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Approvals as made
This Approval amends the Family Law (Superannuation) (Methods and Factors for Valuing Particular Superannuation Interests) Approval 2003 to provide alternative methods for valuing, for the purpose of the superannuation splitting provisions of the Family Law Act 1975, superannuation interests held in the NSW Parliamentary Contributory Superannuation Scheme.
Administered by: Attorney-General's
Exempt from sunsetting by the Legislative Instruments Act 2003 s 54(2) item 42
Registered 10 Jan 2011
Tabling HistoryDate
Tabled HR08-Feb-2011
Tabled Senate08-Feb-2011
Date of repeal 09 Apr 2013
Repealed by Attorney-General's (Spent and Redundant Instruments) Repeal Regulation 2013

I, ROBERT MCCLELLAND, Attorney-General, make this Approval under regulations 38 and 43A of the Family Law (Superannuation) Regulations 2001.

Dated 21 December 2010

ROBERT MCCLELLAND


1              Name of Approval

                This Approval is the Family Law (Superannuation) (Methods and Factors for Valuing Particular Superannuation Interests) Amendment Approval 2010 (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]           Schedule 2, Part 7, subclause 8 (3), definition of NMProp

substitute

NMProp is the quotient of:

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

               (b)    either:

                          (i)    for a person who, when the requirements of Division 2.2 of the Regulations were satisfied, was an employee, other than an employee mentioned in paragraph 2 (a), (b), (c), (d), (e) or (f) — the gross value of the person’s interest, immediately before the requirements were satisfied, determined in accordance with the method set out in the table in clause 2; or

                         (ii)    for a person who, when the requirements of Division 2.2 of the Regulations were satisfied, was an employee mentioned in subclause 5 (1) — the gross value of the person’s interest, immediately before the requirements were satisfied, determined in accordance with the method set out in the table in clause 5.

[2]           Schedule 2, Part 8, clause 2, table, step 1, paragraph (a)

omit

before the relevant date

insert

in the financial year in which the relevant date occurs

[3]           Schedule 2, Part 8, clause 2, table, step 1, paragraph (b)

omit

the financial year commencing on 1 July before the relevant date;

insert

that financial year;

[4]           Schedule 2, Part 8, clause 2, table, step 1, definition of TPCIt, subparagraph (b) (ii)

omit

before the relevant date

insert

in the financial year in which the relevant date occurs

[5]           Schedule 2, Part 8, clause 2, table, step 3, subparagraph (c) (ii)

omit

‘1 July before the relevant date’

insert

‘1 July in the financial year in which the relevant date occurs’

[6]           Schedule 2, Part 8, clause 2, table, step 5, definition of m

omit

before the relevant date

insert

in the financial year in which the relevant date occurs

[7]           Schedule 2, Part 8, paragraph 3 (a)

substitute

                (a)    for the financial year in which the relevant date occurs — 1; or

[8]           Schedule 2, Part 8, clause 3, table, step 1

omit

before the relevant date

insert

in the financial year in which the relevant date occurs

[9]           Schedule 2, Part 8, subclause 5 (1), definition of aft,r, paragraph (b), definition of LPS0

omit

before the relevant date.

insert

in the financial year in which the relevant date occurs.

[10]         Schedule 2, Part 8, subclause 5 (1), definition of aft,r, paragraph (b), definition of t, paragraph (a)

omit

before the relevant date

insert

in the financial year in which the relevant date occurs

[11]         Schedule 2, Part 8, subclause 5 (3)

omit

paragraph (c)

insert

paragraphs (a) and (b)

[12]         Schedule 2, Part 8, subclause 5 (3), definition of fraction of a year, paragraph (a)

substitute

                (a)    the number of days that are not included in the number of complete years of service; and

[13]         Schedule 2, Part 8, paragraph 9 (c)

omit

paragraph 10 (c).

insert

paragraph 10 (c);

[14]         Schedule 2, Part 8, after paragraph 9 (c)

insert

               (d)    if the relevant date is 29 February in a leap year, the corresponding date in a year that is not a leap year is 1 March.

[15]         Schedule 2, Part 8, paragraph 10 (a)

omit

immediately before the relevant date;

insert

in the financial year in which the relevant date occurs;

[16]         Schedule 2, Part 8, subclause 13 (3), definition of NMProp

substitute

NMProp is the quotient of:

                (a)    the value of the spouse’s entitlement under the agreement or order immediately before 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.

[17]         Schedule 2, Part 8, subclause 16 (3), definition of NMProp

substitute

NMProp is the quotient of:

                (a)    the value of the spouse’s entitlement under the agreement or order immediately before 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.

[18]         Schedule 2, Part 8, subclause 22 (3), definition of NMProp

substitute

NMProp is the quotient of:

                (a)    the value of the spouse’s entitlement under the agreement or order immediately before 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.

[19]         Schedule 2, Part 8, Division 8.4, Table 1, note

omit

‘1 July before the relevant date’

insert

‘1 July in the financial year in which the relevant date occurs’

[20]         Schedule 2, Part 8, Division 8.4, Table 1, column 1, heading

omit

before the relevant date

insert

in the financial year in which the relevant date occurs

[21]         Schedule 2, after Part 9

insert

Part 10               New South Wales Parliamentary Contributory Superannuation Scheme

Division 10.1         Definitions

1              Definitions

         (1)   In this Part:

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

de facto partner has the same meaning as in the Interpretation Act 1987 (NSW).

election year has the meaning given by subclauses (3) and (4).

Legislative Assembly means the Legislative Assembly of New South Wales.

Legislative Council means the Legislative Council of New South Wales.

minimum deferral period, for a person, is the lesser of:

                (a)    3 years; and

               (b)    the period of time until the person turns 70.

PCS Act means the Parliamentary Contributory Superannuation Act 1971 (NSW).

PCS Scheme means the Parliamentary Contributory Superannuation Scheme established by the PCS Act.

relevant date has the same meaning as in the Family Law (Superannuation) Regulations 2001.

         (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)   In this Part, election year means:

                (a)    the financial year that, at the relevant date, includes or included the day on which the Legislative Assembly, under section 24 of the Constitution Act 1902 (NSW), is or was due to expire; and

               (b)    every 4th financial year following the financial year mentioned in paragraph (a).

         (4)   However, if, at the relevant date, the Legislative Assembly has or had expired or been dissolved and writs for a general election of Members of the Legislative Assembly issued, election year means:

                (a)    the financial year that includes or included the day named in the writs for taking the poll for that general election; and

               (b)    every 4th financial year following the financial year in which the March of the calendar year in which those writs were returned or, under section 68 of the Parliamentary Electorates and Elections Act 1912 (NSW), were due to be returned, occurs or occurred.

         (5)   Except for the word spouse in clause 7, an expression used in this Part and in the PCS Act or in a provision of that Act has the same meaning in this Part as it has in the PCS Act or the provision of that Act.

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

·      member

·      salary

·      spouse

·      trustees.

Note 2   Supplementary benefit is defined in subsection 22A (1) of the PCS Act.

Division 10.2         Interest held by member

Subdivision 10.2.1      Interest held by member — general

2              Method for interests held by member in the PCS Scheme

                For section 4 of this Approval, the method mentioned in the following table is approved for an interest that is held by a member.

Method

Step 1

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

(a)     if the person is less than 70 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 in the financial year in which the relevant date occurs and ending at the end of the financial year when the person would turn 70;

(b)     if the person is 70 years or more at the end of the financial year in which the relevant date occurs, calculate the benefit for that financial year;

in accordance with the formula:

where:

Bt,r has the meaning given by clause 6.

st has the meaning given by clause 3.

pt,r is the probability, worked out in accordance with clause 4, that the benefit would be payable to the person in the calculation year.

aft,r has the meaning given by clause 5.

dt is:

   (a)  for 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 10.4 that applies to the calculation year.

Step 2

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

Step 3

Applying the assumptions mentioned 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 mentioned 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)  aft,r is:

         (i)   if the benefit is payable under section 22 or subsection 23 (3) of the PCS Act to, or in relation to, a person who has been entitled to receive salary as a member for a period of less than 7 years — one seventh of the period (measured in years and fractions of a year) for which the person had been entitled to receive salary as at 1 July immediately after the relevant date; or

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

where:

LPS0 is the length of the period for which the person has been entitled to receive salary, expressed in years and any fraction of a year, as at 1 July in the financial year in which the relevant date occurs.

t is:

                (a)    if the person is less than 70 years on 30 June after the relevant date — the number of years in the period commencing on 1 July in the financial year in which the relevant date occurs and ending at the beginning of the calculation year; or

                (b)    if the person is 70 years or more on 30 June after the relevant date — 0; and

   (c)  dt is:

         (i)   for the financial year immediately after the relevant date — 1.032; or

        (ii)   in any other case — the discount factor that would apply to the calculation year if the reference to ‘1 July in the financial year in which the relevant date occurs’ in the heading of column 1 in Table 1 of Division 10.4 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 calculated in step 3.

Step 5

Calculate the total benefit (TB) that is payable to the person in accordance with the formula:

where:

V0 is the amount calculated in step 2.

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

V1 is the amount calculated in step 4.

Step 6

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

where:

TB is the total benefit that is payable to the person, calculated in accordance with step 5.

R is the reduction factor under clause 7.

3              Meaning of st

                For step 1 of the method mentioned in clause 2:

st is:

                (a)    for the financial year in which the relevant date occurs — 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 a member in the calculation year, calculated in accordance with the method mentioned in the following table.

Method

Step 1

Calculate, for each year in the period commencing on 1 July in the financial year in which the relevant date occurs and ending at the end of 30 June immediately before the calculation year (the calculation period), the sum of:

(a)     the factor that applies to the person for the definition of pt,r in relation to a benefit payable under section 19 or 19B of the PCS Act; and

(b)     the factor mentioned in Table 2 of Division 10.4 that applies given the person’s gender and the person’s age in completed years in the year for which the calculation is being made; and

(c)     the factor mentioned in Table 3 of Division 10.4 that applies given the person’s gender and the person’s age in completed years in the year for which the calculation is being made.

Step 2

For each year in the calculation period, calculate the probability that the person will remain a member at the end of the year (survival factor), being 1 less the sum of the factors mentioned in step 1 that apply to the person for the year.

Step 3

Multiply the survival factor calculated 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              Probability (pt,r)

         (1)   For step 1 of the methods mentioned in clauses 2 and 3, pt,r is:

                (a)    for a benefit payable under section 19 or 19B or subsection 22A (2) of the PCS Act:

                          (i)    if the year for which the calculation is being made is not an election year — the factor mentioned in subclause (2) that applies to the person; and

                         (ii)    if the year for which the calculation is being made is an election year and, at the relevant date, the person is in receipt of salary as a member of the Legislative Assembly — the factor mentioned in subclause (3) that applies to the person; and

                         (iii)    if the year for which the calculation is being made is an election year and, at the relevant date, the person is in receipt of salary as a member of the Legislative Council — the factor mentioned in subclause (4) that applies to the person; and

               (b)    for a benefit payable under section 22 of the PCS Act — the factor mentioned in Table 2 of Division 10.4 that applies given the person’s gender and the person’s age in completed years on 1 July in the year for which the calculation is being made; and

                (c)    for a benefit payable under subsection 22A (4) or section 23 of the PCS Act — the factor mentioned in Table 3 of Division 10.4 that applies given the person’s gender and the person’s age in completed years on 1 July in the year for which the calculation is being made.

         (2)   For subparagraph (1) (a) (i), pt,r is:

                (a)    for a person who, on the calculation date, will not have turned 55 — 0.02; and

               (b)    for a person who, on the calculation date, will have turned 55 but will not have turned 70 — 0.03; and

                (c)    for a person who, on the calculation date, will have turned 70 — 1.

         (3)   For subparagraph (1) (a) (ii), pt,r is:

                (a)    for a person who, on the calculation date, will not have turned 55:

                          (i)    if the person will have been entitled to receive salary for less than 20 years if he or she were to continue as a member of the Legislative Assembly until the calculation date — 0.25; and

                         (ii)    if the person will have been entitled to have received salary for at least 20 years but less than 24 years if he or she were to continue as a member of the Legislative Assembly until the calculation date — 0.82; and

               (b)    for a person who, on the calculation date, will have turned 55 but will not have turned 70:

                          (i)    if the person will have been entitled to receive salary for less than 20 years if he or she were to continue as a member of the Legislative Assembly until the calculation date — 0.26; and

                         (ii)    if the person will have been entitled to have received salary for at least 20 years but less than 24 years if he or she were to continue as a member of the Legislative Assembly until the calculation date — 0.83; and

                (c)    for a person who, on the calculation date, will have turned 70 or will have been entitled to have received salary for at least 24 years if he or she were to continue as a member of the Legislative Assembly until the calculation date — 1.

         (4)   For subparagraph (1) (a) (iii), pt,r is:

                (a)    for a person who, on the calculation date, will not have turned 55:

                          (i)    if the person will have been entitled to receive salary for less than 7 years if he or she were to continue as a member of the Legislative Council until the calculation date — 0.02; and

                         (ii)    if the person will have been entitled to have received salary for at least 7 years but less than 20 years if he or she were to continue as a member of the Legislative Council until the calculation date — 0.22; and

                         (iii)    if the person will have been entitled to have received salary for at least 20 years but less than 24 years if he or she were to continue as a member of the Legislative Council until the calculation date — 0.82; and

               (b)    for a person who, on the calculation date, will have turned 55 but will not have turned 70:

                          (i)    if the person will have been entitled to receive salary for less than 7 years if he or she were to continue as a member of the Legislative Council until the calculation date — 0.03; and

                         (ii)    if the person will have been entitled to have received salary for at least 7 years but less than 20 years if he or she were to continue as a member of the Legislative Council until the calculation date — 0.23; and

                         (iii)    if the person will have been entitled to have received salary for at least 20 years but less than 24 years if he or she were to continue as a member of the Legislative Council until the calculation date — 0.83; and

                (c)    for a person who, on the calculation date, will have turned 70 or will have been entitled to have received salary for at least 24 years if he or she were to continue as a member of the Legislative Council until the calculation date — 1.

         (5)   In this clause:

calculation date means 1 July in the year for which the calculation is being made.

5              Meaning of aft,r

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

aft,r is:

                (a)    if the benefit is payable to, or in relation to, a person under section 22 or subsection 23 (3) of the PCS Act who has been entitled to receive salary for less than 7 years — one seventh of the period (measured in years and fractions of a year) for which the person had been entitled to receive salary at the relevant date; or

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

where:

LPS0 is the period for which the person has been entitled to receive salary expressed in years and any fraction of a year, as at 1 July in the financial year in which the relevant date occurs.

t is:

                (a)    if the person is less than 70 years on 30 June after the relevant date — the number of years in the period commencing on 1 July in the financial year in which the relevant date occurs and ending at the beginning of the calculation year; or

               (b)    if the person is 70 years or more on 30 June after the relevant date — 0.

         (2)   In this clause:

anniversary date, of a person, means the anniversary of the later of:

                (a)    the date on which the person was first elected to the New South Wales Parliament; or

               (b)    the date on which the person was again elected to the New South Wales Parliament following defeat, or failure to stand, at an election after the election at which he or she was first elected.

fraction of a year means the quotient of:

                (a)    the number of days that are not included in the number of complete years for which the person had been entitled to receive salary; and

               (b)    any of the following that apply:

                          (i)    if the length of the period for which the person had been entitled to receive salary at the relevant date is less than 1 complete year and the date ‘29 February’ occurs in the 12 months commencing on the date on which the person first became entitled to receive salary — 366;

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

                         (iii)    in any other case — 365.

         (3)   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.

6              Valuation of benefit (Bt,r)

         (1)   For step 1 of the method mentioned 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 clause 8; and

               (b)    takes into account the assumption that the person’s salary will increase by 4% each year commencing on 1 July in the financial year in which the relevant date occurs; and

                (c)    disregards the amount of adjustment (if any) that the trustees would determine under section 26D of the PCS Act for the superannuation contributions surcharge.

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

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

               (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 mentioned in subclause (3); or

                (c)    if the benefit is deferred under section 19B of the PCS Act after the member resigned — the value of the benefit calculated in accordance with the formula mentioned in subclause (4).

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

where:

P is the nominal annual rate of pension that would be payable to, or in relation to, the person on the date when the person is first entitled to be paid a pension.

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

                                 where:

PFy+t is the immediate valuation factor mentioned in Table 4 or 5 of Division 10.4 that applies, 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; and

     (d)   for a pension payable under section 19 of the PCS Act — whether the person was a member immediately before 1 February 1990.

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 immediate valuation factor mentioned in Table 4 or 5 of Division 10.4 that would apply 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.

RPP is:

                (a)    for a pension payable to, or in relation to, a person under section 19 or 22 of the PCS Act — 0.75 if:

                          (i)    the person would have been entitled, on the assumption that he or she were to continue as a member, to receive salary; and

                         (ii)    on 31 December in the year for which the calculation is being made, 75% of the person’s accrued pension multiple divided by BSR would be greater than 0.45; or

               (b)    for a pension payable under section 19 or 22 of the PCS Act to, or in relation to, a person to whom paragraph (a) does not apply — the factor calculated using the formula:

                                 where:

BSR has the meaning given by subclause (5).

M is the number of complete months in the period commencing on the day when the person was first entitled to receive salary as a member and ending at the end of 31 December in the year for which the calculation is being made; or

                (c)    for a pension payable under section 23 of the PCS Act — 0.

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

                                 where:

RPFy+t is the immediate reversion valuation factor mentioned in Table 4 or 5 of Division 10.4 that applies, given:

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

     (b)   the person’s gender; and

     (c)   the type of pension that is payable; and

     (d)   for a pension payable under section 19 of the PCS Act — whether the person was a member immediately before 1 February 1990.

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 year for which the calculation is being made.

RPFy+t+1 is the immediate reversion valuation factor mentioned in Table 4 or 5 of Division 10.4 that would apply if the person’s age in completed years on 31 December in the year for which the calculation is being made, 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:

DP is the nominal annual rate of pension that would have been payable to the person if he or she had, at the date of ceasing to be a member, turned 55.

DPF is:

                (a)    if the person is male — 16.620; or

               (b)    if the person is female — 18.285.

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

                                 where:

DFy+t is the deferred pension valuation factor mentioned in Table 6 of Division 10.4 that applies given the person’s gender and the person’s age in completed years (y+t) on 31 December in the year for which the calculation is being made.

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 year for which the calculation is being made.

DFy+t+1 is the deferred pension valuation factor mentioned in Table 6 of Division 10.4 that would apply to the person if the person’s age in completed years on 31 December in the year for which the calculation is being made were 1 year more than it is.

RPP has the meaning given by subclause (3).

RPFy+t+m has the meaning given by subclause (3).

         (5)   For the definition of RPP in subclause (3):

accrued pension multiple, of a person, means the lesser of:

                (a)    0.8; and

               (b)    the sum of 0.488 and 0.002 for each complete month exceeding 84 complete months for which the person would have been entitled, if he or she were to continue as a member, to receive salary.

BSR is the quotient of:

                (a)    the total amount of basic salary to which the person was entitled under paragraph 6 (1) (a) of the Parliamentary Remuneration Act 1989 (NSW) (together with the total of any amounts in the nature of salary to which he or she was entitled as a member before the commencement of that Act) up to and including the 30 June immediately before the relevant date; and

               (b)    the total amount of basic salary and additional salary to which the person was entitled under paragraphs 6 (1) (a) and (b) of the Parliamentary Remuneration Act 1989 (NSW) (together with the total of any amounts in the nature of salary to which the person was entitled as a member, a Minister or the holder of an office mentioned in Schedule 1 to the Parliamentary Remuneration Tribunal Act 1975 (NSW) as the Act existed before 1 July 1990, before the commencement of the Parliamentary Remuneration Act 1989 (NSW)) up to and including the 30 June immediately before the relevant date.

7              Reduction factor

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

                (a)    if the requirements of Division 2.2 of the Regulations have been satisfied for the entitlement of only 1 spouse of the person, being an entitlement arising under a particular superannuation agreement, flag lifting agreement or splitting order that applies to the interest — the factor calculated in accordance with the formula mentioned in subclause (2); or

               (b)    if the requirements of Division 2.2 of the Regulations have been satisfied for 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 mentioned in subclause (2) for each entitlement; or

                (c)    in any other case — 1.

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

where:

NMProp is the quotient of:

                (a)    the value of the spouse’s entitlement under the agreement or order immediately before 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 mentioned in clause 2.

CDs is the total number of days for which the person had been entitled to receive salary at the date when the requirements of Division 2.2 of the Regulations were satisfied.

CD is the total number of days for which the person had been entitled to receive salary at the relevant date.

Subdivision 10.2.2      Reasons and assumptions about interest described in Subdivision 10.2.1

8              Reasons for payment of benefit

         (1)   Each of the events mentioned in subclauses (2) to (7) is a reason for the purposes of:

                (a)    step 1 of the method mentioned in clause 2; and

               (b)    paragraph (a) of the definition of Bt,r in subclause 6 (1).

         (2)   The person ceased to be a member, other than on the ground of incapacity, and was entitled to a pension under section 19 of the PCS Act.

         (3)   The person, who first became a member after 6 December 1999, ceased to be a member and was entitled to a pension that would be deferred under section 19B of the PCS Act.

         (4)   The person ceased to be a member and was entitled to a pension under section 22 of the PCS Act.

         (5)   The person died leaving a spouse or a de facto partner and section 23 of the PCS Act applies to the spouse or de facto partner.

         (6)   The person died without leaving a spouse or de facto partner, or a child to whom a pension would be payable under the PCS Act, and the personal representative of the person is entitled to an amount under subsection 22A (4) of the PCS Act in relation to the person.

         (7)   The person ceased to be a member before being entitled to receive salary for an aggregate period of 7 years and subsection 22A (2) of the PCS Act applies to the person.

9              Assumptions to be applied for steps 1 and 3 of the method in clause 2

         (1)   For step 1 of the method mentioned in clause 2, it is assumed that, if a benefit is payable to, or in relation to, the person under subsection 22A (2) of the PCS Act, the person is entitled to payment of the supplementary benefit under paragraph 22A (2) (a) of that Act.

         (2)   For step 3 of the method mentioned in clause 2, the following assumptions apply:

                (a)    the person remains a member;

               (b)    the person’s salary will increase by 4% each year commencing on 1 July in the financial year in which the relevant date occurs;

                (c)    if the relevant date is 29 February in a leap year, the corresponding date in a year that is not a leap year is 1 March.

Division 10.3         Other interests

Subdivision 10.3.1      Interest for a person who was a member immediately before, or whose pension commenced to be paid before, 1 February 1990

10            Method — interest for person not entitled to make an election under subsection 20 (2) of PCS Act

                For section 4 of this Approval, the method mentioned in the following table is approved for an interest that is held by a person who is being paid a pension under the PCS Act if:

                (a)    the person is not entitled to make an election under subsection 20 (2) of the PCS Act on the relevant date; and

               (b)    either:

                          (i)    the person was a member immediately before 1 February 1990; or

                         (ii)    the person’s pension commenced to be paid before 1 February 1990.

Method

where:

P is the annual pension amount payable to the person at the relevant date.

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

         where:

Py is the pension valuation factor mentioned in Table 7 of Division 10.4 that applies given the person’s gender and the person’s age in completed years at the relevant date.

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

Py+1 is the pension valuation factor mentioned in Table 7 of Division 10.4 that would apply to the person if the person’s age in completed years at the relevant date were 1 year more than it is.

CP is:

(a)     for a person who has elected under section 20 of the PCS Act to convert pension entitlements to a lump sum payment — the difference between the annual pension amount that would have been payable to the member at the relevant date if he or she had not made that election and the annual pension amount payable to the member at the relevant date; or

(b)     for a person who has not elected under section 20 of the PCS Act to convert pension entitlements to a lump sum payment — 0.

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

         where:

UPy is the unindexed pension valuation factor mentioned in Table 8 of Division 10.4 that applies given the person’s gender and the person’s age in completed years at the relevant date.

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

UPy+1 is the unindexed pension valuation factor mentioned in Table 8 of Division 10.4 that would apply to the person if the person’s age in completed years at the relevant date were 1 year more than it is.

R is the annual pension amount that would be payable to any surviving spouse or de facto partner of the person if the person died on the relevant date.

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

         where:

Ry is the reversion valuation factor mentioned in Table 7 of Division 10.4 that applies given the person’s gender and the person’s age in completed years at the relevant date.

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

Ry+1 is the reversion valuation factor mentioned in Table 7 of Division 10.4 that would apply to the person if the person’s age in completed years at the relevant date were 1 year more than it is.

11            Method — interest for person entitled to make an election under subsection 20 (2) of the PCS Act

                For section 4 of this Approval, the method mentioned in the following table is approved for an interest that is held by a person who is being paid a pension under the PCS Act if:

                (a)    the person is entitled to make an election under subsection 20 (2) of the PCS Act on the relevant date; and

               (b)    either:

                          (i)    the person was a member immediately before 1 February 1990; or

                         (ii)    the person’s pension commenced to be paid before 1 February 1990.

 

Method

where:

PVls is the value of a member’s entitlement assuming that all but the minimum amount required to qualify for some pension payment is converted to a lump sum, calculated in accordance with the formula:

where:

P has the meaning given by clause 10.

Py+m has the meaning given by clause 10.

UPy+m has the meaning given by clause 10.

R has the meaning given by clause 10.

Ry+m has the meaning given by clause 10.

PVp is the value of the person’s pension entitlements calculated in accordance with the formula:

where:

P has the meaning given by clause 10.

Py+m has the meaning given by clause 10.

R has the meaning given by clause 10.

Ry+m has the meaning given by clause 10.

Subdivision 10.3.2      Interest relating to a suspension under subsection 25 (2) of the PCS Act

12            Method — interest for a person who became a member on or after 1 February 1990

                For section 4 of this Approval, the method mentioned in the following table is approved for an interest that is held by a person:

                (a)    who was not a member immediately before 1 February 1990; and

               (b)    who did not receive a pension under the PCS Act that commenced to be paid before 1 February 1990; and

                (c)    whose right to receive a pension is currently suspended under subsection 25 (2) of the PCS Act.

Method

where:

P is the annual pension amount that would be payable to the person at the relevant date, if the period of suspension were to conclude at that date.

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

         where:

         Py is the pension valuation factor mentioned in Table 7 of Division 10.4 that applies given the person’s gender and the person’s age in completed years at the end of the minimum deferral period.

         m is the number of completed months of the person’s age that are not included in the person’s age in completed years at the end of the minimum deferral period.

         Py+1 is the pension valuation factor mentioned in Table 7 of Division 10.4 that would apply to the person if the person’s age in completed years at the end of the minimum deferral period were 1 year more than it is.

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

         where:

         Dy is the discount valuation factor mentioned in Table 9 of Division 10.4 that applies for the minimum deferral period in complete years at the relevant date.

         m is the number of complete months of the minimum deferral period that are not included in the remaining complete years of that period at the relevant date.

         Dy+1 is the discount valuation factor mentioned in Table 9 of Division 10.4 that would apply if the minimum deferral period in complete years at the relevant date were 1 more year than it is.

R is the annual pension amount that would be payable to any surviving spouse or de facto partner of the person if the person died on the relevant date.

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

         where:

         Ry is the reversion valuation factor mentioned in Table 7 of Division 10.4 that applies given the person’s gender and 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.

         Ry+1 is the reversion valuation factor mentioned in Table 7 of Division 10.4 that would apply to the person if the person’s age in completed years at the relevant date were 1 more year than it is.

13            Method — interest for a person who was a member immediately before 1 February 1990 and is not entitled to make an election under subsection 20 (2) of PCS Act

                For section 4 of this Approval, the method mentioned in the following table is approved for an interest that is held by a person:

                (a)    who is not entitled to make an election under subsection 20 (2) of the PCS Act on the relevant date; and

               (b)    who:

                          (i)    was a member immediately before 1 February 1990; or

                         (ii)    received a pension under the PCS Act that commenced to be paid before 1 February 1990; and

                (c)    whose right to receive a pension is currently suspended under subsection 25 (2) of the PCS Act.

Method

where:

P has the meaning given by clause 12.

Py+m has the meaning given by clause 12.

CP is the amount (if any) by which the annual pension amount payable to the person at the relevant date, if the period of suspension were to conclude at that date, would be reduced under subsection 21B (2) of the PCS Act because of an election by the person under section 20 of that Act to convert pension entitlements to a lump sum entitlement.

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

         where:

         UPy is the unindexed pension valuation factor mentioned in Table 8 of Division 10.4 that applies given the person’s gender and the person’s age in completed years at the relevant date.

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

         UPy+1 is the unindexed pension valuation factor mentioned in Table 8 of Division 10.4 that would apply to the person if the person’s age in completed years at the relevant date were 1 year more than it is.

Dy+m has the meaning given by clause 12.

R has the meaning given by clause 12.

Ry+m has the meaning given by clause 12.

14            Method — interest for a person who was a member immediately before 1 February 1990 and is entitled to make an election under subsection 20 (2) of PCS Act

                For section 4 of this Approval, the method mentioned in the following table is approved for an interest that is held by a person:

                (a)    who is entitled to make an election under subsection 20 (2) of the PCS Act on the relevant date; and

               (b)    who:

                          (i)    was a member immediately before 1 February 1990; or

                         (ii)    received a pension under the PCS Act that commenced to be paid before 1 February 1990; and

                (c)    whose right to receive a pension is currently suspended under subsection 25 (2) of the PCS Act.

Method

where:

PVls is the value of a member’s entitlement assuming that all but the minimum amount required to qualify for some pension payment is converted to a lump sum at the end of the minimum deferral period, calculated in accordance with the formula:

where:

P has the meaning given by clause 12.

Py+m has the meaning given by clause 12.

UPy+m has the meaning given by clause 13.

Dy+m has the meaning given by clause 12.

R has the meaning given by clause 12.

Ry+m has the meaning given by clause 12.

PVp is the value of the person’s pension entitlements calculated in accordance with the formula:

         where:

         P has the meaning given by clause 12.

         Py+m has the meaning given by clause 12.

         Dy+m has the meaning given by clause 12.

         R has the meaning given by clause 12.

         Ry+m has the meaning given by clause 12.

Division 10.4         Factors and probabilities

Table 1     Discount factors

Note   Step 3 of the method mentioned in clause 2 modifies the discount factor that applies to a calculation year by replacing the reference to ‘1 July in the financial year in which the relevant date occurs’ 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 1 July in the financial year in which the relevant date occurs and ending on 1 July in the year for which the calculation is being made

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 a benefit will be payable under section 22 of the PCS Act


Age of person

Factor

Male

Female

20

0.00020

0.00010

21

0.00020

0.00010

22

0.00020

0.00010

23

0.00020

0.00010

24

0.00020

0.00010

25

0.00020

0.00020

26

0.00020

0.00020

27

0.00020

0.00020

28

0.00020

0.00030

29

0.00020

0.00030

30

0.00030

0.00040

31

0.00030

0.00040

32

0.00030

0.00050

33

0.00030

0.00050

34

0.00040

0.00060

35

0.00040

0.00060

36

0.00050

0.00070

37

0.00050

0.00080

38

0.00060

0.00090

39

0.00060

0.00090

40

0.00070

0.00100

41

0.00080

0.00110

42

0.00090

0.00130

43

0.00100

0.00140

44

0.00110

0.00150

45

0.00120

0.00160

46

0.00140

0.00180

47

0.00160

0.00190

48

0.00180

0.00200

49

0.00200

0.00220

50

0.00230

0.00240

51

0.00260

0.00260

52

0.00290

0.00280

53

0.00330

0.00310

54

0.00370

0.00330

55

0.00410

0.00370

56

0.00460

0.00400

57

0.00520

0.00430

58

0.00580

0.00470

59

0.00630

0.00500

60

0.00690

0.00540

61

0.00750

0.00580

62

0.00810

0.00610

63

0.00860

0.00650

64

0.00920

0.00690

65

0.00980

0.00730

66

0.01040

0.00760

67

0.01090

0.00800

68

0.01150

0.00840

69

0.01210

0.00880

70

0.00000

0.00000


Table 3     Probability that a benefit will be payable under subsection 22A (4) or section 23 of the PCS Act


Age of person

Factor

Male

Female

20

0.00060

0.00021

21

0.00061

0.00020

22

0.00061

0.00019

23

0.00062

0.00018

24

0.00062

0.00018

25

0.00063

0.00019

26

0.00063

0.00020

27

0.00064

0.00020

28

0.00064

0.00022

29

0.00065

0.00023

30

0.00066

0.00025

31

0.00067

0.00026

32

0.00068

0.00028

33

0.00069

0.00029

34

0.00071

0.00031

35

0.00073

0.00033

36

0.00075

0.00035

37

0.00077

0.00037

38

0.00080

0.00039

39

0.00084

0.00042

40

0.00087

0.00045

41

0.00091

0.00048

42

0.00096

0.00052

43

0.00101

0.00057

44

0.00108

0.00062

45

0.00116

0.00068

46

0.00125

0.00075

47

0.00135

0.00083

48

0.00147

0.00091

49

0.00162

0.00101

50

0.00178

0.00112

51

0.00197

0.00123

52

0.00218

0.00136

53

0.00242

0.00150

54

0.00269

0.00165

55

0.00299

0.00182

56

0.00332

0.00200

57

0.00370

0.00220

58

0.00412

0.00241

59

0.00459

0.00264

60

0.00512

0.00289

61

0.00572

0.00316

62

0.00638

0.00347

63

0.00711

0.00382

64

0.00792

0.00421

65

0.00882

0.00465

66

0.00980

0.00514

67

0.01087

0.00569

68

0.01204

0.00631

69

0.01330

0.00700

70

0.00000

0.00000


Table 4     Immediate pension and reversion valuation factors — males

Age

Retirement pension under section 19 of the PCS Act

Invalid pension under section 22 of the PCS Act

Spouse pension under section 23 of the PCS Act

Member immediately before 1 February 1990

Post 1 February 1990 member

Reversion valuation factor

Pension

Reversion valuation factor

20

28.483

20.542

2.474

29.932

2.918

27.722

21

28.263

20.424

2.509

29.676

2.961

27.553

22

28.038

20.304

2.545

29.414

3.006

27.382

23

27.808

20.181

2.582

29.146

3.051

27.209

24

27.573

20.055

2.620

28.872

3.098

27.031

25

27.334

19.926

2.658

28.590

3.146

26.848

26

27.089

19.794

2.698

28.302

3.195

26.659

27

26.839

19.659

2.738

28.007

3.245

26.467

28

26.584

19.520

2.780

27.705

3.297

26.269

29

26.324

19.378

2.822

27.396

3.350

26.067

30

26.058

19.233

2.866

27.079

3.404

25.860

31

25.787

19.084

2.910

26.755

3.459

25.649

32

25.510

18.932

2.956

26.423

3.515

25.432

33

25.229

18.776

3.003

26.084

3.572

25.211

34

24.941

18.617

3.050

25.738

3.631

24.986

35

24.649

18.454

3.098

25.383

3.690

24.755

36

24.350

18.287

3.148

25.021

3.750

24.520

37

24.047

18.116

3.197

24.651

3.811

24.279

38

23.738

17.942

3.248

24.273

3.873

24.034

39

23.424

17.764

3.299

23.887

3.935

23.782

40

23.104

17.582

3.351

23.493

3.998

23.525

41

22.779

17.396

3.403

23.091

4.062

23.262

42

22.449

17.206

3.456

22.681

4.126

22.994

43

22.115

17.012

3.509

22.264

4.189

22.721

44

21.775

16.815

3.562

21.838

4.253

22.441

45

21.430

16.613

3.615

21.406

4.316

22.155

46

21.081

16.408

3.667

20.967

4.378

21.865

47

20.727

16.199

3.719

20.521

4.439

21.568

48

20.370

15.986

3.770

20.069

4.498

21.266

49

20.009

15.771

3.819

19.611

4.555

20.958

50

19.644

15.551

3.866

19.147

4.609

20.645

51

19.278

15.329

3.911

18.679

4.659

20.100

52

18.908

15.104

3.954

18.207

4.706

19.558

53

18.536

14.876

3.995

17.731

4.749

19.017

54

18.163

14.646

4.033

17.251

4.787

18.479

55

17.789

14.414

4.067

16.769

4.820

17.942

56

17.413

14.179

4.099

16.284

4.846

17.409

57

17.038

13.943

4.133

15.797

4.869

17.083

58

16.661

13.704

4.163

15.310

4.889

16.552

59

16.287

13.465

4.188

14.823

4.906

16.220

60

15.913

13.225

4.208

14.337

4.919

15.692

61

15.540

12.984

4.221

13.853

4.929

15.355

62

15.171

12.743

4.228

13.372

4.934

14.831

63

14.804

12.502

4.227

12.893

4.930

14.489

64

14.441

12.262

4.217

12.419

4.918

14.143

65

14.082

12.023

4.200

11.950

4.896

13.794

66

13.728

11.785

4.172

11.486

4.864

13.275

67

13.379

11.549

4.135

11.028

4.822

12.923

68

13.035

11.314

4.086

10.576

4.769

12.567

69

12.697

11.082

4.030

10.130

4.709

12.056

70

12.365

10.852

3.965

9.690

4.638

11.700

71

12.039

10.625

3.892

9.255

4.562

11.198

72

11.719

10.400

3.811

8.826

4.475

10.566

73

11.405

10.177

3.723

8.402

4.382

9.950

74

11.098

9.956

3.627

7.987

4.276

9.352

75

10.796

9.738

3.523

7.581

4.161

8.772

76

10.503

9.523

3.411

7.188

4.039

8.211

77

10.218

9.313

3.294

6.809

3.906

7.668

78

9.943

9.109

3.172

6.445

3.764

7.256

79

9.680

8.911

3.039

6.098

3.612

6.856

80

9.429

8.721

2.895

5.768

3.450

6.366

81

9.190

8.538

2.744

5.457

3.276

5.997

82

8.964

8.365

2.581

5.163

3.090

5.549

83

8.752

8.200

2.411

4.889

2.902

5.124

84

8.552

8.044

2.234

4.634

2.712

4.808

85

8.367

7.898

2.041

4.400

2.520

4.424

86

8.195

7.761

1.837

4.186

2.326

4.061

87

8.037

7.635

2.064

3.996

2.130

3.720

88

7.894

7.520

1.904

3.830

1.930

3.400

89

7.766

7.417

1.743

3.691

1.725

3.102

90

7.653

7.326

1.580

3.573

1.529

2.826

91

7.556

7.247

1.412

3.468

1.346

2.510

92

7.472

7.180

1.252

3.365

1.177

2.221

93

7.395

7.118

1.101

3.264

1.023

1.957

94

7.319

7.057

0.960

3.166

0.883

1.715

95

7.245

6.997

0.829

3.069

0.757

1.493

96

7.171

6.938

0.708

2.971

0.648

1.289

97

7.097

6.878

0.597

2.874

0.556

1.099

98

7.023

6.818

0.496

2.777

0.470

0.923

99

6.948

6.757

0.406

2.680

0.390

0.758

100

6.872

6.695

0.327

2.581

0.315

0.604

101

6.793

6.631

0.263

2.478

0.246

0.501

102

6.711

6.563

0.204

2.365

0.184

0.405

103

6.623

6.491

0.152

2.236

0.131

0.314

104

6.525

6.409

0.108

2.076

0.089

0.228

105

6.413

6.315

0.074

1.866

0.063

0.110

106

6.279

6.200

0.053

1.572

0.043

0.000

107

6.113

6.054

0.037

1.143

0.031

0.000

108

5.901

5.863

0.027

0.494

0.031

0.000

109

5.623

5.604

0.026

0.000

0.000

0.000

110

5.252

5.247

0.000

0.000

0.000

0.000

Table 5     Immediate pension and reversion valuation factors — females

 

Age

Retirement pension under section 19 of the PCS Act

Invalid pension under section 22 of the PCS Act

Spouse pension under section 23 of the PCS Act

 

Member immediately before 1 February 1990

Post 1 February 1990 member

Reversion valuation factor

Pension

Reversion valuation factor

 

20

29.762

21.240

0.860

31.497

1.206

21.572

 

21

29.553

21.130

0.874

31.255

1.228

21.410

 

22

29.340

21.017

0.888

31.006

1.250

21.244

 

23

29.121

20.901

0.903

30.751

1.272

21.074

 

24

28.898

20.782

0.919

30.490

1.295

20.900

 

25

28.669

20.660

0.935

30.223

1.319

20.722

 

26

28.436

20.535

0.951

29.950

1.342

20.539

 

27

28.198

20.408

0.968

29.671

1.366

20.352

 

28

27.955

20.277

0.985

29.386

1.390

20.160

 

29

27.707

20.144

1.002

29.095

1.415

19.965

 

30

27.455

20.007

1.019

28.797

1.439

19.763

 

31

27.198

19.868

1.036

28.494

1.463

19.558

 

32

26.936

19.726

1.053

28.184

1.488

19.348

 

33

26.670

19.581

1.070

27.867

1.512

19.132

 

34

26.398

19.432

1.088

27.543

1.537

18.912

 

35

26.121

19.280

1.105

27.212

1.562

18.687

 

36

25.839

19.125

1.122

26.874

1.587

18.457

 

37

25.552

18.966

1.140

26.530

1.612

18.221

 

38

25.260

18.804

1.157

26.178

1.637

17.981

 

39

24.962

18.639

1.174

25.818

1.661

17.735

 

40

24.660

18.470

1.192

25.452

1.686

17.484

 

41

24.352

18.297

1.209

25.079

1.710

17.227

 

42

24.039

18.121

1.225

24.698

1.733

16.966

 

43

23.722

17.942

1.241

24.311

1.756

16.700

 

44

23.400

17.758

1.257

23.917

1.777

16.428

 

45

23.073

17.572

1.272

23.516

1.798

16.150

 

46

22.741

17.382

1.287

23.108

1.818

16.714

 

47

22.406

17.189

1.299

22.694

1.834

16.204

 

48

22.065

16.992

1.310

22.274

1.849

15.698

 

49

21.721

16.792

1.321

21.847

1.862

15.194

 

50

21.373

16.588

1.330

21.414

1.874

14.694

 

51

21.021

16.382

1.338

20.976

1.885

14.199

 

52

20.665

16.172

1.345

20.531

1.893

13.707

 

53

20.306

15.959

1.350

20.081

1.899

13.221

 

54

19.944

15.743

1.354

19.625

1.904

12.740

 

55

19.579

15.524

1.357

19.163

1.906

12.266

 

56

19.210

15.301

1.358

18.697

1.906

11.797

 

57

18.839

15.076

1.357

18.224

1.904

11.334

 

58

18.465

14.848

1.354

17.747

1.901

10.879

 

59

18.090

14.617

1.350

17.264

1.895

10.431

 

60

17.711

14.382

1.344

16.776

1.886

9.991

 

61

17.331

14.145

1.337

16.284

1.875

9.709

 

62

16.949

13.906

1.327

15.788

1.861

9.427

 

63

16.566

13.663

1.314

15.289

1.842

9.147

 

64

16.182

13.419

1.297

14.786

1.818

8.866

 

65

15.797

13.172

1.278

14.282

1.790

8.588

 

66

15.413

12.923

1.254

13.776

1.755

8.184

 

67

15.030

12.673

1.227

13.269

1.716

7.790

 

68

14.647

12.421

1.197

12.762

1.672

7.288

 

69

14.266

12.168

1.165

12.255

1.625

6.805

 

70

13.887

11.915

1.130

11.748

1.575

6.341

 

71

13.511

11.661

1.092

11.243

1.522

5.896

 

72

13.139

11.407

1.052

10.740

1.465

5.468

 

73

12.769

11.153

1.010

10.240

1.405

5.060

 

74

12.404

10.899

0.965

9.747

1.341

4.668

 

75

12.045

10.647

0.918

9.261

1.273

4.296

 

76

11.691

10.496

0.868

8.786

1.200

3.944

 

77

11.346

10.149

0.815

8.324

1.123

3.610

 

78

11.010

9.907

0.759

7.876

1.039

3.216

 

79

10.685

9.670

0.701

7.442

0.955

2.848

 

80

10.370

9.439

0.642

7.021

0.872

2.505

 

81

10.068

9.214

0.583

6.614

0.789

2.187

 

82

9.776

8.996

0.525

6.221

0.708

1.893

 

83

9.496

8.784

0.469

5.843

0.630

1.620

 

84

9.227

8.578

0.415

5.484

0.556

1.367

 

85

8.970

8.380

0.364

5.146

0.485

1.194

 

86

8.727

8.191

0.314

4.832

0.414

0.976

 

87

8.500

8.012

0.267

4.545

0.349

0.775

 

88

8.289

7.845

0.227

4.283

0.294

0.642

 

89

8.096

7.691

0.189

4.047

0.242

0.519

 

90

7.920

7.550

0.154

3.835

0.196

0.404

 

91

7.761

7.422

0.125

3.643

0.157

0.345

 

92

7.617

7.305

0.096

3.467

0.118

0.241

 

93

7.486

7.199

0.075

3.304

0.091

0.188

 

94

7.364

7.100

0.057

3.154

0.067

0.138

 

95

7.252

7.008

0.043

3.015

0.049

0.090

 

96

7.148

6.922

0.035

2.885

0.038

0.044

 

97

7.050

6.841

0.034

2.764

0.037

0.043

 

98

6.958

6.765

0.033

2.650

0.036

0.042

 

99

6.871

6.693

0.032

2.541

0.035

0.041

 

100

6.786

6.623

0.030

2.435

0.033

0.039

 

101

6.703

6.554

0.029

2.328

0.032

0.038

 

102

6.620

6.485

0.027

2.216

0.030

0.037

 

103

6.533

6.412

0.025

2.093

0.029

0.035

 

104

6.440

6.334

0.022

1.946

0.027

0.034

 

105

6.335

6.245

0.019

1.757

0.024

0.000

 

106

6.212

6.139

0.016

1.495

0.022

0.000

 

107

6.060

6.006

0.012

1.105

0.019

0.000

 

108

5.866

5.830

0.008

0.494

0.017

0.000

 

109

5.607

5.589

0.004

0.000

0.000

0.000

 

110

5.252

5.247

0.000

0.000

0.000

0.000

Table 6     Deferred pension valuation factors


Age

Male

Female

20

0.411

0.422

21

0.421

0.433

22

0.432

0.443

23

0.443

0.454

24

0.454

0.465

25

0.465

0.476

26

0.477

0.488

27

0.489

0.500

28

0.501

0.512

29

0.513

0.525

30

0.526

0.537

31

0.539

0.551

32

0.553

0.564

33

0.567

0.578

34

0.581

0.592

35

0.596

0.607

36

0.611

0.621

37

0.626

0.637

38

0.642

0.652

39

0.658

0.669

40

0.675

0.685

41

0.692

0.702

42

0.710

0.719

43

0.728

0.737

44

0.747

0.756

45

0.766

0.775

46

0.786

0.794

47

0.807

0.814

48

0.828

0.835

49

0.850

0.856

50

0.872

0.878

51

0.896

0.901

52

0.920

0.925

53

0.946

0.949

54

0.972

0.974

55

1.000

1.000


Table 7     Pension and reversion valuation factors — pensions in payment and suspended pensions

Age at relevant date (in completed years)

Pension and reversion valuation factors

Male

Female

Pension

Reversion

Pension

Reversion

18

31.5392

2.0502

32.9054

0.8460

19

31.3119

2.0845

32.6943

0.8620

20

31.0823

2.1177

32.4791

0.8780

21

30.8476

2.1514

32.2590

0.8942

22

30.6073

2.1860

32.0329

0.9112

23

30.3613

2.2214

31.8008

0.9288

24

30.1093

2.2577

31.5629

0.9470

25

29.8513

2.2949

31.3191

0.9656

26

29.5871

2.3330

31.0696

0.9847

27

29.3164

2.3720

30.8143

1.0042

28

29.0392

2.4121

30.5533

1.0239

29

28.7553

2.4532

30.2864

1.0440

30

28.4648

2.4953

30.0138

1.0644

31

28.1671

2.5384

29.7352

1.0849

32

27.8625

2.5825

29.4505

1.1058

33

27.5509

2.6275

29.1598

1.1268

34

27.2318

2.6736

28.8627

1.1481

35

26.9057

2.7205

28.5590

1.1698

36

26.5721

2.7684

28.2486

1.1917

37

26.2311

2.8172

27.9314

1.2140

38

25.8824

2.8669

27.6073

1.2365

39

25.5262

2.9173

27.2764

1.2593

40

25.1622

2.9686

26.9383

1.2822

41

24.7903

2.9200

26.5933

1.2271

42

24.4106

2.8686

26.2411

1.1692

43

24.0231

2.8142

25.8820

1.1087

44

23.6279

2.7567

25.5159

1.0453

45

23.2249

2.6960

25.1430

0.9790

46

22.8144

2.6318

24.7632

0.9099

47

22.3965

2.5641

24.3764

0.8379

48

21.9715

2.4926

23.9830

0.7630

49

21.5398

2.4171

23.5828

0.6852

50

21.1015

2.3377

23.1761

0.6046

51

20.6571

2.0168

22.7628

0.5212

52

20.2070

1.6849

22.3430

0.4351

53

19.7515

1.3422

21.9170

0.3463

54

19.2910

0.9891

21.4847

0.2550

55

18.8258

0.6259

21.0463

0.1613

56

18.3565

0.6333

20.6017

0.1631

57

17.8836

0.6402

20.1513

0.1648

58

17.4074

0.6467

19.6949

0.1665

59

16.9288

0.6527

19.2325

0.1681

60

16.4483

0.6581

18.7641

0.1696

61

15.9668

0.6628

18.2900

0.1710

62

15.4849

0.6668

17.8104

0.1723

63

15.0034

0.6701

17.3256

0.1736

64

14.5232

0.6725

16.8361

0.1747

65

14.0448

0.6740

16.3424

0.1757

66

13.5691

0.6747

15.8449

0.1765

67

13.0966

0.6743

15.3442

0.1773

68

12.6279

0.6731

14.8409

0.1779

69

12.1636

0.6708

14.3356

0.1783

70

11.7039

0.6675

13.8288

0.1786

71

11.2490

0.6633

13.3211

0.1788

72

10.7986

0.6581

12.8129

0.1788

73

10.3529

0.6521

12.3046

0.1786

74

9.9114

0.6453

11.7973

0.1784

75

9.4751

0.6377

11.2925

0.1779

76

9.0457

0.6292

10.7919

0.1774

77

8.6255

0.6197

10.2979

0.1766

78

8.2168

0.6092

9.8127

0.1757

79

7.8213

0.5977

9.3386

0.1746

80

7.4407

0.5852

8.8770

0.1733

81

7.0760

0.5717

8.4279

0.1718

82

6.7283

0.5573

7.9910

0.1703

83

6.3983

0.5421

7.5664

0.1686

84

6.0869

0.5261

7.1553

0.1669

85

5.7945

0.5095

6.7594

0.1651

86

5.5219

0.4925

6.3813

0.1632

87

5.2699

0.4750

6.0237

0.1612

88

5.0397

0.4574

5.6900

0.1590

89

4.8327

0.4395

5.3818

0.1564

90

4.6505

0.4217

5.0996

0.1535

91

4.4944

0.4039

4.8430

0.1502

92

4.3595

0.3863

4.6099

0.1464

93

4.2355

0.3691

4.3966

0.1421

94

4.1143

0.3526

4.1992

0.1374

95

3.9940

0.3364

4.0152

0.1322

96

3.8753

0.3202

3.8434

0.1264

97

3.7562

0.3038

3.6824

0.1199

98

3.6357

0.2867

3.5304

0.1125

99

3.5135

0.2683

3.3855

0.1041

100

3.3890

0.2481

3.2455

0.0944

101

3.2607

0.2250

3.1076

0.0831

102

3.1260

0.1977

2.9686

0.0700

103

2.9807

0.1645

2.8239

0.0549

104

2.8184

0.1230

2.6672

0.0377

105

2.6294

0.0697

2.4895

0.0190

106

2.3996

0.0000

2.2773

0.0000

107

2.1083

0.0000

2.0109

0.0000

108

1.7256

0.0000

1.6601

0.0000

109

1.2082

0.0000

1.1785

0.0000

110

0.4941

0.0000

0.4941

0.0000

Table 8     Unindexed pension valuation factors — pensions in payment and suspended pensions


Age at relevant date (in completed years)

Unindexed pension valuation factor

Male

Female

18

15.2550

15.4795

19

15.2277

15.4585

20

15.2002

15.4365

21

15.1713

15.4133

22

15.1406

15.3883

23

15.1081

15.3614

24

15.0735

15.3326

25

15.0367

15.3020

26

14.9976

15.2694

27

14.9561

15.2349

28

14.9120

15.1983

29

14.8650

15.1597

30

14.8153

15.1188

31

14.7623

15.0757

32

14.7061

15.0301

33

14.6465

14.9820

34

14.5832

14.9312

35

14.5162

14.8774

36

14.4453

14.8204

37

14.3702

14.7602

38

14.2906

14.6966

39

14.2065

14.6293

40

14.1175

14.5583

41

14.0234

14.4833

42

13.9240

14.4042

43

13.8191

14.3208

44

13.7085

14.2332

45

13.5919

14.1410

46

13.4693

14.0442

47

13.3404

13.9425

48

13.2052

13.8358

49

13.0637

13.7240

50

12.9156

13.6069

51

12.7609

13.4844

52

12.5997

13.3562

53

12.4319

13.2223

54

12.2575

13.0824

55

12.0764

12.9364

56

11.8886

12.7841

57

11.6943

12.6252

58

11.4934

12.4596

59

11.2862

12.2869

60

11.0730

12.1068

61

10.8540

11.9191

62

10.6295

11.7238

63

10.3997

11.5207

64

10.1653

11.3099

65

9.9265

11.0912

66

9.6836

10.8648

67

9.4371

10.6307

68

9.1873

10.3891

69

8.9346

10.1400

70

8.6790

9.8836

71

8.4207

9.6200

72

8.1596

9.3492

73

7.8955

9.0714

74

7.6282

8.7870

75

7.3582

8.4969

76

7.0868

8.2023

77

6.8161

7.9050

78

6.5477

7.6066

79

6.2834

7.3091

80

6.0247

7.0137

81

5.7729

6.7207

82

5.5290

6.4300

83

5.2943

6.1420

84

5.0695

5.8578

85

4.8558

5.5791

86

4.6542

5.3083

87

4.4657

5.0483

88

4.2918

4.8023

89

4.1345

4.5724

90

3.9956

4.3599

91

3.8770

4.1650

92

3.7753

3.9868

93

3.6821

3.8227

94

3.5907

3.6698

95

3.4995

3.5264

96

3.4092

3.3917

97

3.3182

3.2650

98

3.2257

3.1450

99

3.1314

3.0302

100

3.0351

2.9190

101

2.9355

2.8093

102

2.8303

2.6984

103

2.7160

2.5823

104

2.5866

2.4555

105

2.4331

2.3095

106

2.2416

2.1315

107

1.9911

1.9016

108

1.6502

1.5886

109

1.1714

1.1428

110

0.4845

0.4845


Table 9     Discount valuation factors — suspended pensions


Minimum deferral period for pension (in complete years)

Discount valuation factors

0

1.000

1

0.977

2

0.954

3

0.932

4

0.911

5

0.891

6

0.871

7

0.852

8

0.833

9

0.814

10

0.796

11

0.779

12

0.762

13

0.745

14

0.728

15

0.712

16

0.696

17

0.681

18

0.666

19

0.651

20

0.637

21

0.622

22

0.609

23

0.595

24

0.582

25

0.569

26

0.556

27

0.544

28

0.532

29

0.520

30

0.508

31

0.497

32

0.486

33

0.475

34

0.464

35

0.454

36

0.443

37

0.433

38

0.424

39

0.414

40

0.405



Note

1.       All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See http://www.frli.gov.au.