21.798

21.346

20.332

22.050

20.775

38

21.936

21.626

21.185

20.130

21.888

20.568

39

21.773

21.447

21.021

19.922

21.720

20.354

40

21.604

21.262

20.849

19.707

21.545

20.132

41

21.383

21.054

20.584

19.425

21.365

19.901

42

21.153

20.837

20.311

19.135

21.177

19.662

43

20.912

20.612

20.026

18.835

20.982

19.413

44

20.661

20.378

19.734

18.527

20.780

19.156

45

20.398

20.133

19.429

18.211

20.570

18.889

46

20.123

19.880

19.115

17.887

20.353

18.612

47

19.837

19.616

18.792

17.557

20.126

18.326

48

19.539

19.342

18.461

17.220

19.893

18.030

49

19.228

19.059

18.121

16.878

19.649

17.722

50

18.903

18.765

17.770

16.529

19.398

17.404

51

18.438

18.460

17.195

16.175

19.136

17.077

52

17.949

18.143

16.601

15.814

18.865

16.736

53

17.437

17.816

15.989

15.447

18.586

16.386

54

16.900

17.476

15.356

15.075

18.296

16.023

55

16.365

17.150

14.737

14.731

17.997

17.269

56

16.063

16.872

14.470

14.474

17.687

16.944

57

15.754

16.586

14.196

14.215

17.366

16.607

58

15.435

16.295

13.916

13.954

17.033

16.260

59

15.108

15.998

13.630

13.689

18.657

15.901

60

14.773

15.697

13.338

13.422

18.375

15.533

61

14.486

15.443

13.108

13.218

18.083

15.156

62

14.194

15.183

12.872

13.010

17.784

14.772

63

13.895

14.917

12.631

12.797

17.479

14.380

64

13.588

14.642

12.387

12.580

17.169

13.978

65

13.276

14.361

12.138

12.356

16.851

13.567

66

12.956

14.074

11.884

12.127

16.525

13.148

67

12.630

13.779

11.624

11.893

16.190

12.720

68

12.296

13.478

11.358

11.655

15.846

12.282

69

11.954

13.169

11.086

11.412

15.495

11.834

70

11.605

12.855

10.814

11.166

15.135

11.376

71

11.248

12.534

10.542

10.915

14.766

10.908

72

10.884

12.206

10.267

10.661

14.388

10.432

73

10.517

11.873

9.991

10.404

14.002

9.951

74

10.146

11.535

9.714

10.143

13.609

9.465

75

9.771

11.193

9.437

9.877

13.207

8.975

76

9.394

10.847

9.159

9.605

12.797

8.484

77

9.026

10.500

8.882

9.326

12.381

8.003

78

8.668

10.151

8.607

9.039

11.959

7.539

79

8.323

9.804

8.334

8.742

11.532

7.094

80

7.994

9.458

8.065

8.436

11.100

6.672

81

7.684

9.113

7.801

8.130

10.667

6.279

82

7.393

8.771

7.545

7.828

10.232

5.912

83

7.118

8.431

7.296

7.528

9.799

5.570

84

6.859

8.093

7.058

7.230

9.367

5.250

85

6.612

7.763

6.830

6.942

8.937

4.947

86

6.373

7.444

6.609

6.663

8.510

4.656

87

6.144

7.137

6.394

6.398

8.085

4.378

88

5.923

6.845

6.188

6.146

7.663

4.114

89

5.710

6.567

5.989

5.912

7.251

3.859

90

5.505

6.306

5.797

5.693

6.853

3.614

91

5.302

6.060

5.608

5.491

6.470

3.373

92

5.109

5.827

5.429

5.303

6.105

3.146

93

4.929

5.605

5.263

5.127

5.760

2.935

94

4.764

5.391

5.109

4.959

5.434

2.741

95

4.612

5.182

4.968

4.798

5.128

2.564

96

4.458

4.975

4.823

4.640

4.840

2.402

97

4.312

4.766

4.686

4.481

4.565

2.254

98

4.173

4.550

4.556

4.316

4.301

2.116

99 or older

4.037

4.319

4.429

4.136

4.042

1.985

Table 5  Factors for interests if the benefit has been deferred under Division 3A of Part 4 of NSW Superannuation Act

 

Age in completed years

P1 Pension valuation factor

P2 Pension valuation factor

Male

Female

Male

Female

25

1.724

1.793

4.092

4.257

26

1.834

1.909

4.248

4.419

27

1.952

2.031

4.410

4.588

28

2.078

2.161

4.578

4.763

29

2.211

2.300

4.753

4.945

30

2.352

2.447

4.934

5.134

31

2.503

2.605

5.122

5.330

32

2.663

2.771

5.317

5.533

33

2.834

2.949

5.520

5.744

34

3.015

3.138

5.730

5.963

35

3.208

3.339

5.948

6.191

36

3.414

3.553

6.175

6.427

37

3.633

3.781

6.410

6.672

38

3.865

4.024

6.654

6.927

39

4.112

4.281

6.908

7.191

40

4.376

4.556

7.170

7.465

41

4.648

4.833

7.431

7.727

42

4.938

5.130

7.701

8.000

43

5.246

5.458

7.982

8.305

44

5.572

5.807

8.271

8.620

45

5.919

6.178

8.572

8.948

46

6.245

6.573

8.824

9.288

47

6.592

6.994

9.087

9.641

48

6.962

7.441

9.363

10.007

49

7.356

7.917

9.651

10.387

50

7.776

8.423

9.953

10.782

51

8.224

8.957

10.270

11.186

52

8.749

9.530

10.659

11.612

53

9.307

10.140

11.063

12.054

54

9.901

10.789

11.482

12.513

55

10.532

11.480

11.916

12.989

56

11.204

12.215

12.367

13.483

57

11.919

12.996

12.835

13.996

58

12.678

13.828

13.320

14.528

59

13.485

14.712

13.822

15.080

60

14.342

15.651

14.342

15.651

61

14.041

15.397

14.041

15.397

62

13.734

15.136

13.734

15.136

63

13.420

14.869

13.420

14.869

64

13.099

14.594

13.099

14.594

65

12.770

14.312

12.770

14.312

66

12.435

14.024

12.435

14.024

67

12.092

13.729

12.092

13.729

68

11.742

13.427

11.742

13.427

69

11.384

13.119

11.384

13.119

70 or more

11.018

12.804

11.018

12.804

Table 6  Proportion of optional units for which contributions are required to be made — persons who first became contributors on or before 30 June 1963

 

Age

Males

Females — units for retirement at 55 years

Females — units for retirement at 60 years

26

1.00

1.00

1.00

27

1.00

1.00

1.00

28

1.00

1.00

1.00

29

1.00

1.00

1.00

30

1.00

1.00

1.00

31

1.00

1.00

1.00

32

1.00

1.00

1.00

33

1.00

1.00

1.00

34

1.00

1.00

1.00

35

1.00

1.00

1.00

36

1.00

1.00

1.00

37

1.00

1.00

1.00

38

1.00

1.00

1.00

39

1.00

1.00

1.00

40

1.00

0.70

0.90

41

1.00

0.70

0.90

42

1.00

0.70

0.90

43

1.00

0.70

0.90

44

1.00

0.70

0.90

45

1.00

0.70

0.90

46

0.86

0.70

0.90

47

0.86

0.70

0.90

48

0.86

0.70

0.90

49

0.86

0.70

0.90

50

0.86

0.70

0.90

51

0.86

0.70

0.90

52

0.86

0.70

0.90

53

0.86

0.70

0.90

54

0.86

0.70

0.90

55

0.86

0.70

0.90

56

0.86

0.70

0.90

57

0.86

0.70

0.90

58

0.86

0.70

0.90

59

0.86

0.70

0.90

60

0.86

0.70

0.90

61

0.86

0.70

0.90

62

0.86

0.70

0.90

63

0.86

0.70

0.90

64

0.86

0.70

0.90

65

0.86

0.70

0.90

Table 7  Proportion of optional units for which contributions are required to be made — persons who first became contributors after 30 June 1963

 

Age

Males

Females — units for retirement at 55 years

Females — units for retirement at 60 years

26

1.00

1.00

1.00

27

1.00

1.00

1.00

28

1.00

1.00

1.00

29

1.00

1.00

1.00

30

1.00

1.00

1.00

31

1.00

1.00

1.00

32

1.00

1.00

1.00

33

1.00

1.00

1.00

34

1.00

1.00

1.00

35

1.00

1.00

1.00

36

1.00

1.00

1.00

37

1.00

1.00

1.00

38

1.00

1.00

1.00

39

1.00

1.00

1.00

40

1.00

0.95

0.99

41

1.00

0.90

0.98

42

1.00

0.85

0.97

43

1.00

0.80

0.96

44

1.00

0.75

0.95

45

1.00

0.70

0.93

46

0.98

0.65

0.91

47

0.96

0.60

0.87

48

0.94

0.55

0.83

49

0.92

0.50

0.79

50

0.90

0.40

0.74

51

0.85

0.40

0.68

52

0.80

0.40

0.61

53

0.75

0.40

0.54

54

0.70

0.40

0.50

55

0.65

0.40

0.50

56

0.60

0.40

0.50

57

0.55

0.40

0.50

58

0.50

0.40

0.50

59

0.50

0.40

0.50

60

0.50

0.40

0.50

61

0.50

0.40

0.50

62

0.50

0.40

0.50

63

0.50

0.40

0.50

64

0.50

0.40

0.50

65

0.50

0.40

0.50

Table 8  Valuation factors — pensioners

 

Age

Age retirement pension under section 27, 28, 28A or 28AA of the NSW Superannuation Act

Invalidity pension under section 29 of the NSW Superannuation Act

Reversionary pension under section 30 or 31 of the NSW Superannuation Act

Male

Female

Male

Female

Male

Female

25

23.049

23.311

21.621

21.807

22.717

23.144

26

22.933

23.198

21.490

21.653

22.588

23.024

27

22.811

23.080

21.354

21.494

22.454

22.900

28

22.684

22.958

21.212

21.331

22.314

22.771

29

22.552

22.830

21.065

21.163

22.168

22.636

30

22.414

22.700

20.911

20.991

22.016

22.498

31

22.271

22.563

20.750

20.814

21.858

22.355

32

22.122

22.422

20.584

20.631

21.694

22.205

33

21.968

22.275

20.419

20.443

21.524

22.050

34

21.808

22.122

20.246

20.249

21.348

21.888

35

21.642

21.962

20.067

20.049

21.165

21.720

36

21.468

21.796

19.880

19.843

20.974

21.545

37

21.288

21.625

19.684

19.630

20.775

21.365

38

21.100

21.447

19.481

19.412

20.568

21.177

39

20.906

21.262

19.277

19.189

20.354

20.982

40

20.705

21.070

19.064

18.960

20.132

20.780

41

20.481

20.842

18.817

18.614

19.901

20.570

42

20.250

20.608

18.566

18.271

19.662

20.353

43

20.009

20.390

18.304

18.015

19.413

20.126

44

19.759

20.166

18.039

17.755

19.156

19.893

45

19.499

19.931

17.762

17.489

18.889

19.649

46

19.164

19.690

17.364

17.219

18.612

19.398

47

18.821

19.438

16.966

16.944

18.326

19.136

48

18.469

19.177

16.569

16.665

18.030

18.865

49

18.107

18.908

16.173

16.383

17.722

18.586

50

17.735

18.630

15.777

16.097

17.404

18.296

51

17.356

18.335

15.380

15.787

17.077

17.997

52

17.026

18.038

15.081

15.494

16.736

17.687

53

16.686

17.731

14.774

15.195

16.386

17.366

54

16.335

17.412

14.458

14.892

16.023

17.033

55

17.269

18.657

15.249

15.849

17.269

18.657

56

16.944

18.375

14.968

15.597

16.944

18.375

57

16.607

18.083

14.681

15.341

16.607

18.083

58

16.260

17.784

14.385

15.083

16.260

17.784

59

15.901

17.479

14.080

14.820

15.901

17.479

60

15.533

17.169

13.767

14.554

15.533

17.169

61

15.156

16.851

13.447

14.283

15.156

16.851

62

14.772

16.525

13.119

14.007

14.772

16.525

63

14.380

16.190

12.784

13.725

14.380

16.190

64

13.978

15.846

12.444

13.437

13.978

15.846

65

13.567

15.495

12.096

13.141

13.567

15.495

66

13.148

15.135

11.743

12.838

13.148

15.135

67

12.720

14.766

11.381

12.528

12.720

14.766

68

12.282

14.388

11.011

12.212

12.282

14.388

69

11.834

14.002

10.635

11.892

11.834

14.002

70

11.376

13.609

10.258

11.565

11.376

13.609

71

10.908

13.207

9.883

11.235

10.908

13.207

72

10.432

12.797

9.506

10.899

10.432

12.797

73

9.951

12.381

9.126

10.560

9.951

12.381

74

9.465

11.959

8.747

10.215

9.465

11.959

75

8.975

11.532

8.368

9.864

8.975

11.532

76

8.484

11.100

7.991

9.506

8.484

11.100

77

8.003

10.667

7.614

9.137

8.003

10.667

78

7.539

10.232

7.242

8.757

7.539

10.232

79

7.094

9.799

6.875

8.363

7.094

9.799

80

6.672

9.367

6.515

7.958

6.672

9.367

81

6.279

8.937

6.162

7.551

6.279

8.937

82

5.912

8.510

5.823

7.149

5.912

8.510

83

5.570

8.085

5.495

6.750

5.570

8.085

84

5.250

7.663

5.185

6.354

5.250

7.663

85

4.947

7.251

4.890

5.970

4.947

7.251

86

4.656

6.853

4.605

5.600

4.656

6.853

87

4.378

6.470

4.330

5.247

4.378

6.470

88

4.114

6.105

4.067

4.913

4.114

6.105

89

3.859

5.760

3.816

4.602

3.859

5.760

90

3.614

5.434

3.574

4.313

3.614

5.434

91

3.373

5.128

3.337

4.045

3.373

5.128

92

3.146

4.840

3.114

3.798

3.146

4.840

93

2.935

4.565

2.907

3.567

2.935

4.565

94

2.741

4.301

2.718

3.348

2.741

4.301

95

2.564

4.042

2.544

3.136

2.564

4.042

96

2.402

3.785

2.385

2.927

2.402

3.785

97

2.254

3.525

2.237

2.717

2.254

3.525

98

2.116

3.255

2.101

2.498

2.116

3.255

99 or over

1.985

2.966

1.971

2.257

1.985

2.966

Table 9  Factors for interests if benefit has been deferred under Division 3B or 3D of Part 4 of NSW Superannuation Act

 

Age

Annuity factor (APFy)

Discount factor (DFy)

55

4.550

0.826

56

3.709

0.858

57

2.834

0.892

58

1.925

0.926

59

0.981

0.962

60

0.000

1.000

[3]           Schedule 2, Part 9, clause 2, table, item 2, definition of SC

omit

26A (1)

insert

26A (3)