I, PHILIP MAXWELL RUDDOCK, Attorney‑General, make this instrument under regulations 38 and 43A of the Family Law (Superannuation) Regulations 2001.
Dated 10 January 2004
PHILIP RUDDOCK
Attorney‑General
I, PHILIP MAXWELL RUDDOCK, Attorney‑General, make this instrument under regulations 38 and 43A of the Family Law (Superannuation) Regulations 2001.
Dated 10 January 2004
PHILIP RUDDOCK
Attorney‑General
1 Name of instrument
This instrument is the Family Law (Superannuation) (Methods and Factors for Valuing Particular Superannuation Interests) Amendment Approval 2004 (No. 1).
2 Commencement
This instrument commences on gazettal.
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 6, after Part 2
insert
Part 3 South Australian Police Superannuation Scheme
Division 3.1 Definitions
1 Definitions
In this Part:
contribution period has the meaning given by subsection 4 (1) of the Police Superannuation Act.
contribution points has the meaning given by Part 3 of the Police Superannuation Act.
contributor has the meaning given by subsection 4 (1) of the Police Superannuation Act.
new scheme contributor has the meaning given by subsection 4 (1) of the Police Superannuation Act.
old scheme contributor has the meaning given by subsection 4 (1) of the Police Superannuation Act.
Pensions Act means the Police Pensions Act 1971 (SA), as in force immediately before it was repealed by the Police Superannuation Act.
Police Superannuation Act means the Police Superannuation Act 1990 (SA).
SA Police Superannuation Scheme means the scheme for the provision of superannuation benefits constituted by the Police Superannuation Act.
surviving spouse, in relation to an old scheme contributor who has died, means a person who is entitled to a benefit under paragraph 32 (1) (a) of the Police Superannuation Act.
Division 3.2 Interests in the growth phase
2 Methods and factors for interests of members in the SA Police Superannuation Scheme
For an interest that is in the growth phase in the SA Police 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 an old scheme contributor in the SA Police Superannuation Scheme, other than if the person has preserved his or her accrued superannuation benefits under section 34 of the Police Superannuation Act. |
where: S is the person’s annual salary at the relevant date. A is the lesser of: (a) 1; and (b) the quotient of the person’s accrued contribution points at the relevant date and D, where D is: (i) 360; or (ii) for a person who was accepted as a contributor under the Pensions Act before turning 30 — the number of complete months occurring after the person’s date of acceptance as a contributor and before the date when the person turns 60. |
|
| Fy+m is the factor calculated in accordance with the following formula:
|
|
| where: Fy is the F factor mentioned in Table 1 of this Part that applies at the relevant date to the person’s age in completed years. m is the number of complete months occurring after the person’s last birthday before the relevant date and before that date. Fy+1 is the F factor mentioned in Table 1 of this Part that would apply to the person if the person’s age were one year more than the person’s age in completed years at the relevant date. |
|
| Ann is: (a) if the person is male — 14; and (b) if the person is female — 15. M87 is the number of complete months of the person’s contribution period occurring after 31 December 1987 and before the relevant date. |
|
| Pn is the person’s part time proportion at the relevant date determined in accordance with the definition of Pn in subsection 28 (1a) of the Police Superannuation Act. Gy+m is the factor calculated in accordance with the following formula:
where: Gy is the G factor mentioned in Table 1 of this Part that applies at the relevant date to the person’s age in completed years. m has the meaning given above. Gy+1 is the G factor mentioned in Table 1 of this Part that would apply to the person if the person’s age were one year more than the person’s age in completed years at the relevant date. |
2 | An interest that a person has as an old scheme contributor in the SA Police Superannuation Scheme, if the person has: (a) resigned with a contribution period of 120 months or more; and (b) preserved the person’s accrued superannuation benefits under paragraph 34 (1) (b) of the Police Superannuation Act. |
where: AS is the person’s annual salary at the date of resignation, adjusted in accordance with movements in the Consumer Price Index after that date. A is the lesser of: (a) 1; and (b) the quotient of the person’s accrued contribution points at the relevant date and D, where D is: (i) 300; or (ii) for a person who was accepted as a contributor under the Pensions Act before reaching the age of 30 years — the number of complete months occurring after the person’s date of acceptance as a contributor and before the date when the person turns 55. Fy+m is the factor calculated in accordance with the following formula:
|
|
| where: Fy is the F factor mentioned in Table 2 of this Part that applies at the relevant date to the person’s age in completed years. m has the meaning given by item 1. Fy+1 is the F factor mentioned in Table 2 of this Part that would apply to the person if the person’s age were one year more than the person’s age in completed years at the relevant date. Ann is: (a) if the person is male — 15.6; and (b) if the person is female — 16.4. M87 has the meaning given by item 1. Pn is the person’s part time proportion determined in accordance with the definition of Pn in subsection 34 (8a) of the Police Superannuation Act. |
|
| Gy+m is the factor calculated in accordance with the following formula:
where: Gy is the G factor mentioned in Table 2 of this Part that applies at the relevant date to the person’s age in completed years. m has the meaning given by item 1. Gy+1 is the G factor mentioned in Table 2 of this Part that would apply to the person if the person’s age were one year more than the person’s age in completed years at the relevant date. |
3 | An interest that a person has as an old scheme contributor in the SA Police Superannuation Scheme, if the person has: (a) resigned with a contribution period of less than 120 months; and (b) preserved the person’s accrued superannuation benefits under paragraph 34 (1) (b) of the Police Superannuation Act. |
where: C is the sum of: (a) the balance of the contributor’s account maintained under section 13 of the Police Superannuation Act at the relevant date; and (b) 21/3 times the balance of that account. AS has the meaning given by item 2. M87 has the meaning given by item 1. Gy+m is the factor calculated in accordance with the following formula:
where: Gy has the meaning given by item 2. m has the meaning given by item 1. Gy+1 has the meaning given by item 2. Pn is the person’s part time proportion determined in accordance with the definition of Pn in subsection 34 (3a) of the Police Superannuation Act. |
4 | An interest that a person has as an old scheme contributor in the SA Police Superannuation Scheme, if the person has: (a) resigned; and (b) elected to take an immediate benefit under paragraph 34 (1) (a) of the Police Superannuation Act; and |
where: SG is the amount in respect of the person calculated in accordance with paragraph 34 (1b) (a) of the Police Superannuation Act at the relevant date. AS has the meaning given by item 2. M8792 is the number of complete months of the person’s contribution period occurring after 31 December 1987 and before 1 July 1992. |
| (c) not received the person’s additional entitlement under one of the paragraphs in subsection 34 (1a) of the Police Superannuation Act. | Gy+m is the factor calculated in accordance with the following formula:
where: Gy has the meaning given by item 2. m has the meaning given by item 1. Gy+1 has the meaning given by item 2. Pn is the person’s part time proportion determined in accordance with the definition of Pn in paragraph 34 (1b) (b) of the Police Superannuation Act. |
5 | An interest that a person has as a new scheme contributor in the SA Police Superannuation Scheme, other than if the person has preserved the person’s accrued superannuation benefits under section 22 of the Police Superannuation Act. |
where: S has the meaning given by item 1. A is the lesser of: (a) 1; and (b) the quotient of the person’s accrued contribution points at the relevant date and D, where D is: (i) 420; or (ii) for a person who was accepted as a contributor before turning 25 — the number of complete months occurring after the person’s date of acceptance as a contributor and before the date when the person turns 60. Fy+m is the factor calculated in accordance with the following formula:
where: Fy is the F factor mentioned in Table 3 of this Part that applies at the relevant date to the person’s age in completed years. m has the meaning given by item 1. |
|
| Fy+1 is the F factor mentioned in Table 3 of this Part that would apply to the person if the person’s age were one year more than the person’s age in completed years at the relevant date. M87 has the meaning given by item 1. Pn is the person’s part time proportion determined in accordance with the definition of Pn in subsection 21 (1) of the Police Superannuation Act. Gy+m is the factor calculated in accordance with the following formula:
where: Gy is the G factor mentioned in Table 3 of this Part that applies at the relevant date to the person’s age in completed years. m has the meaning given by item 1. Gy+1 is the G factor mentioned in Table 3 of this Part that would apply to the person if the person’s age were one year more than the person’s age in completed years at the relevant date. |
6 | An interest that a person has as a new scheme contributor in the SA Police Superannuation Scheme, if the person has: (a) resigned; and (b) preserved the person’s accrued superannuation benefits within the scheme under paragraph 22 (1) (b) of the Police Superannuation Act. |
where: AS has the meaning given by item 2. A is the lesser of: (a) 1; and (b) the quotient of the person’s accrued contribution points at the relevant date and D, where D is: (i) 360; or (ii) if the person was accepted as a contributor before turning 25 — the number of complete months occurring after the person’s date of acceptance as a contributor and before the date when the person turns 55. M87 has the meaning given by item 1. |
|
| Pn is the person’s part time proportion determined in accordance with the definition of Pn in subsection 22 (5) of the Police Superannuation Act. Fy+m is the factor calculated in accordance with the following formula:
where: Fy is the factor mentioned in Table 4 of this Part that applies at the relevant date to the person’s age in completed years. m has the meaning given by item 1. Fy+1 is the factor mentioned in Table 4 of this Part that would apply to the person if the person’s age were one year more than the person’s age in completed years at the relevant date. |
7 | An interest that a person has as a new scheme contributor in the SA Police Superannuation Scheme, if the person has: (a) resigned; and (b) elected to take an immediate benefit under paragraph 22 (1) (a) of the Police Superannuation Act; and (c) not received the person’s additional entitlement under one of the paragraphs in subsection 22 (1a) of the Police Superannuation Act. |
where: SG is the amount in respect of the person calculated in accordance with paragraph 22 (1b) (a) of the Police Superannuation Act at the relevant date. AS has the meaning given by item 2. M8792 is the number of complete months of the person’s contribution period occurring after 31 December 1987 and before 1 July 1992. Pn is the person’s part time proportion determined in accordance with the definition of Pn in subsection 22 (1b) of the Police Superannuation Act. Fy+m is the factor calculated in accordance with the following formula:
where: Fy has the meaning given by item 6. m has the meaning given by item 1. Fy+1 has the meaning given by item 6. |
Division 3.3 Interests in the payment phase
3 Methods and factors for interests of members in the SA Police Superannuation Scheme
For an interest that is in the payment phase in the SA Police 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 payment phase | Method or factor |
1 | An interest that a person has as an old scheme contributor, or the surviving spouse of an old scheme contributor, in the SA Police Superannuation Scheme, as a result of a pension entitlement under the repealed Pensions Act that commenced to be paid before 1 June 1990. | P × Fy+m where: P is the person’s annual pension at the relevant date. Fy+m is the factor calculated in accordance with the following formula:
where: Fy is the factor mentioned in Table 5 of this Part that applies at the relevant date to the person’s age in completed years for the person’s gender and type of pension. m is the number of complete months occurring after the person’s last birthday before the relevant date and before that date. Fy+1 is the factor mentioned in Table 5 of this Part that would apply to the person if the person’s age were one year more than the person’s age in completed years at the relevant date. |
2 | An interest that a person has, as an old scheme contributor, or the surviving spouse of an old scheme contributor, in the SA Police Superannuation Scheme, if: (a) the person is entitled to a pension under subsection 28 (1), 29 (1), 31 (2) or subparagraph 32 (1) (a) (i) of the Police Superannuation Act or a pension mentioned in paragraph 34 (4) (a), (b) or (c) of that Act; and (b) the pension commenced to be paid on or after 1 June 1990. | P × Fy+m where: P has the meaning given by item 1. Fy+m is the factor calculated in accordance with the following formula:
where: Fy is the factor mentioned in Table 6 of this Part that applies at the relevant date to the person’s age in completed years for the person’s gender and type of pension. m has the meaning given by item 1. Fy+1 is the factor mentioned in Table 6 of this Part that would apply to the person if the person’s age were one year more than the person’s age in completed years at the relevant date. |
Division 3.4 Factors
Table 1 Valuation factors — old scheme contributors
Age | F factor | G factor |
26 | 0.405 | 0.857 |
27 | 0.418 | 0.835 |
28 | 0.432 | 0.808 |
29 | 0.446 | 0.786 |
30 | 0.460 | 0.764 |
31 | 0.475 | 0.732 |
32 | 0.491 | 0.706 |
33 | 0.507 | 0.701 |
34 | 0.523 | 0.685 |
35 | 0.539 | 0.675 |
36 | 0.556 | 0.672 |
37 | 0.572 | 0.674 |
38 | 0.589 | 0.678 |
39 | 0.606 | 0.684 |
40 | 0.622 | 0.691 |
41 | 0.637 | 0.700 |
42 | 0.652 | 0.710 |
43 | 0.667 | 0.723 |
44 | 0.682 | 0.737 |
45 | 0.697 | 0.753 |
46 | 0.712 | 0.770 |
47 | 0.725 | 0.789 |
48 | 0.736 | 0.809 |
49 | 0.751 | 0.830 |
50 | 0.758 | 0.852 |
51 | 0.780 | 0.858 |
52 | 0.790 | 0.874 |
53 | 0.813 | 0.891 |
54 | 0.838 | 0.909 |
55 | 0.892 | 0.919 |
56 | 0.918 | 0.932 |
57 | 0.943 | 0.948 |
58 | 0.970 | 0.964 |
59 | 1.000 | 0.981 |
60 | 1.000 | 1.000 |
Table 2 Valuation factors — old scheme contributors with preserved benefits
Age | F factor | G factor |
31 | 0.423 | 0.404 |
32 | 0.439 | 0.419 |
33 | 0.454 | 0.434 |
34 | 0.471 | 0.450 |
35 | 0.488 | 0.467 |
36 | 0.505 | 0.484 |
37 | 0.524 | 0.502 |
38 | 0.543 | 0.521 |
39 | 0.562 | 0.540 |
40 | 0.581 | 0.560 |
41 | 0.601 | 0.581 |
42 | 0.621 | 0.603 |
43 | 0.643 | 0.625 |
44 | 0.664 | 0.648 |
45 | 0.687 | 0.673 |
46 | 0.711 | 0.698 |
47 | 0.735 | 0.724 |
48 | 0.761 | 0.751 |
49 | 0.787 | 0.779 |
50 | 0.814 | 0.808 |
51 | 0.839 | 0.839 |
52 | 0.866 | 0.871 |
53 | 0.894 | 0.904 |
54 | 0.924 | 0.939 |
55 | 0.957 | 0.975 |
56 | 0.944 | 0.978 |
57 | 0.927 | 0.980 |
58 | 0.909 | 1.000 |
59 | 0.890 | 1.000 |
60 | 0.871 | 1.000 |
Table 3 Valuation factors — new scheme contributors
Age | F factor | G factor |
26 | 0.433 | 0.710 |
27 | 0.446 | 0.698 |
28 | 0.461 | 0.695 |
29 | 0.476 | 0.693 |
30 | 0.491 | 0.684 |
31 | 0.508 | 0.688 |
32 | 0.524 | 0.686 |
33 | 0.540 | 0.681 |
34 | 0.556 | 0.681 |
35 | 0.572 | 0.685 |
36 | 0.589 | 0.688 |
37 | 0.607 | 0.691 |
38 | 0.624 | 0.695 |
39 | 0.642 | 0.701 |
40 | 0.660 | 0.709 |
41 | 0.678 | 0.719 |
42 | 0.697 | 0.730 |
43 | 0.716 | 0.743 |
44 | 0.734 | 0.757 |
45 | 0.753 | 0.773 |
46 | 0.772 | 0.790 |
47 | 0.791 | 0.808 |
48 | 0.810 | 0.827 |
49 | 0.829 | 0.847 |
50 | 0.849 | 0.867 |
51 | 0.863 | 0.874 |
52 | 0.880 | 0.888 |
53 | 0.898 | 0.904 |
54 | 0.916 | 0.921 |
55 | 0.927 | 0.930 |
56 | 0.938 | 0.941 |
57 | 0.952 | 0.954 |
58 | 0.966 | 0.968 |
59 | 0.980 | 0.981 |
60 | 1.000 | 1.000 |
Table 4 Valuation factors — new scheme contributors with preserved benefits
Age | F factor |
26 | 0.352 |
27 | 0.366 |
28 | 0.379 |
29 | 0.394 |
30 | 0.396 |
31 | 0.397 |
32 | 0.412 |
33 | 0.428 |
34 | 0.444 |
35 | 0.460 |
36 | 0.478 |
37 | 0.496 |
38 | 0.515 |
39 | 0.534 |
40 | 0.554 |
41 | 0.575 |
42 | 0.597 |
43 | 0.619 |
44 | 0.643 |
45 | 0.667 |
46 | 0.693 |
47 | 0.719 |
48 | 0.746 |
49 | 0.775 |
50 | 0.805 |
51 | 0.836 |
52 | 0.869 |
53 | 0.903 |
54 | 0.938 |
55 | 0.975 |
56 | 0.979 |
57 | 0.980 |
58 | 1.000 |
59 | 1.000 |
60 | 1.000 |
Table 5 Valuation factors — old scheme pensioners whose pension commenced before 1 June 1990
| Age Pensioner |
| Invalidity Pensioner |
| Spouse Pensioner | |||
Age | Males | Females |
| Males | Females |
| Males | Females |
18 | 29.133 | 29.413 |
| 27.261 | 27.056 |
| 28.665 | 29.223 |
19 | 29.037 | 29.329 |
| 27.184 | 26.990 |
| 28.540 | 29.128 |
20 | 28.935 | 29.239 |
| 27.102 | 26.919 |
| 28.409 | 29.026 |
21 | 28.827 | 29.142 |
| 27.014 | 26.841 |
| 28.271 | 28.917 |
22 | 28.713 | 29.037 |
| 26.921 | 26.758 |
| 28.127 | 28.800 |
23 | 28.591 | 28.925 |
| 26.821 | 26.668 |
| 27.977 | 28.676 |
24 | 28.463 | 28.805 |
| 26.714 | 26.570 |
| 27.819 | 28.544 |
25 | 28.328 | 28.675 |
| 26.601 | 26.465 |
| 27.655 | 28.405 |
26 | 28.186 | 28.537 |
| 26.481 | 26.353 |
| 27.483 | 28.257 |
27 | 28.035 | 28.383 |
| 26.353 | 26.228 |
| 27.302 | 28.094 |
28 | 27.877 | 28.224 |
| 26.217 | 26.098 |
| 27.116 | 27.925 |
29 | 27.713 | 28.059 |
| 26.074 | 25.963 |
| 26.922 | 27.751 |
30 | 27.541 | 27.890 |
| 25.923 | 25.823 |
| 26.722 | 27.571 |
31 | 27.359 | 27.714 |
| 25.761 | 25.677 |
| 26.515 | 27.385 |
32 | 27.170 | 27.533 |
| 25.592 | 25.526 |
| 26.300 | 27.193 |
33 | 26.975 | 27.346 |
| 25.416 | 25.370 |
| 26.078 | 26.994 |
34 | 26.773 | 27.153 |
| 25.233 | 25.207 |
| 25.848 | 26.790 |
35 | 26.564 | 26.953 |
| 25.043 | 25.040 |
| 25.611 | 26.578 |
36 | 26.348 | 26.747 |
| 24.845 | 24.866 |
| 25.366 | 26.360 |
37 | 26.125 | 26.535 |
| 24.641 | 24.687 |
| 25.113 | 26.135 |
38 | 25.895 | 26.315 |
| 24.429 | 24.501 |
| 24.851 | 25.902 |
39 | 25.657 | 26.088 |
| 24.210 | 24.310 |
| 24.581 | 25.662 |
40 | 25.393 | 25.841 |
| 23.955 | 24.083 |
| 24.302 | 25.414 |
41 | 25.101 | 25.572 |
| 23.662 | 23.823 |
| 24.015 | 25.159 |
42 | 24.798 | 25.293 |
| 23.360 | 23.555 |
| 23.718 | 24.895 |
43 | 24.485 | 25.005 |
| 23.048 | 23.281 |
| 23.413 | 24.624 |
44 | 24.161 | 24.707 |
| 22.726 | 22.999 |
| 23.098 | 24.344 |
45 | 23.825 | 24.399 |
| 22.394 | 22.710 |
| 22.774 | 24.056 |
46 | 23.479 | 24.081 |
| 22.051 | 22.413 |
| 22.440 | 23.760 |
47 | 23.121 | 23.753 |
| 21.697 | 22.107 |
| 22.097 | 23.455 |
48 | 22.751 | 23.414 |
| 21.331 | 21.793 |
| 21.745 | 23.141 |
49 | 22.370 | 23.064 |
| 20.954 | 21.469 |
| 21.383 | 22.818 |
50 | 21.927 | 22.704 |
| 20.496 | 21.135 |
| 21.012 | 22.486 |
51 | 21.419 | 22.333 |
| 19.956 | 20.791 |
| 20.631 | 22.146 |
52 | 20.894 | 21.951 |
| 19.397 | 20.437 |
| 20.242 | 21.796 |
53 | 20.351 | 21.557 |
| 18.818 | 20.071 |
| 19.843 | 21.436 |
54 | 19.792 | 21.152 |
| 18.219 | 19.694 |
| 19.435 | 21.068 |
55 | 19.299 | 20.756 |
| 17.706 | 19.332 |
| 19.017 | 20.689 |
56 | 18.880 | 20.369 |
| 17.285 | 18.985 |
| 18.592 | 20.301 |
57 | 18.452 | 19.973 |
| 16.847 | 18.624 |
| 18.157 | 19.903 |
58 | 18.015 | 19.567 |
| 16.399 | 18.250 |
| 17.714 | 19.495 |
59 | 17.571 | 19.150 |
| 15.947 | 17.862 |
| 17.263 | 19.077 |
60 | 17.118 | 18.723 |
| 15.491 | 17.458 |
| 16.803 | 18.649 |
61 | 16.657 | 18.286 |
| 15.034 | 17.039 |
| 16.336 | 18.210 |
62 | 16.189 | 17.838 |
| 14.574 | 16.604 |
| 15.862 | 17.760 |
63 | 15.714 | 17.379 |
| 14.114 | 16.152 |
| 15.381 | 17.300 |
64 | 15.232 | 16.910 |
| 13.654 | 15.692 |
| 14.894 | 16.829 |
65 | 14.743 | 16.430 |
| 13.195 | 15.226 |
| 14.400 | 16.348 |
66 | 14.248 | 15.940 |
| 12.738 | 14.755 |
| 13.899 | 15.856 |
67 | 13.751 | 15.442 |
| 12.283 | 14.279 |
| 13.398 | 15.357 |
68 | 13.253 | 14.937 |
| 11.831 | 13.799 |
| 12.896 | 14.851 |
69 | 12.755 | 14.426 |
| 11.383 | 13.315 |
| 12.395 | 14.339 |
70 | 12.257 | 13.908 |
| 10.939 | 12.829 |
| 11.895 | 13.821 |
71 | 11.761 | 13.387 |
| 10.499 | 12.340 |
| 11.397 | 13.298 |
72 | 11.267 | 12.860 |
| 10.063 | 11.850 |
| 10.902 | 12.771 |
73 | 10.775 | 12.331 |
| 9.632 | 11.358 |
| 10.410 | 12.241 |
74 | 10.286 | 11.799 |
| 9.204 | 10.867 |
| 9.921 | 11.709 |
75 | 9.800 | 11.266 |
| 8.780 | 10.376 |
| 9.436 | 11.176 |
76 | 9.320 | 10.734 |
| 8.362 | 9.890 |
| 8.958 | 10.644 |
77 | 8.847 | 10.206 |
| 7.953 | 9.409 |
| 8.489 | 10.116 |
78 | 8.385 | 9.684 |
| 7.555 | 8.937 |
| 8.031 | 9.595 |
79 | 7.936 | 9.172 |
| 7.170 | 8.476 |
| 7.586 | 9.083 |
80 | 7.500 | 8.670 |
| 6.798 | 8.027 |
| 7.156 | 8.582 |
81 | 7.080 | 8.179 |
| 6.442 | 7.592 |
| 6.743 | 8.092 |
82 | 6.677 | 7.701 |
| 6.102 | 7.168 |
| 6.347 | 7.615 |
83 | 6.292 | 7.235 |
| 5.778 | 6.757 |
| 5.971 | 7.150 |
84 | 5.926 | 6.783 |
| 5.473 | 6.358 |
| 5.615 | 6.700 |
85 | 5.580 | 6.347 |
| 5.185 | 5.975 |
| 5.279 | 6.266 |
86 | 5.255 | 5.930 |
| 4.915 | 5.609 |
| 4.964 | 5.850 |
87 | 4.952 | 5.534 |
| 4.665 | 5.263 |
| 4.672 | 5.457 |
88 | 4.671 | 5.165 |
| 4.435 | 4.941 |
| 4.404 | 5.090 |
89 | 4.415 | 4.822 |
| 4.227 | 4.644 |
| 4.160 | 4.750 |
90 | 4.186 | 4.508 |
| 4.042 | 4.372 |
| 3.944 | 4.438 |
91 | 3.986 | 4.222 |
| 3.883 | 4.125 |
| 3.757 | 4.155 |
92 | 3.811 | 3.963 |
| 3.744 | 3.901 |
| 3.594 | 3.899 |
93 | 3.651 | 3.728 |
| 3.616 | 3.694 |
| 3.448 | 3.667 |
94 | 3.501 | 3.513 |
| 3.489 | 3.501 |
| 3.310 | 3.456 |
95 | 3.360 | 3.318 |
| 3.360 | 3.318 |
| 3.180 | 3.265 |
96 | 3.229 | 3.142 |
| 3.229 | 3.142 |
| 3.060 | 3.094 |
97 | 3.092 | 2.972 |
| 3.092 | 2.972 |
| 2.933 | 2.928 |
98 | 2.945 | 2.801 |
| 2.945 | 2.801 |
| 2.796 | 2.763 |
99 | 2.783 | 2.624 |
| 2.783 | 2.624 |
| 2.643 | 2.592 |
Table 6 Valuation factors — old scheme pensioners whose pension commenced on or after 1 June 1990
| Age Pensioner |
| Invalidity Pensioner |
| Spouse Pensioner | |||
Age | Males | Females |
| Males | Females |
| Males | Females |
18 | 24.274 | 24.453 |
| 22.867 | 22.691 |
| 23.980 | 24.334 |
19 | 24.217 | 24.405 |
| 22.824 | 22.655 |
| 23.905 | 24.278 |
20 | 24.157 | 24.352 |
| 22.777 | 22.614 |
| 23.827 | 24.218 |
21 | 24.093 | 24.295 |
| 22.726 | 22.570 |
| 23.744 | 24.153 |
22 | 24.024 | 24.233 |
| 22.672 | 22.521 |
| 23.656 | 24.083 |
23 | 23.951 | 24.166 |
| 22.614 | 22.469 |
| 23.564 | 24.008 |
24 | 23.874 | 24.094 |
| 22.551 | 22.412 |
| 23.467 | 23.928 |
25 | 23.792 | 24.016 |
| 22.484 | 22.350 |
| 23.365 | 23.843 |
26 | 23.705 | 23.933 |
| 22.411 | 22.283 |
| 23.257 | 23.752 |
27 | 23.612 | 23.840 |
| 22.333 | 22.208 |
| 23.143 | 23.652 |
28 | 23.514 | 23.743 |
| 22.250 | 22.130 |
| 23.024 | 23.547 |
29 | 23.411 | 23.642 |
| 22.162 | 22.048 |
| 22.900 | 23.438 |
30 | 23.303 | 23.537 |
| 22.067 | 21.961 |
| 22.770 | 23.325 |
31 | 23.188 | 23.428 |
| 21.965 | 21.871 |
| 22.634 | 23.207 |
32 | 23.067 | 23.314 |
| 21.857 | 21.776 |
| 22.493 | 23.084 |
33 | 22.941 | 23.195 |
| 21.744 | 21.677 |
| 22.345 | 22.956 |
34 | 22.810 | 23.072 |
| 21.624 | 21.573 |
| 22.190 | 22.823 |
35 | 22.673 | 22.943 |
| 21.499 | 21.465 |
| 22.029 | 22.684 |
36 | 22.530 | 22.809 |
| 21.367 | 21.352 |
| 21.862 | 22.539 |
37 | 22.381 | 22.669 |
| 21.230 | 21.234 |
| 21.687 | 22.389 |
38 | 22.226 | 22.523 |
| 21.087 | 21.112 |
| 21.505 | 22.232 |
39 | 22.064 | 22.372 |
| 20.937 | 20.984 |
| 21.315 | 22.069 |
40 | 21.883 | 22.205 |
| 20.760 | 20.829 |
| 21.118 | 21.900 |
41 | 21.681 | 22.021 |
| 20.553 | 20.646 |
| 20.913 | 21.723 |
42 | 21.469 | 21.829 |
| 20.338 | 20.457 |
| 20.699 | 21.540 |
43 | 21.247 | 21.628 |
| 20.114 | 20.262 |
| 20.478 | 21.350 |
44 | 21.016 | 21.419 |
| 19.881 | 20.060 |
| 20.247 | 21.152 |
45 | 20.775 | 21.201 |
| 19.638 | 19.852 |
| 20.008 | 20.947 |
46 | 20.523 | 20.974 |
| 19.385 | 19.636 |
| 19.760 | 20.733 |
47 | 20.261 | 20.737 |
| 19.122 | 19.413 |
| 19.503 | 20.512 |
48 | 19.988 | 20.491 |
| 18.848 | 19.181 |
| 19.237 | 20.283 |
49 | 19.704 | 20.234 |
| 18.563 | 18.941 |
| 18.962 | 20.046 |
50 | 19.371 | 19.968 |
| 18.213 | 18.692 |
| 18.677 | 19.800 |
51 | 18.985 | 19.691 |
| 17.794 | 18.433 |
| 18.383 | 19.546 |
52 | 18.582 | 19.403 |
| 17.358 | 18.164 |
| 18.080 | 19.283 |
53 | 18.161 | 19.105 |
| 16.901 | 17.884 |
| 17.767 | 19.010 |
54 | 17.723 | 18.795 |
| 16.423 | 17.592 |
| 17.445 | 18.728 |
55 | 17.334 | 18.490 |
| 16.011 | 17.312 |
| 17.113 | 18.437 |
56 | 17.000 | 18.191 |
| 15.668 | 17.042 |
| 16.772 | 18.136 |
57 | 16.656 | 17.882 |
| 15.308 | 16.759 |
| 16.421 | 17.825 |
58 | 16.304 | 17.562 |
| 14.938 | 16.462 |
| 16.061 | 17.504 |
59 | 15.941 | 17.232 |
| 14.561 | 16.152 |
| 15.692 | 17.173 |
60 | 15.570 | 16.891 |
| 14.180 | 15.826 |
| 15.314 | 16.830 |
61 | 15.190 | 16.540 |
| 13.794 | 15.485 |
| 14.927 | 16.477 |
62 | 14.801 | 16.177 |
| 13.405 | 15.128 |
| 14.531 | 16.112 |
63 | 14.403 | 15.802 |
| 13.013 | 14.754 |
| 14.127 | 15.736 |
64 | 13.997 | 15.416 |
| 12.620 | 14.370 |
| 13.715 | 15.349 |
65 | 13.583 | 15.019 |
| 12.225 | 13.980 |
| 13.294 | 14.950 |
66 | 13.161 | 14.610 |
| 11.829 | 13.582 |
| 12.865 | 14.539 |
67 | 12.734 | 14.191 |
| 11.434 | 13.178 |
| 12.433 | 14.119 |
68 | 12.304 | 13.764 |
| 11.039 | 12.767 |
| 11.998 | 13.690 |
69 | 11.871 | 13.329 |
| 10.646 | 12.351 |
| 11.561 | 13.254 |
70 | 11.437 | 12.886 |
| 10.254 | 11.931 |
| 11.123 | 12.809 |
71 | 11.001 | 12.436 |
| 9.864 | 11.506 |
| 10.684 | 12.358 |
72 | 10.565 | 11.979 |
| 9.476 | 11.076 |
| 10.245 | 11.900 |
73 | 10.129 | 11.516 |
| 9.090 | 10.644 |
| 9.806 | 11.436 |
74 | 9.692 | 11.048 |
| 8.705 | 10.208 |
| 9.368 | 10.968 |
75 | 9.256 | 10.577 |
| 8.322 | 9.772 |
| 8.932 | 10.496 |
76 | 8.823 | 10.104 |
| 7.943 | 9.336 |
| 8.499 | 10.023 |
77 | 8.395 | 9.632 |
| 7.571 | 8.903 |
| 8.072 | 9.550 |
78 | 7.975 | 9.163 |
| 7.206 | 8.476 |
| 7.653 | 9.081 |
79 | 7.563 | 8.699 |
| 6.851 | 8.058 |
| 7.245 | 8.618 |
80 | 7.163 | 8.243 |
| 6.509 | 7.648 |
| 6.849 | 8.162 |
81 | 6.776 | 7.796 |
| 6.179 | 7.249 |
| 6.466 | 7.715 |
82 | 6.403 | 7.357 |
| 5.863 | 6.859 |
| 6.099 | 7.277 |
83 | 6.045 | 6.927 |
| 5.561 | 6.479 |
| 5.748 | 6.849 |
84 | 5.704 | 6.509 |
| 5.275 | 6.109 |
| 5.414 | 6.431 |
85 | 5.380 | 6.103 |
| 5.005 | 5.752 |
| 5.099 | 6.027 |
86 | 5.075 | 5.713 |
| 4.752 | 5.410 |
| 4.803 | 5.639 |
87 | 4.789 | 5.343 |
| 4.516 | 5.085 |
| 4.527 | 5.270 |
88 | 4.524 | 4.995 |
| 4.299 | 4.782 |
| 4.273 | 4.924 |
89 | 4.282 | 4.672 |
| 4.102 | 4.501 |
| 4.042 | 4.603 |
90 | 4.065 | 4.375 |
| 3.927 | 4.244 |
| 3.836 | 4.308 |
91 | 3.875 | 4.104 |
| 3.776 | 4.010 |
| 3.658 | 4.040 |
92 | 3.709 | 3.858 |
| 3.645 | 3.797 |
| 3.503 | 3.796 |
93 | 3.558 | 3.634 |
| 3.524 | 3.601 |
| 3.364 | 3.576 |
94 | 3.416 | 3.429 |
| 3.403 | 3.417 |
| 3.233 | 3.374 |
95 | 3.281 | 3.243 |
| 3.281 | 3.243 |
| 3.109 | 3.192 |
96 | 3.157 | 3.075 |
| 3.157 | 3.075 |
| 2.995 | 3.029 |
97 | 3.027 | 2.912 |
| 3.027 | 2.912 |
| 2.875 | 2.870 |
98 | 2.887 | 2.749 |
| 2.887 | 2.749 |
| 2.744 | 2.711 |
99 | 2.732 | 2.579 |
| 2.732 | 2.579 |
| 2.598 | 2.548 |
[2] Schedule 10, after Part 105
insert
Part 110 Victorian Racing Industry Superannuation Fund
1 Definitions
In this Part:
Determined Rate has the meaning given by clause 2.8 of the Trust Deed.
Rules means the Rules in the Third Schedule to the Trust Deed.
Trust Deed means the Trust Deed governing the Victorian Racing Industry Superannuation Fund, as in force on 27 February 2003.
Victorian Racing Industry Superannuation Fund means the superannuation fund established by the Trust Deed dated 29 April 1964 and renamed, with effect on 16 August 2001, as the Victorian Racing Industry Superannuation Fund.
2 Methods and factors for interests in the Victorian Racing Industry Superannuation Fund
For an interest that is in the growth phase in the Victorian Racing Industry Superannuation Fund mentioned in the following table, the method or factor mentioned 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 Part 1 Member of the Victorian Racing Industry Superannuation Fund.
| AB + DB where: AB is the value of the person’s accumulation benefit, being the sum of: (a) the person’s Basic Own Contributions, within the meaning of rule 1.3 of the Rules, accumulated at the Determined Rate to the relevant date; and (b) any Supplementary Own Contributions, within the meaning of rule 1.4 of the Rules, that the person has made, accumulated at the Determined Rate to the relevant date; and (c) any Employer’s Contributions, within the meaning of clause 2.8 of the Trust Deed, made under paragraph 1.5 (c) of the Rules in respect of the person since he or she has attained age 65 to provide the Minimum SG Benefit, within the meaning of clause 2.8 of the Trust Deed, accumulated at the Determined Rate to the relevant date. DB is the gross value of the component of the interest that is a defined benefit interest within the meaning of the Regulations, determined in accordance with the method set out in clause 3 of Schedule 2 to the Regulations, modified as follows: fy is the lump sum valuation factor mentioned in clause 4 of Schedule 2 to the Regulations that applies at the relevant date to the number of complete years until the member spouse turns 60, on the assumption that the heading of the first column of the Table in that clause reads ‘Number of complete years until the member spouse turns 60’. |
|
| fy+1 is the lump sum valuation factor mentioned in clause 4 of Schedule 2 to the Regulations that applies at the relevant date if the number of complete years until the member spouse turns 60 were one year more than the actual number of complete years until the member spouse turns that age, on the assumption that the heading of the first column of the Table in that clause reads ‘Number of complete years until the member spouse turns 60’. |
2 | An interest that a person has as a Part 3 Member of the Victorian Racing Industry Superannuation Fund. | AB + DB where: AB is the value of the person’s accumulation benefit (if any), being the sum of: (a) any Supplementary Contributions, within the meaning of rule 3.3 of the Rules, that the person has made, accumulated at the Determined Rate to the relevant date; and (b) any Employer’s Contributions, within the meaning of clause 2.8 of the Trust Deed, made under paragraph 3.5 (c) of the Rules in respect of the person since he or she has attained age 65 to provide the Minimum SG Benefit, within the meaning of clause 2.8 of the Trust Deed, accumulated at the Determined Rate to the relevant date. DB has the meaning given by item 1. |
Part 115 Woodside Superannuation Fund
1 Definitions
In this Part:
Deed means the Woodside Superannuation Fund Trust Deed as in force at 30 October 2001.
Part VI Member has the same meaning as in the Deed.
Rules has the same meaning as in the Deed.
Woodside Superannuation Fund means the Woodside Superannuation Fund established by Trust Deed dated 30 July 1979.
2 Methods and factors for interests of members in the Woodside Superannuation Fund
For an interest that is in the growth phase in the Woodside Superannuation Fund 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 if: (a) the person is entitled to benefits under Part II of the Rules; or (b) the person is a Part VI Member of the Woodside Superannuation Fund. | The method set out in clause 3 of Schedule 2 to the Regulations, with the following modifications: fy is the lump sum valuation factor mentioned in Table 1 of this Part that applies at the relevant date to the person’s age in completed years. fy+1 is the lump sum valuation factor mentioned in Table 1 of this Part that would apply to the person if the person’s age were one year more than the person’s age in completed years at the relevant date. |
Table 1 Lump sum valuation factors
Item | Age | Valuation factor |
| Item | Age | Valuation factor |
1 | 21 | 0.80 |
| 24 | 44 | 0.80 |
2 | 22 | 0.80 |
| 25 | 45 | 0.80 |
3 | 23 | 0.80 |
| 26 | 46 | 0.81 |
4 | 24 | 0.80 |
| 27 | 47 | 0.81 |
5 | 25 | 0.80 |
| 28 | 48 | 0.82 |
6 | 26 | 0.80 |
| 29 | 49 | 0.83 |
7 | 27 | 0.80 |
| 30 | 50 | 0.84 |
8 | 28 | 0.80 |
| 31 | 51 | 0.84 |
9 | 29 | 0.80 |
| 32 | 52 | 0.85 |
10 | 30 | 0.80 |
| 33 | 53 | 0.86 |
11 | 31 | 0.80 |
| 34 | 54 | 0.88 |
12 | 32 | 0.80 |
| 35 | 55 | 0.89 |
13 | 33 | 0.80 |
| 36 | 56 | 0.89 |
14 | 34 | 0.80 |
| 37 | 57 | 0.90 |
15 | 35 | 0.80 |
| 38 | 58 | 0.90 |
16 | 36 | 0.80 |
| 39 | 59 | 0.91 |
17 | 37 | 0.80 |
| 40 | 60 | 0.92 |
18 | 38 | 0.80 |
| 41 | 61 | 0.93 |
19 | 39 | 0.80 |
| 42 | 62 | 0.94 |
20 | 40 | 0.80 |
| 43 | 63 | 0.96 |
21 | 41 | 0.80 |
| 44 | 64 | 0.98 |
22 | 42 | 0.80 |
| 45 | 65 | 1.00 |
23 | 43 | 0.80 |
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