Step 1

Identify the amount of the lump sum that would be payable to the member spouse if benefits had become payable to the member spouse at the operative time.

Note   The amount of the lump sum would include accumulated basic contributions and interest.

Step 2

Identify the component of the lump sum that would relate to accumulated basic contributions.

The component is the basic contributions amount.

Step 1

Identify the amount of the lump sum that would be payable to the member spouse if benefits had become payable to the member spouse at the operative time.

Step 2

Identify the component of the lump sum that would relate to accumulated employer contributions (if any).

The component is the employer contributions amount.

Step 1

Identify the amount of the lump sum that would be payable to the member spouse if benefits had become payable to the member spouse at the operative time.

Step 2

Identify the component of the lump sum that would relate to accumulated supplementary contributions (if any).

The component is the supplementary contributions amount.

Step 1

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

Note   Subsection 146MB (2) of the Act requires the rate of associate standard pension to be calculated by reference to the transfer amount.

Step 2

Work out a factor representing the proportion of the transfer amount that related to the payment of standard pension immediately before the operative time. 

If the family law value of the original interest is less than the scheme value of the original interest, the factor will be the portion of the scheme value of the original interest relating to the standard pension. In other cases, the factor will be the portion of the family law value of the original interest relating to the standard pension.

Step 3

Multiply the transfer amount by the factor identified in step 2.

Step 4

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

where:

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

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

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

Note   The associate standard pension does not include a reversionary component.

Step 5

Divide the amount worked out in step 3 by the pension factor worked out in step 4.

The result is the annual rate of the associate standard pension.

Step 1

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

Note   Subsection 146MB (3) of the Act requires the rate of associate additional pension to be calculated by reference to the transfer amount.

Step 2

Subtract the amount worked out in step 3 in subsection 2.05 (2) from the transfer amount.

Step 3

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

where:

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

Fy+1 is the valuation factor mentioned in Table 2 in Schedule 2 that would apply, at the operative time, if the non-member spouse’s gender and age in completed years were one year more than they are at the operative time (represented by y + 1).

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

Note   The associate additional pension does not include a reversionary component.

Step 4

Divide the amount worked out in step 2 by the pension factor worked out in step 3.

The result is the annual rate of the associate additional pension.

Step 1

Identify the unfunded component in relation to the transfer amount at the operative time.

Note   Paragraph 146MC (1) (b) of the Act requires the rate of associate deferred pension to be calculated by reference to the unfunded amount.

Step 2A

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

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

Treasury bond rate for bonds with a 10 year term

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

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

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

Calculation of increase in transfer amount

The increase in the unfunded component is calculated:

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

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

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

Step 2B

First period

Identify the shorter of:

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

(b) the period between the operative time and the day before the associate deferred pension becomes payable.

This is the first period.

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

Round the result to 3 decimal places.

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

Step 2C

Full financial years (if any)

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

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

Round the result to 3 decimal places.

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

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

Step 2D

Final period (if any)

Use this step if:

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

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

This is the final period.

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

Round the result to 3 decimal places.

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

Step 3

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

where:

Fy is:

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

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

Fy+1 is:

(a) if the associate deferred pension is not payable on permanent incapacity — the valuation factor mentioned in Table 3A in Schedule 2, applicable, when the associate deferred pension would first become payable, if the non-member spouse’s gender and age in completed years were one year more than they are at that time (represented by y + 1); and

(b) if the associate deferred pension is payable on permanent incapacity — the valuation factor mentioned in Table 3B in Schedule 2, that would be applicable, when the associate deferred pension first becomes payable, if the non-member spouse’s gender and age in completed years were one year more than they are at that time (represented by y + 1).

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

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

Step 4

Divide the unfunded component in relation to the transfer amount, as increased in step 2A, by the pension factor worked out in step 3.

The result is the annual rate of the associate deferred pension.

Step 1

Identify the funded and unfunded components of the transfer amount at the operative time.

Step 2

Increase the funded component of the transfer amount as if the component were an amount calculated under paragraph 146MC (1) (a) of the Act and paid when the associate deferred benefits become payable. 

Step 3

Increase the unfunded component of the transfer amount as if it were the lump sum amount calculated in step 2A in subsection 2.07 (1) when the associate deferred benefits become payable.

Note   A lump sum amount is increased under section 2.07 only if there is a period between the operative time and the time at which benefits first become payable. Therefore, in a particular case, it is possible that the unfunded component of the transfer amount will not need to be increased under this step.

Step 4

Identify:

(a) the funded component of the associate deferred benefits, as calculated under paragraph 146MC (1) (a) of the Act; and

(b) the lump sum value of the unfunded component of the associate deferred benefits, as worked out under section 2.07;

to the date of payment.

Note   The lump sum value of the unfunded component of the associate deferred benefits represents the increased unfunded component of the transfer amount worked out under step 2A in subsection 2.07 (1).

If the funded component of the associate deferred benefits has previously been reduced in accordance with these Orders, the reduction must be taken into account.

If the unfunded component of the associate deferred benefits has previously been reduced in accordance with these Orders, the reduction must be taken into account.

Step 5

Reduce the funded component of the associate deferred benefits as identified in step 4 by the increased funded component of the transfer amount worked out at step 2.

Step 6

Reduce the lump sum value of the unfunded component of the associate deferred benefits identified in step 4 by the increased unfunded component of the transfer amount worked out at step 3.

Step 7

Substitute the reduced amount calculated under step 5 for the lump sum calculated under paragraph 146MC (1) (a) of the Act for payment under section 146MC.

Step 8

Substitute the reduced lump sum calculated in step 6 for the amount that is referred to in step 4 in subsection 2.07 (1) as ‘the unfunded component in relation to the transfer amount, as increased in step 2A’, for the purposes of paragraph 146MC (1) (b) of the Act.

Step 1

Identify the annual rate of standard pension that was payable in relation to the member spouse immediately before the operative time.

Step 2

If that annual rate of standard pension takes account of the existence of 1 or more eligible children or partially dependent children, deduct the part of the annual rate that takes account of the existence of the children.

Step 3

Work out a pension factor (F y+m) based on the member spouse’s gender, age and kind of standard pension, using the formula:

where:

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

Fy+1 is the valuation factor mentioned in Table 1 in Schedule 3 that would apply for the kind of pension, at the operative time, if the member spouse’s gender and age in completed years were one year more than they are at the operative time (represented by y + 1).

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

Step 4

Multiply the annual rate of standard pension (or the rate worked out under step 2, if applicable) by the pension factor worked out in step 3.

Step 5

Subtract the amount worked out in step 3 in subsection 2.05 (2).

Step 6

Divide the amount worked out in step 5 by the pension factor worked out in step 3.

Step 7

If step 2 applies, increase the rate worked out in step 6 by the part of the rate that was deducted under step 2.

The result is the annual rate of the standard pension payable after the operative time in respect of the original interest.

Step 1

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

Note   Subsection 146MB (2) of the Act requires the rate of associate standard pension to be calculated by reference to the unfunded amount.

Step 2

Work out a factor representing the proportion of the transfer amount that related to the payment of the part of the person’s standard pension (the indexed component) that is subject to indexation in accordance with the consumer price index at the operative time.

Disregard any reduction or suspension under section 73A of the Act.

If the family law value of the original interest is less than the scheme value of the original interest, the factor will be the portion of the scheme value of the original interest relating to the indexed component. In other cases, the factor will be the portion of the family law value of the original interest relating to the indexed component.

Step 3

Multiply the transfer amount by the factor worked out in step 2.

The result is the portion of the transfer amount arising from the indexed component.

Step 4

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

The result is the portion of the transfer amount arising from the payment of the part of the standard pension in respect of the original interest that is fixed in nominal dollars (the fixed component).

Step 1

Work out a pension factor (F y+m) based on the member spouse’s gender, age and kind of standard pension, using the formula:

where:

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

Fy+1 is the valuation factor mentioned in Table 1 in Schedule 3 that would apply for the kind of pension, at the operative time, if the member spouse’s gender and age in completed years were one year more than they are at the operative time (represented by y + 1).

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

Step 2

If the indexed component takes account of the existence of 1 or more eligible children or partially dependent children, deduct the part of the indexed component that takes account of the existence of the children.

Step 3

Multiply the amount of the indexed component (reduced under step 2 if that step applies) by the pension factor worked out in step 1.

Step 4

Subtract the amount worked out in step 3 in subsection (3) from the amount worked out in step 3.

Step 5

Divide the amount worked out in step 4 by the pension factor worked out in step 1.

Step 6

If step 2 applies, increase the rate worked out in step 5 by the part of the indexed component that was deducted under step 2.

The result is the annual rate of the indexed component of the standard pension payable after the operative time in respect of the original interest.

Step 1

Work out a pension factor (G y+m) based on the member spouse’s gender, age and kind of standard pension, using the formula:

where:

Gy is the valuation factor mentioned in Table 2 in Schedule 3 applicable, at the operative time, to the member spouse’s gender, age in completed years (represented by y) and kind of pension.

Gy+1 is the valuation factor mentioned in Table 2 in Schedule 3 that would apply for the kind of pension, at the operative time, if the member spouse’s gender and age in completed years were one year more than they are at the operative time (represented by y + 1).

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

Step 2

Multiply the amount of the fixed component by the pension factor worked out in step 1.

Step 3

Subtract the amount worked out in step 4 in subsection (3) from the amount worked out in step 2.

Step 4

Divide the amount worked out in step 3 by the pension factor worked out in step 1.

The result is the annual rate of the fixed component of the standard pension payable after the operative time in respect of the original interest.

Step 1

Identify the annual rate of additional pension that was payable in relation to the member spouse immediately before the operative time.

Step 2

Work out a pension factor (G y+m) based on the member spouse’s gender, age and kind of standard pension, using the formula:

where:

Gy is the valuation factor mentioned in Table 2 in Schedule 3 applicable, at the operative time, to the member spouse’s gender, age in completed years (represented by y) and kind of pension.

Gy+1 is the valuation factor mentioned in Table 2 in Schedule 3 that would apply for the kind of pension, at the operative time, if the member spouse’s gender and age in completed years were one year more than they are at the operative time (represented by y + 1).

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

Step 3

Multiply the annual rate of additional pension by the pension factor worked out in step 2.

Step 4

Subtract the amount worked out in step 2 in subsection 2.06 (2).

Step 5

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

The result is the annual rate of the additional pension payable after the operative time in respect of the original interest.

1

An interest that a person has in the CSS if the person is:

 (a) an eligible employee; and

 (b) aged 65 years or less at the operative time.

ABC + ASC + PCI + (AP × S × PFy+m,s) +
(ABC × RPFy+m,s) + (SG × LSFy+m,s)

where:

ABC is:

 (a) the person’s accumulated basic contributions as those contributions would be calculated if he or she had ceased being an eligible employee at the operative time; or

 (b) if section 146MB of the Act applies to the interest — the amount calculated under paragraph (a), reduced in accordance with paragraph 146ME (2) (a) of the Act.

ASC is:

 (a) the sum of the following amounts, as those amounts would be calculated if the person had ceased being an eligible employee at the operative time:

 (i) the person’s accumulated supplementary contributions;

 (ii) the amount of any benefit payable in respect of the person under section 110SN or 130D of the Act; or

 (b) if section 146MB of the Act applies to the interest — the amount calculated under paragraph (a), reduced in accordance with paragraph 146ME (2) (b), (d) or (e) of the Act, as applicable.

PCI is:

 (a) the accumulated employer contributions in respect of the person as those contributions would be calculated if he or she had ceased being an eligible employee at the operative time; or

 (b) if section 146MB of the Act applies to the interest — the amount calculated under paragraph (a), reduced in accordance with paragraph 146ME (2) (c) of the Act.

AP is:

 (a) the accrued pension multiple at the operative time calculated as the pension multiple that would apply under section 56 of the Act for the person’s period of contributory service at the operative time if he or she were aged 65; or

 (b) if section 146MB of the Act applies to the interest — the accrued pension multiple calculated under paragraph (a), less the sum of any reduction factors (within the meaning given by subsection 146ME (6) of the Act) that would apply on the person’s retirement at age 65.

S is the salary of the person by reference to which a benefit in respect of his or her interest is defined.

PFy+m,s is the factor calculated by:

where:

PFy,s is the valuation factor mentioned in Table 1A (males) or Table 1B (females) in this Schedule that applies at the person’s age in completed years and period of membership in completed years at the operative time.

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

PFy+1,s is the valuation factor mentioned in Table 1A (males) or Table 1B (females) in this Schedule that would apply to the person if the person’s age in completed years and period of membership in completed years were one year more than they are at the operative time.

RPFy+m,s is the factor calculated by:

where:

RPFy,s is the valuation factor mentioned in an item in Table 2A (males) or Table 2B (females) in this Schedule that applies at the person’s age in completed years and period of membership in completed years at the operative time.

m has the meaning given above.

RPFy+1,s is the valuation factor mentioned in Table 2A (males) or Table 2B (females) in this Schedule that would apply to the person if the person’s age in completed years were one year more than it is at the operative time.

SG is any superannuation guarantee top-up benefit to which the person would be entitled if he or she had ceased being an eligible employee at the operative time.

LSFy+m,s is the factor calculated by:

where:

LSFy,s is the valuation factor mentioned in Table 3A (males) or Table 3B (females) in this Schedule that applies at the person’s age in completed years and period of membership in completed years at the operative time.

m has the meaning given above.

LSFy+1,s is the valuation factor mentioned in Table 3A (males) or Table 3B (females) in this Schedule that would apply to the person if the person’s age in completed years were one year more than it is at the operative time.

2

An interest that a person has in the CSS if the person is:

 (a) an eligible employee; and

 (b) aged more than 65 years at the operative time.

ABC + ASC + PCI + (P × Fy+m)

where:

ABC has the meaning given in item 1.

ASC has the meaning given in item 1.

PCI has the meaning given in item 1.

P is the annual pension (taking into account any reduction that may have applied under subsection 146ME (3) of the Act) to which the person would be entitled under section 56 of the Act if he or she:

 (a) had ceased to be an eligible employee at the operative time; and

 (b) had not made an election under section 57AA of the Act.

Fy+m is the factor calculated by:

where:

Fy is the age pensioner — 67% reversion — valuation factor for the person’s gender mentioned in column 2 or 3 of Table 4 in this Schedule that applies at the person’s age in completed years at the operative time.

m has the meaning given in item 1.

Fy+1 is the age pensioner — 67% reversion — valuation factor for the person’s gender mentioned in column 2 or 3 of Table 4 in this Schedule that would apply to the person if the person’s age in completed years were one year more than it is at the operative time.

3

An interest that a person has in the CSS if:

 (a) the person has, on ceasing to be an eligible employee, made an election under section 137 of the Act to have Division 3 of Part IX of the Act apply to him or her; and

ABC + ASC + PCI + (ABC × 2.5 × DFy+m)

where:

ABC is:

 (a) the person’s accumulated basic contributions as those contributions would be calculated if the deferred benefits had become payable at the operative time; or

 (b) deferred benefits have yet to become payable to the person under subsection 138 (2) of the Act;

except if a transfer value has been paid by or in respect of the person under the 1922 Act or the Act.

 (b) if section 146MB of the Act applies to the interest — the amount calculated under paragraph (a), reduced in accordance with paragraph 146ME (2) (a) of the Act.

ASC is:

 (a) the sum of the following amounts, as those amounts would be calculated if the deferred benefits had become payable at the operative time:

 (i) the person’s accumulated supplementary contributions;

 (ii) the amount of any benefit payable in respect of the person under section 110SN or 130D of the Act; or

 (b) if section 146MB of the Act applies to the interest — the amount calculated under paragraph (a), reduced in accordance with paragraph 146ME (2) (b), (d) or (e) of the Act, as applicable.

PCI is:

 (a) the accumulated employer contributions in respect of the person as those contributions would be calculated if the deferred benefits had become payable at the operative time; or

 (b) if section 146MB of the Act applies to the interest — the amount calculated under paragraph (a) reduced in accordance with paragraph 146ME (2) (c) of the Act.

DFy+m is the factor calculated by:

where:

DFy is the valuation factor for the person’s gender mentioned in Table 5 in this Schedule that applies at the person’s age in completed years at the operative time.

m has the meaning given in item 1.

DFy+1 is the valuation factor for the person’s gender mentioned in Table 5 in this Schedule that would apply to the person if the person’s age in completed years were one year more than it is at the operative time.

4

An interest that a person has in the CSS if:

 (a) the person has, on ceasing to be an eligible employee, made an election under section 137 of the Act to have Division 3 of Part IX of the Act apply to him or her; and

 (b) deferred benefits have yet to become payable to the person under subsection 138 (2) of the Act; and

 (c) a transfer value has been paid by or in respect of the person under section 128 of the Act.

ABC + ASC + PCI + (2.5 × (ABC – MTV) + TTV – MTV) × DFy+m

where:

ABC has the meaning given in item 3.

ASC has the meaning given in item 3.

PCI has the meaning given in item 3.

MTV is:

 (a) that part, if any, of the person’s transfer value or values that was deemed to be a basic contribution under paragraph 128 (2) (a) of the Act, plus the accumulated interest that would be calculated on that amount if the deferred benefits had become payable at the operative time; or

 (b) if section 146MB of the Act applies to the interest — the amount calculated under paragraph (a), reduced by any amount by which each transfer value would be reduced if those benefits had become payable at the operative time because of the agreement or order.

TTV is:

 (a) the total amount of the person’s transfer value or values, including the interest that would have accumulated on the transfer value or values over the period:

 (i) commencing on the date when the employer component of each transfer value was paid into the Consolidated Revenue Fund under paragraph 128 (2) (b) of the Act; and

 (ii) ending on the operative time;

  as if the entire transfer value or values have been paid into the CSS Fund; or

 (b) if section 146MB of the Act applies to the interest — the amount calculated under paragraph (a), reduced by any amount by which each transfer value would be reduced if the deferred benefits had become payable at the operative time.

DFy+m is the factor calculated by:

where:

DFy is the valuation factor for the person’s gender mentioned in Table 5 in this Schedule that applies at the person’s age in completed years at the operative time.

m has the meaning given in item 1.

DFy+1 is the valuation factor for the person’s gender mentioned in Table 5 in this Schedule that would apply to the person if the person’s age in completed years were one year more than it is at the operative time.

5

An interest that a person has in the CSS if:

 (a) the person has made an election under section 110T of the Act to postpone the payment of his or her retirement benefits; and

(NIP × Gy+m) + PCI + (P × Fy+m)

where:

NIP is the person’s annual pension that is fixed in nominal dollars at the operative time.

Gy+m is the factor calculated by:

 (b) in that election, the person did not also postpone, under subsection 110TA (2) of the Act, payment of his or her additional age retirement pension; and

 (c) the person has not made an election under section 64 of the Act to commute his or her additional age retirement pension; and

 (d) the retirement benefits the person has postponed under section 110T of the Act have yet to become payable under section 110TB of the Act.

where:

Gy is the valuation factor for the person’s gender and type of pension mentioned in Table 6 in this Schedule that applies at the person’s age in completed years at the operative time.

m has the meaning given in item 1.

Gy+1 is the valuation factor for the person’s gender and type of pension mentioned in Table 6 in this Schedule that would apply to the person if the person’s age in completed years were one year more than it is at the operative time.

PCI is:

 (a) the accumulated employer contributions in respect of the person as those contributions would be calculated if they had become payable at the operative time; or

 (b) if section 146MB of the Act applies to the interest — the amount calculated under paragraph (a), reduced in accordance with paragraph 146ME (2) (c) of the Act.

P is the annual pension (taking into account any reduction that may have applied under subsection 146ME (3) of the Act) to which the person would be entitled under section 110TC of the Act if he or she had provided a statement in accordance with section 110TB of the Act.

Fy+m is the factor calculated by:

where:

Fy is:

 (a) in the case of a person who has made an election under section 110TBA of the Act — the age pensioner — 85% reversion — valuation factor for the person’s gender mentioned in column 4 or 5 of Table 4 in this Schedule that applies at the person’s age in completed years at the operative time; and

 (b) in any other case — the age pensioner — 67% reversion — valuation factor for the person’s gender mentioned in column 2 or 3 of Table 4 in this Schedule that applies at the person’s age in completed years at the operative time.

m has the meaning given in item 1.

Fy+1 is:

 (a) in the case of a person who has made an election under section 110TBA of the Act — the age pensioner — 85% reversion— valuation factor for the person’s gender mentioned in column 4 or 5 of Table 4 in this Schedule that would apply to the person if the person’s age in completed years were one year more than it is at the operative time; and

 (b) in any other case — the age pensioner — 67% reversion — valuation factor for the person’s gender mentioned in column 2 or 3 of Table 4 in this Schedule that would apply to the person if the person’s age in completed years were one year more than it is at the operative time.

6

An interest that a person has in the CSS if:

 (a) the person has made an election under section 110T of the Act to postpone the payment of his or her retirement benefits; and

 (b) in that election, the person did not also postpone, under subsection 110TA (2) of the Act, payment of his or her additional age retirement pension; and

 (c) the person has made an election under section 64 of the Act to commute his or her additional age retirement pension; and

PCI + (P × Fy+m)

where:

PCI has the meaning given in item 5.

P has the meaning given in item 5.

Fy+m has the meaning given in item 2.

 (d) the retirement benefits the person has postponed under section 110T of the Act have yet to become payable under section 110TB of the Act.

7

An interest that a person has in the CSS if:

 (a) the person has made an election under section 110T of the Act to postpone the payment of his or her retirement benefits; and

 (b) in that election, the person specified, under subsection 110TA (2) of the Act, that payment of his or her additional age retirement pension was also to be postponed; and

ABC + ASC + PCI + (P × Fy+m)

where:

ABC is:

 (a) the person’s accumulated basic contributions as those contributions would be calculated if they had become payable at the operative time; or

 (b) if section 146MB of the Act applies to the interest — the amount calculated under paragraph (a), reduced in accordance with paragraph 146ME (2) (a) of the Act.

ASC is:

 (a) the sum of the following amounts, as those amounts would be calculated if they had become payable at the operative time:

 (i) the person’s accumulated supplementary contributions;

 (ii) the amount of any benefit payable in respect of the person under section 110SN or 130D of the Act; or

 (c) those retirement benefits, including the person’s additional age retirement pension, have yet to become payable under section 110TB of the Act.

 (b) if section 146MB of the Act applies to the interest — the amount calculated under paragraph (a), reduced in accordance with paragraph 146ME (2) (b), (d) or (e) of the Act, as applicable.

PCI has the meaning given in item 5.

P has the meaning given in item 5.

Fy+m has the meaning given in item 2.

8

An interest that a person has in the CSS if the person has an entitlement to a delayed updated pension under the Act as modified by Schedule 11 to the Eligible Employees Regulations.

ABC + ASC + PCI + (AP × AS × DUPy+m)

where:

ABC has the meaning given in item 7.

ASC has the meaning given in item 7.

PCI has the meaning given in item 5.

AP is:

 (a) the accrued pension multiple that applied under section 56 of the Act for the person’s period of contributory service as at the time he or she ceased to be an eligible employee but calculated as if he or she were aged 65 years; or

 (b) if section 146MB of the Act applies to the interest — the accrued pension multiple calculated under paragraph (a), less the sum of any reduction factors (within the meaning of subsection 146ME (6) of the Act) that would apply on the person’s retirement at age 65.

AS is the final annual rate of salary of the person at the time the person ceased to be an eligible employee, adjusted in accordance with movements in the consumer price index, in accordance with section 144H of the Act as modified by Schedule 11 to the Eligible Employees Regulations, over the period from that date to the operative time.

DUPy+m is the factor calculated by:

where:

DUPy is the delayed updated pension valuation factor for the person’s gender mentioned in Table 7 in this Schedule that applies at the person’s age in completed years at the operative time.

m has the meaning given in item 1.

DUPy+1 is the delayed updated pension valuation factor for the person’s gender mentioned in Table 7 in this Schedule that would apply to the person if the person’s age in completed years were one year more than it is at the operative time.

9

An interest that a person has in the CSS if he or she is entitled to an associate deferred benefit under section 146MC of the Act.

FLS + UFLS

where:

FLS is the sum of:

 (a) the funded component of the transfer amount; and

 (b) the interest determined under section 154A of the Act;

less the sum of any reductions that apply for the purposes of section 146MF of the Act, as if the benefit had become payable at the operative time.

UFLS is the lump sum value of the unfunded component of the transfer amount as increased by step 2A in section 2.07 of these Orders as if the benefit had become payable at the operative time, less the sum of any reductions that apply for the purpose of section 146MF of the Act.

10

An interest that a person has in the CSS if he or she:

 (a) is entitled to a pension (other than an orphan pension or associate pension) under the Act; or

 (b) would be entitled to a pension of that kind if the pension had not been suspended under section 73A of the Act.

(IP × Fy+m) + (NIP × Gy+m)

where:

IP is:

 (a) in the case of a pension that is an invalidity pension, or a spouse’s pension that became payable on the death of an eligible employee or on the death of a pensioner to whom invalidity pension was payable — the part of the person’s annual pension that is subject to indexation in accordance with the consumer price index at the operative time:

 (i) less any part of the pension that takes account of the existence of 1 or more eligible children or partially dependent children; and

 (ii) disregarding any reduction or suspension under section 73A of the Act; and

 (b) in any other case — the person’s annual pension (if any) that is subject to indexation in accordance with the consumer price index at the operative time, less any part of the pension that takes account of the existence of 1 or more eligible children or partially dependent children.

Fy+m is the factor calculated by:

where:

Fy is the valuation factor for the person’s gender and type of pension mentioned in Table 4 in this Schedule that applies at the person’s age in completed years at the operative time.

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

Fy+1 is the valuation factor for the person’s gender and type of pension mentioned in Table 4 in this Schedule that would apply to the person if the person’s age in completed years were one year more than it is at the operative time.

NIP is:

 (a) in the case of a pension that is an invalidity pension, or a spouse’s pension that became payable on the death of an eligible employee or on the death of a pensioner to whom invalidity pension was payable — the part of the person’s annual pension that is fixed in nominal dollars at the operative time:

 (i) less any part of the pension that takes account of the existence of 1 or more eligible children or partially dependent children; and

 (ii) disregarding any reduction or suspension under section 73A of the Act; and

 (b) in any other case — the person’s annual pension (if any) that is fixed in nominal dollars at the operative time.

Gy+m is the factor calculated by:

where:

Gy is the valuation factor for the person’s gender and type of pension mentioned in Table 6 in this Schedule that applies at the person’s age in completed years at the operative time.

m has the meaning given above.

Gy+1 is the valuation factor for the person’s gender and type of pension mentioned in Table 6 in this Schedule that would apply to the person if the person’s age in completed years were one year more than it is at the operative time.

11

An interest that a person has in the CSS, if he or she is entitled to either or both of the following pensions under the Act:

 (a) an associate additional pension;

 (b) an associate standard pension.

(AIP × Fy+m) + (ANIP × Gy+m)

where:

AIP is the person’s annual pension that is subject to indexation in accordance with the consumer price index at the operative time.

Fy+m is the factor calculated by:

where:

Fy is the valuation factor for the person’s gender mentioned in Table 8 in this Schedule that applies at the person’s age in completed years at the operative time.

m has the meaning given in item 1.

Fy+1 is the valuation factor for the person’s gender mentioned in Table 8 in this Schedule that would apply to the person if the person’s age in completed years were one year more than it is at the operative time.

ANIP is the person’s annual pension (if any) that is fixed in nominal dollars at the operative time.

Gy+m is the factor calculated by:

where:

Gy is the valuation factor for the person’s gender mentioned in Table 9 in this Schedule that applies at the person’s age in completed years at the operative time.

m has the meaning given in item 1.

Gy+1 is the valuation factor for the person’s gender mentioned in Table 9 in this Schedule that would apply to the person if the person’s age in completed years were one year more than it is at the operative time.

12

An interest that a person has in the CSS, if he or she is receiving an associate deferred pension under the Act.

ADIP × Fy+m

where:

ADIP is the person’s annual pension that is subject to indexation in accordance with the consumer price index at the operative time.

Fy+m is the factor calculated by:

where:

Fy is the valuation factor for the person’s gender and type of pension mentioned in Table 10 in this Schedule that applies at the person’s age in completed years at the operative time.

m has the meaning given in item 1.

Fy+1 is the valuation factor for the person’s gender mentioned in Table 10 in this Schedule that would apply to the person if the person’s age in completed years were one year more than it is at the operative time.

28

0.70379

0.73593

0.76297

0.78473

0.80251

0.83030

0.85871

0.88792

0.91720

0.93029

0.94008

0.96714

29

0.73567

0.77040

0.79774

0.82000

0.83706

0.86320

0.88809

0.91400

0.94109

0.95502

0.96536

0.99203

30

0.76488

0.80240

0.83252

0.85504

0.87259

0.89761

0.92067

0.94276

0.96631

0.98150

0.99281

1.01922

31

0.79251

0.83150

0.86460

0.89005

0.90782

0.93305

0.95483

0.97490

0.99433

1.01055

1.02325

1.04959

32

0.81810

0.85913

0.89376

0.92240

0.94327

0.96843

0.99036

1.00901

1.02624

1.04317

1.05702

1.08350

33

0.84130

0.88478

0.92155

0.95177

0.97600

1.00345

1.02521

1.04393

1.05957

1.07720

1.09181

1.11855

34

0.86499

0.91052

0.94972

0.98202

1.00771

1.03755

1.06151

1.07983

1.09536

1.11334

1.12858

1.15561

35

0.88740

0.93494

0.97601

1.01061

1.03822

1.07080

1.09708

1.11754

1.13242

1.15133

1.16680

1.19411

36

0.90903

0.95692

0.99988

1.03622

1.06604

1.10194

1.13097

1.15370

1.17068

1.19004

1.20636

1.23392

37

0.93250

0.97839

1.02141

1.05950

1.09092

1.13048

1.16288

1.18834

1.20755

1.22789

1.24452

1.27228

38

0.95652

1.00155

1.04205

1.07991

1.11296

1.15558

1.19171

1.22059

1.24253

1.26326

1.28073

1.30859

39

0.98463

1.02813

1.06737

1.10222

1.13480

1.18057

1.21984

1.25258

1.27800

1.29891

1.31662

1.34452

40

1.01822

1.05920

1.09639

1.12955

1.15861

1.20532

1.24783

1.28378

1.31316

1.33357

1.35127

1.37907

41

1.04864

1.09146

1.12534

1.15581

1.18267

1.22680

1.27001

1.30914

1.34169

1.36184

1.37875

1.40620

42

1.08327

1.12741

1.16302

1.18966

1.21345

1.25330

1.29360

1.33337

1.36922

1.38891

1.40540

1.43232

43

1.12160

1.16762

1.20438

1.23265

1.25207

1.28667

1.32222

1.35878

1.39523

1.41450

1.43038

1.45661

44

1.16351

1.21219

1.25076

1.28002

1.30095

1.32881

1.35854

1.38988

1.42285

1.44160

1.45697

1.48244

45

1.20081

1.26096

1.30215

1.33307

1.35477

1.38208

1.40426

1.42917

1.45645

1.47388

1.48866

1.51334

46

1.24484

1.30416

1.35781

1.39126

1.41441

1.44018

1.46147

1.47799

1.49819

1.51428

1.52762

1.55148

47

1.29637

1.35459

1.40705

1.45395

1.47948

1.50368

1.52294

1.53820

1.54913

1.56316

1.57497

1.59790

48

1.35647

1.41330

1.46415

1.50942

1.54942

1.57158

1.58872

1.60143

1.61069

1.62265

1.63212

1.65397

49

1.44030

1.49527

1.54401

1.58701

1.62480

1.65773

1.67201

1.68186

1.68787

1.69789

1.70479

1.72520

50

1.55053

1.60231

1.64784

1.68752

1.72194

1.75170

1.77719

1.78316

1.78538

1.79167

1.79599

1.81446

51

1.68284

1.72874

1.76870

1.80308

1.83235

1.85715

1.87808

1.89550

1.89260

1.89443

1.89405

1.90979

52

1.85950

1.89597

1.92719

1.95357

1.97547

1.99330

2.00770

2.01922

2.02815

2.02403

2.01808

2.03011

53

2.10071

2.12168

2.13886

2.15263

2.16325

2.17094

2.17599

2.17891

2.18018

2.18880

2.17528

2.18219

54

2.43522

2.43177

2.42751

2.42234

2.41632

2.40939

2.40149

2.39266

2.38328

2.38328

2.38328

2.38328

55

5.77571

5.76883

5.76041

5.75001

5.73740

5.72270

5.70579

5.68651

5.66496

5.66496

5.66496

5.66496

56

6.12230

6.11565

6.10758

6.09772

6.08552

6.07073

6.05350

6.03367

6.01106

6.01106

6.01106

6.01106

57

6.50519

6.49854

6.49055

6.48085

6.46899

6.45434

6.43657

6.41585

6.39203

6.39203

6.39203

6.39203

58

6.94219

6.94219

6.93399

6.92414

6.91219

6.89757

6.87950

6.85759

6.83206

6.83206

6.83206

6.83206

59

7.52187

7.52187

7.52187

7.51167

7.49942

7.48454

7.46636

7.44388

7.41663

7.41663

7.41663

7.41663

60

8.12940

8.12940

8.12940

8.12940

8.11625

8.10048

8.08132

8.05791

8.02896

8.02896

8.02896

8.02896

61

8.78738

8.78738

8.78738

8.78738

8.78738

8.76973

8.74854

8.72281

8.69136

8.69136

8.69136

8.69136

62

9.73435

9.73435

9.73435

9.73435

9.73435

9.73435

9.71024

9.68130

9.64617

9.64617

9.64617

9.64617

63

11.12165

11.12165

11.12165

11.12165

11.12165

11.12165

11.12165

11.08816

11.04797

11.04797

11.04797

11.04797

64

12.59937

12.59937

12.59937

12.59937

12.59937

12.59937

12.59937

12.59937

12.55311

12.55311

12.55311

12.55311

65

14.20157

14.20157

14.20157

14.20157

14.20157

14.20157

14.20157

14.20157

14.20157

14.20157

14.20157

14.20157

28

0.99242

29

1.01693

1.04011

30

1.04386

1.06678

1.08808

31

1.07414

1.09697

1.11816

1.13780

32

1.10816

1.13109

1.15236

1.17207

1.19028

33

1.14344

1.16657

1.18802

1.20788

1.22624

1.24319

34

1.18076

1.20412

1.22578

1.24582

1.26434

1.28143

1.29718

35

1.21951

1.24309

1.26494

1.28515

1.30383

1.32105

1.33692

1.35153

36

1.25954

1.28331

1.30533

1.32569

1.34450

1.36184

1.37781

1.39250

1.40601

37

1.29807

1.32199

1.34414

1.36461

1.38351

1.40093

1.41697

1.43173

1.44529

1.45773

38

1.33446

1.35844

1.38063

1.40113

1.42005

1.43748

1.45353

1.46828

1.48184

1.49428

1.50569

39

1.37041

1.39440

1.41659

1.43708

1.45598

1.47339

1.48941

1.50414

1.51767

1.53008

1.54146

1.55189

40

1.40486

1.42875

1.45082

1.47120

1.48999

1.50729

1.52320

1.53782

1.55125

1.56357

1.57486

1.58520

1.59468

41

1.43165

1.45520

1.47695

1.49702

1.51552

1.53254

1.54820

1.56258

1.57578

1.58788

1.59897

1.60913

1.61843

42

1.45725

1.48030

1.50158

1.52121

1.53929

1.55592

1.57120

1.58524

1.59811

1.60992

1.62073

1.63064

1.63970

43

1.48089

1.50332

1.52402

1.54309

1.56065

1.57679

1.59162

1.60524

1.61772

1.62916

1.63964

1.64923

1.65801

44

1.50599

1.52773

1.54778

1.56624

1.58322

1.59882

1.61315

1.62629

1.63835

1.64939

1.65949

1.66874

1.67720

45

1.53613

1.55716

1.57652

1.59435

1.61073

1.62578

1.63959

1.65225

1.66386

1.67448

1.68421

1.69310

1.70124

46

1.57350

1.59379

1.61247

1.62964

1.64542

1.65990

1.67318

1.68535

1.69650

1.70670

1.71603

1.72457

1.73237

47

1.61904

1.63850

1.65639

1.67283

1.68791

1.70175

1.71443

1.72604

1.73668

1.74640

1.75529

1.76342

1.77085

48

1.67409

1.69258

1.70956

1.72514

1.73943

1.75253

1.76452

1.77550

1.78554

1.79472

1.80311

1.81077

1.81777

49

1.74395

1.76116

1.77695

1.79142

1.80468

1.81681

1.82792

1.83807

1.84735

1.85583

1.86357

1.87064

1.87710

50

1.83139

1.84691

1.86112

1.87413

1.88603

1.89691

1.90685

1.91593

1.92423

1.93180

1.93871

1.94502

1.95077

51

1.92420

1.93737

1.94942

1.96042

1.97047

1.97965

1.98802

1.99567

2.00264

2.00900

2.01480

2.02009

2.02491

52

2.04110

2.05112

2.06026

2.06860

2.07620

2.08313

2.08944

2.09520

2.10045

2.10523

2.10958

2.11355

2.11716

53

2.18848

2.19421

2.19942

2.20416

2.20847

2.21240

2.21597

2.21922

2.22218

2.22487

2.22732

2.22955

2.23158

54

2.38328

2.38328

2.38328

2.38328

2.38328

2.38328

2.38328

2.38328

2.38328

2.38328

2.38328

2.38328

2.38328

55

5.66496

5.66496

5.66496

5.66496

5.66496

5.66496

5.66496

5.66496

5.66496

5.66496

5.66496

5.66496

5.66496

56

6.01106

6.01106

6.01106

6.01106

6.01106

6.01106

6.01106

6.01106

6.01106

6.01106

6.01106

6.01106

6.01106

57

6.39203

6.39203

6.39203

6.39203

6.39203

6.39203

6.39203

6.39203

6.39203

6.39203

6.39203

6.39203

6.39203

58

6.83206

6.83206

6.83206

6.83206

6.83206

6.83206

6.83206

6.83206

6.83206

6.83206

6.83206

6.83206

6.83206

59

7.41663

7.41663

7.41663

7.41663

7.41663

7.41663

7.41663

7.41663

7.41663

7.41663

7.41663

7.41663

7.41663

60

8.02896

8.02896

8.02896

8.02896

8.02896

8.02896

8.02896

8.02896

8.02896

8.02896

8.02896

8.02896

8.02896

61

8.69136

8.69136

8.69136

8.69136

8.69136

8.69136

8.69136

8.69136

8.69136

8.69136

8.69136

8.69136

8.69136

62

9.64617

9.64617

9.64617

9.64617

9.64617

9.64617

9.64617

9.64617

9.64617

9.64617

9.64617

9.64617

9.64617

63

11.04797

11.04797

11.04797

11.04797

11.04797

11.04797

11.04797

11.04797

11.04797

11.04797

11.04797

11.04797

11.04797

64

12.55311

12.55311

12.55311

12.55311

12.55311

12.55311

12.55311

12.55311

12.55311

12.55311

12.55311

12.55311

12.55311

65

14.20157

14.20157

14.20157

14.20157

14.20157

14.20157

14.20157

14.20157

14.20157

14.20157

14.20157

14.20157

14.20157

41

1.62694

42

1.64799

1.65557

43

1.66603

1.67337

1.68007

44

1.68494

1.69201

1.69846

1.70436

45

1.70867

1.71546

1.72167

1.72733

1.73250

46

1.73950

1.74600

1.75195

1.75737

1.76232

1.76684

47

1.77763

1.78383

1.78948

1.79464

1.79934

1.80363

1.80755

48

1.82416

1.82999

1.83531

1.84017

1.84460

1.84863

1.85232

1.85567

49

1.88299

1.88836

1.89326

1.89773

1.90180

1.90552

1.90890

1.91199

1.91480

50

1.95602

1.96080

1.96516

1.96914

1.97276

1.97606

1.97907

1.98181

1.98431

1.98658

51

2.02931

2.03331

2.03696

2.04028

2.04331

2.04607

2.04858

2.05087

2.05296

2.05485

2.05658

52

2.12045

2.12345

2.12617

2.12866

2.13092

2.13298

2.13486

2.13656

2.13812

2.13953

2.14082

2.14199

53

2.23342

2.23510

2.23663

2.23802

2.23929

2.24044

2.24149

2.24244

2.24331

2.24410

2.24482

2.24547

2.24607

54

2.38328

2.38328

2.38328

2.38328

2.38328

2.38328

2.38328

2.38328

2.38328

2.38328

2.38328

2.38328

2.38328

55

5.66496

5.66496

5.66496

5.66496

5.66496

5.66496

5.66496

5.66496

5.66496

5.66496

5.66496

5.66496

5.66496

56

6.01106

6.01106

6.01106

6.01106

6.01106

6.01106

6.01106

6.01106

6.01106

6.01106

6.01106

6.01106

6.01106

57

6.39203

6.39203

6.39203

6.39203

6.39203

6.39203

6.39203

6.39203

6.39203

6.39203

6.39203

6.39203

6.39203

58

6.83206

6.83206

6.83206

6.83206

6.83206

6.83206

6.83206

6.83206

6.83206

6.83206

6.83206

6.83206

6.83206

59

7.41663

7.41663

7.41663

7.41663

7.41663

7.41663

7.41663

7.41663

7.41663

7.41663

7.41663

7.41663

7.41663

60

8.02896

8.02896

8.02896

8.02896

8.02896

8.02896

8.02896

8.02896

8.02896

8.02896

8.02896

8.02896

8.02896

61

8.69136

8.69136

8.69136

8.69136

8.69136

8.69136

8.69136

8.69136

8.69136

8.69136

8.69136

8.69136

8.69136

62

9.64617

9.64617

9.64617

9.64617

9.64617

9.64617

9.64617

9.64617

9.64617

9.64617

9.64617

9.64617

9.64617

63

11.04797

11.04797

11.04797

11.04797

11.04797

11.04797

11.04797

11.04797

11.04797

11.04797

11.04797

11.04797

11.04797

64

12.55311

12.55311

12.55311

12.55311

12.55311

12.55311

12.55311

12.55311

12.55311

12.55311

12.55311

12.55311

12.55311

65

14.20157

14.20157

14.20157

14.20157

14.20157

14.20157

14.20157

14.20157

14.20157

14.20157

14.20157

14.20157

14.20157

54

2.38328

55

5.66496