Schedule 1 Amendment

(section 3)

[1] Schedule 6, after Part 1

insert

Part 2 South Australian Local Government Superannuation Scheme

(1) In this Part:

SA Local Government Superannuation Scheme means the scheme continued in existence by subclause 3 (1) of Schedule 1 to the Local Government Act 1999 (SA).

Rules means the Rules of the SA Local Government Superannuation Scheme.

(2) An expression used in this Part and in the Rules has the same meaning in this Part as it has in the Rules.

Examples of expressions defined in the Rules

 Fund

 Member

 Member’s Credit

 Salarylink Benefit

 Salarylink Contributions

 Service.

2 Methods and factors for interests in SA Local Government Superannuation Scheme

For an interest that is in the growth phase in the SA Local Government Superannuation Scheme mentioned in an item in the following table, the method or factor mentioned in the item is approved for section 4 of this instrument.

Item	Interest in the growth phase	Method or factor
1	An interest that a person has as a Member of the SA Local Government Superannuation Scheme who: (a) may elect to make Salarylink Contributions to the Fund under the Rules; and (b) is entitled to a retirement benefit that is a Salarylink Benefit (other than a benefit that is payable under sub-sub-subparagraph 61 (a) (ii) (B) (4) of the Rules).	AB + DB where: AB is the value of the accumulation benefit, being the balance of the Member’s Credit at the relevant date. DB is the value of the defined benefit calculated in accordance with the method in clause 3 of Schedule 2 to the Regulations for calculating the gross value, at the relevant date, of a defined benefit interest, except that: (a) the reference, in the definition of fy, in subclause 3 (2) of Schedule 2, to the lump sum valuation factor mentioned in clause 4 of Schedule 2 to the Regulations, is taken to be a reference to the lump sum valuation factor for an active Member mentioned in Table 1 of this Part that applies at the relevant date to the person’s age in complete years; and (b) the reference, in the definition of fy+1, in subclause 3 (2) of Schedule 2, to the lump sum valuation factor mentioned in clause 4 of Schedule 2 to the Regulations, is taken to be a reference to the lump sum valuation factor for an active Member mentioned in Table 1 of this Part that would apply if the person’s age were one year more than the person’s age at the relevant date.
2	An interest that a person has as a Member of the SA Local Government Superannuation Scheme: (a) whose Service was terminated before his or her 55th birthday; and (b) who is entitled to a benefit payable under sub-sub-subparagraph 61 (a) (ii) (B) (4) of the Rules.	AB + DB where: AB is the value of the accumulation benefit, being any benefit retained by the person in the Fund under rule 73 of the Rules. DB is the value of the defined benefit calculated in accordance with the method set out in clause 3 of Schedule 2 to the Regulations, except that: (a) the definition of A, in subclause 3 (1) of Schedule 2, is substituted by the words ‘A is the preserved benefit under sub-sub-subparagraph 61 (a) (ii) (B) (4) of the Rules at the relevant date.’; and (b) the reference, in the definition of fy, in subclause 3 (2) of Schedule 2, to the lump sum valuation factor mentioned in clause 4 of Schedule 2 to the Regulations, is taken to be a reference to the lump sum valuation factor for a preserved Member mentioned in Table 1 of this Part that applies at the relevant date to the person’s age in complete years; and (c) the reference, in the definition of fy+1, in subclause 3 (2) of Schedule 2, to the lump sum valuation factor mentioned in clause 4 of Schedule 2 to the Regulations, is taken to be a reference to the lump sum valuation factor for a preserved Member mentioned in Table 1 of this Part that would apply if the person’s age were one year more than the person’s age at the relevant date.

Item

Interest in the growth phase

Method or factor

An interest that a person has as a Member of the SA Local Government Superannuation Scheme who:

(a) may elect to make Salarylink Contributions to the Fund under the Rules; and

(b) is entitled to a retirement benefit that is a Salarylink Benefit (other than a benefit that is payable under sub-sub-subparagraph 61 (a) (ii) (B) (4) of the Rules).

AB + DB

where:

AB is the value of the accumulation benefit, being the balance of the Member’s Credit at the relevant date.

DB is the value of the defined benefit calculated in accordance with the method in clause 3 of Schedule 2 to the Regulations for calculating the gross value, at the relevant date, of a defined benefit interest, except that:

(a) the reference, in the definition of fy, in subclause 3 (2) of Schedule 2, to the lump sum valuation factor mentioned in clause 4 of Schedule 2 to the Regulations, is taken to be a reference to the lump sum valuation factor for an active Member mentioned in Table 1 of this Part that applies at the relevant date to the person’s age in complete years; and

(b) the reference, in the definition of fy+1, in subclause 3 (2) of Schedule 2, to the lump sum valuation factor mentioned in clause 4 of Schedule 2 to the Regulations, is taken to be a reference to the lump sum valuation factor for an active Member mentioned in Table 1 of this Part that would apply if the person’s age were one year more than the person’s age at the relevant date.

An interest that a person has as a Member of the SA Local Government Superannuation Scheme:

(a) whose Service was terminated before his or her 55th birthday; and

(b) who is entitled to a benefit payable under sub-sub-subparagraph 61 (a) (ii) (B) (4) of the Rules.

AB + DB

where:

AB is the value of the accumulation benefit, being any benefit retained by the person in the Fund under rule 73 of the Rules.

DB is the value of the defined benefit calculated in accordance with the method set out in clause 3 of Schedule 2 to the Regulations, except that:

(a) the definition of A, in subclause 3 (1) of Schedule 2, is substituted by the words ‘A is the preserved benefit under sub-sub-subparagraph 61 (a) (ii) (B) (4) of the Rules at the relevant date.’; and

(b) the reference, in the definition of fy, in subclause 3 (2) of Schedule 2, to the lump sum valuation factor mentioned in clause 4 of Schedule 2 to the Regulations, is taken to be a reference to the lump sum valuation factor for a preserved Member mentioned in Table 1 of this Part that applies at the relevant date to the person’s age in complete years; and

(c) the reference, in the definition of fy+1, in subclause 3 (2) of Schedule 2, to the lump sum valuation factor mentioned in clause 4 of Schedule 2 to the Regulations, is taken to be a reference to the lump sum valuation factor for a preserved Member mentioned in Table 1 of this Part that would apply if the person’s age were one year more than the person’s age at the relevant date.

Table 1 Lump sum valuation factors

Item	Age at relevant date (in complete years)	Active Members	Preserved Members
1	16	0.4518	0.4893
2	17	0.4606	0.4989
3	18	0.4695	0.5087
4	19	0.4785	0.5187
5	20	0.4876	0.5289
6	21	0.4961	0.5388
7	22	0.5056	0.5489
8	23	0.5151	0.5592
9	24	0.5247	0.5695
10	25	0.5342	0.5801
11	26	0.5436	0.5906
12	27	0.5537	0.6014
13	28	0.5639	0.6124
14	29	0.5743	0.6237
15	30	0.5849	0.6353
16	31	0.5945	0.6462
17	32	0.6043	0.6573
18	33	0.6142	0.6688
19	34	0.6241	0.6805
20	35	0.6340	0.6925
21	36	0.6438	0.7048
22	37	0.6550	0.7173
23	38	0.6664	0.7302
24	39	0.6779	0.7434
25	40	0.6895	0.7568
26	41	0.7016	0.7708
27	42	0.7145	0.7854
28	43	0.7277	0.8002
29	44	0.7410	0.8154
30	45	0.7542	0.8307
31	46	0.7673	0.8461
32	47	0.7809	0.8618
33	48	0.7944	0.8776
34	49	0.8079	0.8938
35	50	0.8213	0.9103
36	51	0.8345	0.9271
37	52	0.8484	0.9444
38	53	0.8624	0.9623
39	54	0.8767	0.9808
40	55	0.8912	1.0000
41	56	0.8995	1.0000
42	57	0.9089	1.0000
43	58	0.9194	1.0000
44	59	0.9281	1.0000
45	60	0.9383	1.0000
46	61	0.9465	1.0000
47	62	0.9566	1.0000
48	63	0.9692	1.0000
49	64	0.9852	1.0000
50	65	1.0000	1.0000