TWENTY-FIRST AMENDMENT
of the
PUBLIC SECTOR SUPERANNUATION SCHEME TRUST DEED

 

THIS DEED is made on 9 May 2004 by the COMMONWEALTH OF AUSTRALIA.

 

WHEREAS section 4 of the Superannuation Act 1990 provides for the Minister to establish an occupational superannuation scheme to be administered by the Board established under section 20 of the Act;

 

WHEREAS the Public Sector Superannuation Scheme was established by deed dated 21[1] June 1990;

 

AND WHEREAS the Schedule to the Trust Deed contains rules for the administration of the Scheme;

 

AND WHEREAS section 5 of the Act provides for the Minister, by instrument in writing, to amend the Trust Deed, and requires the consent of the Board to amendments in certain circumstances;

 

AND WHEREAS the consent of the Board is not required to the amendments provided for in this Deed;

 

NOW THIS DEED WITNESSES as follows:

 

1.  This Deed commences on the commencement of Schedule 1 to the Superannuation Legislation Amendment (Family Law and Other Matters) Act 2004.

 

2. This Deed is to be read as if it formed part of the Trust Deed and, where the context requires or admits, a word or phrase in this Deed has the same meaning that it has in the Trust Deed.

 

3. The Trust Deed is amended as follows:

 

3.1 Paragraph (b) of clause 2.1 is amended by deleting “and”.

 

3.2 Paragraph (c) of clause 2.1 is amended by adding at the end “and”.

 

3.3 Clause 2.1 is amended by inserting the following paragraph after paragraph (c):

 

“(d) persons who have an entitlement to an associate benefit;”

3.4 Paragraph (a) of clause 3.1 is amended by deleting “and persons who have preserved benefits” and substituting “, preserved benefit members and associates,”.

 

3.5 Paragraph (b) of clause 3.1 is replaced with the following paragraph:

“(b) to provide information about benefits or potential benefits, and available options, to:

 (i) members;

 (ii) preserved benefit members;

 (iii) associates; and

 (iv) potential members;”

 

3.6 Paragraph (h) of clause 3.2 is amended by deleting “members’ entitlements to benefits and the entitlements of persons who have preserved benefits” and substituting “entitlements to benefits of members, preserved benefit members and associates”.

 

3.7 The following clause is inserted after clause 3.2:

“3.2A In exercising its functions and powers the Board shall comply with the requirements of the Superannuation Industry (Supervision) Act 1993 and Regulations made under that Act, and have regard to the interests of members and their employers, preserved benefit members and associates.”

 

3.8 Clause 3.3 is amended by deleting “In exercising its functions and powers the Board shall comply with the requirements of the Superannuation Industry (Supervision) Act 1993 and Regulations made under that Act, and have regard to the interests of members, their employers and persons with preserved benefits.”

 

3.9 Paragraph (c) of clause 3.3 is amended by deleting “and persons who have preserved benefits” and substituting “, preserved benefit members and associates”.

 

3.10 Paragraph (h) of clause 3.3 is amended by deleting “or a person who has a preserved benefit” and substituting “, a preserved benefit member or an associate”.

 

3.11 Paragraph (d) of clause 9.2 is amended by deleting “and”.

 

3.12 Paragraph (e) of clause 9.2 is amended by adding at the end “; and”.

 

3.13 Clause 9.2 is amended by inserting the following paragraph after paragraph (e):

“(f) funded components of associate benefits.”

 

3.14 Clause 9.3 is amended by inserting “and associates,” after “members”.

 

4. The Rules are amended as follows:

 

4.1 Rule 1.1.1 is amended by deleting “divided into 14 Parts” and substituting “divided into 16 Parts”.

 

4.2 The table to Rule 1.1.1 is amended by deleting “Guide to the 14 Parts of the Rules” (wherever occurring) and substituting “Guide to the 16 Parts of the Rules”.

 

4.3 The table to Rule 1.1.1 is amended by adding at the end the following items:

 

15

Commutation of pension:  Payment of Surcharge Liability

Allowing a person who receives a surcharge assessment while in receipt of pension to commute that pension to pay the surcharge liability to the ATO.

16

Family Law Superannuation Splitting

The creation of a separate interest in the PSS for a non-member spouse and subsequent reduction of the benefit of a member spouse following the receipt of an agreement or court order as a result of Family Law actions.

 

4.4 Rule 1.2.1 is amended by deleting the definitions of accumulated member contributions, accumulated productivity contributions and unfunded preserved benefit and substituting the following definitions:

 

accumulated member contributions

in relation to a member or a preserved benefit member, means the sum of the following cumulative amounts taking into account any reductions that apply under rule 16.4.2(a):

 (a) the cumulative amounts are:

  • contributions that have been, or are deemed to have been, paid or have become payable, by the member or preserved benefit member on or after his/her first day of membership; and
  • the amount of any accumulated member contributions included in a preserved benefit applicable to the person immediately before last becoming a member, together with the amount of any interest up to his/her first day of membership in accordance with a determination or determinations by the Board as to rates of interest and the method of allocation; and
  • the amount of any accumulated member contributions accrued before last becoming an invalidity pensioner by, and not refunded to, a person who was an invalidity pensioner immediately before becoming a member; and
  • any amount that is the member’s paid accumulated contributions under the Superannuation Act 1976 included in a transfer of assets in respect of him/her to the Board under section 248 of that Act; and
  • the amount calculated under paragraph 11.3.29(b) (if any); and
  • the interest (if any) in respect of these amounts in accordance with a determination or determinations by the Board as to rates of interest and method of allocation.

 

accumulated productivity contributions

in relation to a member or a preserved benefit member, means the sum of the accumulated funded productivity contributions  and the accumulated unfunded productivity contributions taking into account any reductions that apply under rule 16.4.2(b).

unfunded preserved benefit

in relation to a preserved benefit for a preserved benefit member on a particular day, means the amount of the preserved benefit on that day that is attributable to the amount (if any) of the member’s final unfunded benefit accrual included in the preserved benefit, taking into account any reductions that apply under Rule 16.4.5.

 

4.5 Rule 1.2.1 is amended by inserting each of the following definitions, in its appropriate alphabetical order (determined on a letter-by-letter basis):

 

accumulated transfer amount

means:

  • in relation to a member—the transfer amount relating to the member plus accumulated interest calculated under Rule 11.1.4, taking into account any reductions that apply under paragraph 16.4.2(c).
  • in relation to a preserved benefit member—the amount so preserved in the PSS scheme plus accumulated interest calculated under Rule 11.1.5, as taking into account any reductions that apply under paragraph 16.4.2(c).

additional accumulation amount

(see Rule 16.1.2)

additional accumulation component

(see Rule 16.1.2)

associate

a person who has an entitlement to an associate benefit.

associate benefit

(see Rule 16.1.2)

associate preserved
benefit

(see Rule 16.1.2)

associate preserved pension

(see Rule 16.1.2)

associate standard pension

(see Rule 16.1.2)

base amount

(see Rule 16.1.2)

family law value

(see Rule 16.1.2)

funded component

(see Rule 16.1.2)

member contributions amount

(see Rule 16.1.2)

member contributions component

(see Rule 16.1.2)

member spouse

(see Part VIIIB of the Family Law Act 1975 and Rule 16.1.1)

non-member spouse

(see Part VIIIB of the Family Law Act 1975 and Rule 16.1.1)

non-standard pension

(see Rule 16.1.2)

operative time

(see Rule 16.1.2)

original interest

(see Rule 16.1.2)

payment split

(see Rule 16.1.2)

productivity contributions amount

(see Rule 16.1.2)

productivity contributions component

(see Rule 16.1.2)

scheme value

(see Rule 16.1.2)

separation amount

(see Rule 16.1.2)

separation factor

(see Rule 16.1.2)

splitting agreement

(see Rule 16.1.2)

splitting order

(see Rule 16.1.2)

splitting percentage

(see Rule 16.1.2)

standard pension

(see Rule 16.1.2)

superannuation interest

(see Rule 16.1.2)

unfunded component

(see Rule 16.1.2).

 

4.6 The following rule is inserted after Rule 1.2.1:

1.2.2  If a word or phrase defined in a Part or a Division of these Rules is used elsewhere in these Rules, it has the same meaning unless excluded by the context.  For convenience, these words and phrases are listed as signpost definitions in Rule 1.2.1 above.”

 

4.7 The table to Rule 5.2.1 is amended by adding at the end the following item:

 

Reduction Multiple

The application of a splitting agreement or splitting order under Part 16.

5.2.26

 

4.8 The following rule is inserted after Rule 5.2.25:

Reduction Multiple

5.2.26  A Reduction Multiple applies to a member to whom Part 16 applies and is calculated under Rule 16.4.3.  This multiple is to be used to reduce the Benefit Accrual Multiple.”

 

4.9 The table to Rule 5.3.1 is amended by adding at the end the following item:

 

Reduction Multiple

The application of a splitting agreement or splitting order under Part 16

5.3.26

 

4.10 The following rule is inserted after Rule 5.3.25:

Reduction Multiple

5.3.26  A Reduction Multiple applies to a member to whom Part 16 applies and is calculated under Rule 16.4.3.  This multiple is to be used to reduce the Benefit Accrual Multiple.”

 

4.11 The following rule is inserted after Rule 5.6.5:

Reduction Multiple to be disregarded in certain cases

5.6.6  In deciding the date on which a person becomes a maximum benefits member, a Reduction Multiple must not be taken into account, however the benefit payable to the person is subject to reduction under Rule 16.4.4.”

4.12 The following rule is inserted after Rule 5.7.7:

Reduction Multiple to be disregarded in certain cases

5.7.8  In deciding the date on which a person becomes a maximum benefits member, a Reduction Multiple must not be taken into account, however the benefit payable to the person is subject to reduction under Rule 16.4.4.”

 

4.13  Paragraph (b) of Rule 10.6.3 is amended by deleting “or former member” and substituting “, former member or associate”.

 

4.14  Paragraph (b) of Rule 10.6.4 is amended by deleting “a preserved benefit under Rule 8.1.1, whether the former member” and substituting “to a person a preserved benefit under Rule 8.1.1 or an associate preserved benefit under Rule 16.3.6, whether the person”.

 

4.15  Paragraph (c) of Rule 10.6.6 is amended by deleting “a former member seeking payment of his/her preserved benefit ” and substituting “a person seeking payment of a preserved benefit  or an associate preserved benefit”.

 

4.16 The following Division is inserted after Division 8 of Part 10:

 

Division 8A

Payment of Associate Preserved Benefits on Invalidity

 

Clear entitlement to invalidity benefits

10.8A.1 Where a request to pay an associate preserved benefit on invalidity grounds under Rule 16.3.2 has been received, the Board may approve the payment if, after considering:

(a) the report or reports of one or more medical practitioners submitted with the request; and

(b) any other matters the Board considers relevant;

it is satisfied there is no reasonable doubt the associate is:

(c) totally and permanently incapacitated; or

(d) suffering from a terminal medical condition.

Reasonable doubt regarding entitlement to associate preserved benefits

10.8A.2 If the Board considers there is reasonable doubt that the associate is totally and permanently incapacitated, the Board must:

(a) require the associate to undergo a medical examination by a Commonwealth Medical Officer or other approved medical practitioner within six months, or other period specified by the Board, of the date the Board was asked to approve the payment; and

(b) refer the issue of whether the associate is totally and permanently incapacitated and the report of the medical examination to an Assessment Panel;

before considering a request to pay the associate preserved benefit on invalidity grounds.

10.8A.3 The Board must decide whether or not to pay an associate preserved benefit to an associate, other than an associate entitled to his/her associate preserved benefit under Rule 10.8A.1.  When making its decision the Board must consider the recommendation of the Assessment Panel.

Decision to be advised to associate

10.8A.4 The Board must advise its decision under Rule 10.8A.1 or 10.8A.3 to the associate. The advice is to include a statement of the reasons for the decision and a copy of the recommendation made by the Assessment Panel, if any.”

 

4.17 Rule 11.1.4 is amended by deleting “The transfer amount plus accumulated interest is called the Accumulated Transfer Amount.”

 

4.18 Rules 11.1.5, 11.2.1, 11.2.2 and 11.2.4 are amended by deleting “Accumulated Transfer Amount” (wherever occurring) and substituting “accumulated transfer amount”.

 

4.19 Rule 11.3.1 is amended by deleting all the words and figures preceding the formula, and substituting “Subject to Rule 11.3.1A, the Transfer Multiple Amount in relation to a member is the amount calculated by the formula:”.

 

4.20 The following rules are inserted after Rule 11.3.1:

11.3.1A  The amount calculated under Rule 11.3.1 must take into account any reduction that applies under paragraph 16.4.2(c).

11.3.1B  On cessation of membership, a member who transferred a transfer amount into the PSS scheme under Rule 11.1.1, before 1 January 1996 (see also Rule 11.3.4) is, in respect of that transfer amount, entitled, to whichever is the greater of his/her:

(a) accumulated transfer amount; or

(b) Transfer Multiple Amount.”

4.21 Rule 11.3.2 is amended by deleting “Accumulated Transfer Amount under Rule 11.3.1” and substituting “accumulated transfer amount under Rule 11.3.1B”.

 

4.22 Rules 11.3.7 and 11.3.9 are amended by deleting “Accumulated Transfer Amount” (wherever occurring) and substituting “accumulated transfer amount”.

 

4.23 Rule 11.3.10 is amended by deleting “paragraph (b) of” from the value “TM”.

4.24 The following rule is inserted after Rule 11.3.11:

11.3.11A  In deciding the date on which a person becomes a maximum benefits member, a Reduction Multiple must not be taken into account, however the benefit payable to the person is subject to reduction under Rule 16.4.4.”

4.25 Rules 11.3.12, 11.3.13, 11.3.14, 11.3.18, 11.3.19, 11.3.20, 11.3.21, 11.3.22, 11.3.23, 11.3.24, 11.3.26, 11.3.27, 11.3.29, 11.5.1, 11.5.2 and 11.5.3 are amended by deleting “Accumulated Transfer Amount” (wherever occurring) and substituting “accumulated transfer amount”.

 

4.26 Rule 12.1.1 and its heading are replaced with the following rule and heading:

When a benefit option may be chosen

12.1.1  This rule applies to a person who has more than one benefit option available for choice under any one or more of Parts 6, 11 or 16 of these Rules.  The person may choose one of the options within the period commencing three months before and ending three months after the relevant time.  In this rule, the relevant time is:

(a) for a member or a former member—the time he/she ceases membership; or

(b) for an associate—the time he/she becomes entitled to the payment of the associate benefit;

and includes such further period as the Board allows.

 

4.27  The heading to Rule 12.1.2 is amended by deleting “or former member” and substituting etc”.

 

4.28 The following rule is inserted after Rule 12.1.3:

12.1.3A  This rule applies if an associate preserved benefit is payable to a person who has more than one benefit option available for choice under these Rules but the person dies before choosing one of the options.  The amounts mentioned in Rule 16.3.1 in respect of the benefit are payable to the legal personal representative of the person or, if the person has no legal personal representative, to any person or persons determined by the Board.

 

4.29  Rule 12.2.1 is amended by deleting “including preserved benefit members” and substituting “preserved benefit members and associates”.

 

4.30 Rule 12.2.2 is replaced with the following rule:

12.2.2  The Board may pay all or part of a person’s lump sum payment, fortnightly instalment of pension (including partial invalidity pension), or pre-assessment payments to the legal personal representative of the person in the relevant circumstances.  In this rule, the relevant circumstances are that :

(a) in the opinion of the Board, the person is insane; or

(b) the person is in prison; or

(c) for any other reason, the Board considers the circumstances appropriate.”

 

4.31 Paragraph (b) of Rule 12.2.3 is replaced with the following paragraphs:

“(b) a preserved benefit; or

  (c) an associate preserved benefit;”

 

4.32 Paragraph (b) of Rule 12.2.4 is replaced with the following paragraphs:

“(b) a preserved benefit; or

  (c) an associate preserved benefit;”

 

4.33  Rule 12.2.6 is amended by deleting “or of a class of persons” and substituting “, an associate or any other class of persons”.

 

4.34 Rule 12.2.9 is amended by deleting “The Surcharge” and substituting “Subject to Rule 12.2.9A, the Surcharge”.

 

4.35 The following rule is inserted after Rule 12.2.9:

12.2.9A  Reductions under Rule 16.4.3 are to be disregarded in applying Rule 12.2.9.”

 

4.36 Rule 12.3.3 is amended by inserting “ or an associate” after “a former member”.

 

4.37 Paragraph (d) of Rule 13.3.6 is replaced with the following paragraphs:

“(d) if the Board has to reconsider whether to pay associate preserved benefits on invalidity grounds under paragraph 16.3.2(a) or (b), whether the associate is:

 (i) suffering from a terminal medical condition; or

 (ii) totally and permanently incapacitated;

as appropriate; and

  (e) on any other matters the panel considers relevant or the Board requires;”


4.38 The following Part is inserted after Part 15 of the Rules:

Part 16 – FAMILY LAW
SUPERANNUATION SPLITTING

 

Division 1

Words and Phrases Used in this Part

 

Explanation of certain words and phrases

16.1.1 If a word or phrase defined in Part VIIIB of the Family Law Act 1975 is used in this Part, it has the same meaning unless excluded by the context.  For convenience, a number of these words and phrases are listed as signpost definitions in Rule 16.1.2 below.

 

16.1.2 Other words and phrases that have a special meaning when used in this Part have been explained below.  They appear throughout the Part in bold print to remind you they have a special meaning.

 

additional accumulation amount

in relation to a member spouse who is, or has been at any time, a member, is the amount, if any, that would become payable if the accumulated transfer amount became payable as a lump sum at the operative time.

additional accumulation component

means the amount calculated by multiplying the additional accumulation amount by the separation factor.

associate benefit

means associate preserved benefit, associate preserved pension or associate standard pension.

associate preserved
benefit

means associate preserved benefit under Division 3 of this Part.

associate preserved pension

means associate preserved pension under Division 3 of this Part.

associate standard pension

means associate standard pension under Division 2 of this Part.

base amount

means:

  • for a splitting agreement – the base amount specified in, or calculated under, the agreement; or
  • for a splitting order – the amount allocated under subsection 90MT(4) of the Family Law Act 1975.

family law value

means the amount determined in accordance with regulations under the Family Law Act 1975 that apply for the purposes of paragraph 90MT(2)(a) of the Family Law Act 1975.  In applying those regulations, the relevant date is taken to be the date on which the operative time occurs.

Note:

This amount is determined by applying those regulations, whether or not an order has been made under subsection 90MT(1) of the Family Law Act 1975.

funded component

means:

  • where the original interest is not an entitlement to associate preserved benefit—the sum of the following amounts:

        the member contributions component;

        the productivity contributions component;

        the additional accumulation component; or

  • where the original interest is an entitlement to associate preserved benefit—the amount that would have been payable under paragraph 16.3.1(a) if the original interest had become payable at the operative time multiplied by the separation factor.

member contributions amount

in relation to a member spouse who is, or has been at any time, a member, is the amount that would become payable if the accumulated member contributions became payable as a lump sum at the operative time.

member contributions component

means the amount calculated by multiplying the member contributions amount by the separation factor.

member spouse

(see Part VIIIB of the Family Law Act 1975)

non-member spouse

(see Part VIIIB of the Family Law Act 1975)

non-standard pension

means a pension under these Rules other than a standard pension.

operative time

in relation to a splitting agreement or splitting order, means the time that is the operative time for the purposes of Part VIIIB of the Family Law Act 1975 in relation to a payment split under the agreement or order.

original interest

means a superannuation interest to which Division 2 of this Part applies.

payment split

(see Part VIIIB of the Family Law Act 1975)

productivity contributions amount

in relation to a member spouse who is, or has been at any time, a member, is the amount that would become payable if the accumulated productivity contributions became payable as a lump sum at the operative time.

productivity contributions component

means the amount calculated by multiplying the productivity contributions amount by the separation factor.

scheme value

means the amount determined under Rule 16.2.2.

separation amount

means:

  • if a splitting percentage applies – the amount calculated by multiplying the splitting percentage by the greater of:

-          the family law value; and

-          the scheme value; or

  • if a base amount applies and the scheme value is not more than the family law value – the base amount; or
  • if a base amount applies and the scheme value is more than the family law value – the amount calculated using the formula:

scheme value         Whole dollars in base amount   
                               Whole dollars in family law value

separation factor

means the number calculated by dividing the number of whole dollars in the separation amount by the number of whole dollars in the scheme value.

splitting agreement

means:

  • a superannuation agreement (within the meaning of Part VIIIB of the Family Law Act 1975); or
  • a flag lifting agreement (within the meaning of Part VIIIB of the Family Law Act 1975) that provides for a payment split.

splitting order

(see Part VIIIB of the Family Law Act 1975)

splitting percentage

means:

  • for a splitting agreement—the percentage specified in the agreement under subparagraph 90MJ(1)(c)(iii) of the Family Law Act 1975; or
  • for a splitting order—the percentage specified in the order under subparagraph 90MT(1)(b)(i) of the Family Law Act 1975.

standard pension

means any of the following:

  • pension payable to a member, other than pre-assessment payments and partial invalidity pensions;
  • pension payable to a spouse;
  • associate preserved pension;
  • associate standard pension.

superannuation interest

(see Part VIIIB of the Family Law Act 1975)

unfunded component

means the separation amount reduced by the funded component.

 

Division 2

Benefits for non-member spouse -
associate pension or preserved benefit

Associate pension or preserved benefit for non-member spouse

16.2.1 This Division applies to a superannuation interest under these Rules (the original interest) if:

(a)                the Board receives a splitting agreement or splitting order in respect of the original interest; and

(b)               the splitting agreement, or splitting order, has:

(i)                 an operative time on or after the commencement of Schedule 1 to the Superannuation Legislation Amendment (Family Law and Other Matters) Act 2004; or

(ii)               an operative time earlier than the commencement of Schedule 1 to the Superannuation Legislation Amendment (Family Law and Other Matters) Act 2004 and no benefits have become payable before that time in respect of the original interest to which the agreement or order relates; and

 (c) the original interest is not an entitlement under Rules 7.1.3, 7.1.4, 7.3.2 and 7.3.7; and

 (d) the member spouse and the non-member spouse are both alive at the operative time; and

(e)                if a base amount applies—the base amount at the operative time is not more than the family law value or the scheme value.

16.2.2 Scheme value in relation to a member spouse:

 (a) where the operative time is before the commencement of this Part—is the family law value; or

 (b) where the operative time is on or after the commencement of this Part:

 (i) is determined using the applicable methods and factors in Division 8 as in force at the operative time; or

 (ii) if it is not possible to determine the scheme value using that methods and those factors, it is to be determined by an actuary appointed by the Board for this rule.

Associate pension for non-member spouse if operative time in payment phase

16.2.3 If, at the operative time, standard pension is payable in respect of the original interest, the non-member spouse is entitled to associate standard pension from the operative time, at the rate calculated by reference to the separation amount.

16.2.4 The annual rate of associate standard pension is calculated as follows:

 (a) work through each step in the order set out below:

Step 1

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

Step 2

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 of Division 7 applicable, at the operative time, to the non-member spouse’s gender and age in completed years;

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; and

FY + 1 is the valuation factor mentioned in Table 1 of Division 7 that would apply if the person's age in completed years at the operative time were 1 year more than it is.

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

Step 3

Divide the amount worked out in step 1 by the pension factor worked out in step 2.

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

 (b) however, if it is not possible to calculate the annual rate of associate standard pension using paragraph (a), the annual rate of associate standard pension payable to a non-member spouse is to be calculated by an actuary appointed by the Board for this rule.

 

Note:

If the member’s pension includes a funded component, the associate standard pension should include a funded component in the same proportion.

 

16.2.5 If the annual rate of associate standard pension to which the non-member spouse becomes entitled is less than $1300, the non-member spouse may elect to commute the pension.

16.2.6 The amount of $1300 is to be indexed in the same way, and at the same time, as a standard pension is indexed under Division 6 of Part 9 of these Rules.

16.2.7 The election under Rule 16.2.5 must be made in writing to the Board not later than three months after the non-member spouse becomes entitled to the pension, or within such further period as the Board allows.

16.2.8 If the non-member spouse makes the election under Rule 16.2.5, then the non-member spouse is entitled instead to a lump sum equal to the separation amount.

Associate preserved benefit if operative time in growth phase

16.2.9 If, at the operative time, standard pension is not payable in respect of the original interest, then the non-member spouse is entitled to associate preserved benefit in accordance with Division 3 of this Part.

 

Division 3

Benefits for non-member spouse -
associate preserved benefit

Associate preserved benefit

16.3.1 Associate preserved benefit consists of:

 (a) a lump sum equal to the funded component of the separation amount, together with interest (if any) in respect of that amount in accordance with a determination or determinations by the Board as to rates of interest and method of allocation taking into account any reduction under paragraph 16.5.2(a); and

 (b) a lump sum equal to the unfunded component of the separation amount, increased as follows taking into account any reduction under paragraph 16.5.2(b):

Step 1

Identify the unfunded component of the separation amount at the operative time.

Step 2

Increase the unfunded component for any period between the operative time and the time at which the associate preserved benefit 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 preserved benefit 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 separation 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 preserved benefit first becomes payable; and

(b) immediately before the associate preserved benefit first becomes payable;

using the applicable Treasury bond rate for the relevant period worked out in steps 3, 4 and 5, and compounded period by period.

Step 3

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 preserved benefit 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 4

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 preserved benefit 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 5

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 preserved benefit first becomes payable; and

(b) neither step 3 nor step 4 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.

 

16.3.2 The benefit becomes payable at the later of the operative time and the relevant time.  The relevant time is the earlier or earliest of whichever of the following dates are applicable to the associate:

 (a) the date the Board decides that the associate is suffering from a terminal medical condition; or

 (b) the date the Board decides that the associate is unlikely, because of a physical or mental incapacity, ever to be able to work again in a job for which he/she is reasonably qualified by education, training or experience or could reasonably be qualified after retraining; or

 (c) if the associate is entitled to a payment under Rule 16.3.9—the date the Board is satisfied that the associate departed from Australia permanently; or

 (d) the date notified to the Board under Rule 16.3.3; or

 (e) the date the associate reaches age 65.

16.3.3 The associate may give a written notice to the Board specifying a date that is not earlier than the date the associate reaches age 55.

Benefit options – on reaching certain ages

16.3.4 This rule applies to an associate whose associate preserved benefit has become payable on a date mentioned in paragraph 16.3.2(d) or (e).  The associate may choose:

 (a) to be paid a lump sum of that part of his/her associate preserved benefit that the SIS Act permits to be paid in cash, or a lump sum of less than that amount, and:

 (i) roll-over the balance of his/her associate preserved benefit; or

 (ii) if the balance is 50% or more of his/her associate preserved benefit and the associate preserved benefit includes all of the funded component, convert the balance into an associate preserved pension, provided that the payment of the associate preserved pension is permitted by the SIS Act; or

 (b) to take his/her associate preserved benefit as an associate preserved pension provided that the associate preserved benefit includes all of the funded component and the payment of the associate preserved pension is permitted by the SIS Act; or

 (c) to roll-over his/her associate preserved benefit.

16.3.5 The amount of associate preserved pension is calculated as follows:

 (a) work through each step in the order set out below:

Step 1

Identify the amount, if any, of the associate preserved benefit to be converted to associate preserved pension.

Note   This is the balance described in subparagraph 16.3.4(a)(ii) or the full amount as provided for by paragraph 16.3.4(b).

Step 2

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

where

Fy is:

the valuation factor mentioned in Table 2 of Division 7, applicable, when the pension first becomes payable, to the associate’s gender and age in completed years;

m is the number of completed months of the associate’s age, when the pension first becomes payable, that are not included in the associate’s age in completed years; and

FY + 1 is the valuation factor mentioned in Table 2 of Division 7 that would apply if the person's age in completed years at the operative time were 1 year more than it is.

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

Step 3

Divide the amount identified in step 1, by the pension factor worked out in step 2.

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

 (b) however, if it is not possible to calculate the annual rate of associate preserved pension using paragraph (a), the annual rate of associate preserved pension payable to an associate is to be calculated by an actuary appointed by the Board for this rule.

Benefit options – terminal medical condition or incapacity

16.3.6 An associate whose associate preserved benefit has become payable under Rule 16.3.2 on the date the Board decides the benefit is payable on grounds of a terminal medical condition or a physical or mental incapacity may choose:

 (a) to take his/her associate preserved benefit:

 (i) entirely as a associate preserved pension; or

 (ii) as part associate preserved pension, provided that the associate preserved benefit includes all of the funded component, by converting at least all of the unfunded component into associate preserved pension, and the balance paid as a lump sum; or

 (b) to be paid his/her associate preserved benefit as a lump sum.

16.3.7 The amount of associate preserved pension is calculated as follows:

 (a) work through each step in the order set out below:

Step 1

Identify the amount, if any, of the associate preserved benefit to be converted to associate preserved pension.

Note   This is the full amount as provided for by subparagraph 16.3.6(a)(i) or the part described in subparagraph 16.3.6(a)(ii).

Step 2

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

where

Fy is:

the valuation factor mentioned in Table 3 of Division 7, applicable, when the pension first becomes payable, to the associate’s gender and age in completed years;

m is the number of completed months of the associate’s age, when the pension first becomes payable, that are not included in the associate’s age in completed years; and

FY + 1 is the valuation factor mentioned in Table 3 of Division 7 that would apply if the person's age in completed years at the operative time were 1 year more than it is.

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

Step 3

Divide the amount identified in step 1 by the pension factor worked out in step 2.

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

 (b) however, if it is not possible to calculate the annual rate of associate preserved pension using paragraph (a), the annual rate of associate preserved pension payable to an associate is to be calculated by an actuary appointed by the Board for this rule.

Payment of lump sum on death of a non-member spouse

16.3.8 If the associate dies before his/her associate preserved benefit becomes payable, the Board must pay the benefit as a lump sum to his/her legal personal representative or, if no legal personal representative can be found, to any individual or individuals that the Board determines.

Payment of lump sum on leaving Australia permanently

16.3.9 An associate is to be paid his/her associate preserved benefit as a lump sum if:

 (a) the Board is satisfied that he/she is departing from Australia permanently; and

 (b) the payment is permitted by the SIS Act.

Access to all or part of associate preserved benefit

16.3.10 An associate who applies to the Board for the early release of his/her associate preserved benefit on the grounds of severe financial hardship may, at any time, choose to be paid a lump sum to the value approved by the Board and have the balance of the associate preserved benefit (if any) remain in the scheme.

16.3.11 An associate who applies to the Australian Prudential Regulation Authority for the early release of his/her associate preserved benefit on compassionate grounds may, at any time, choose to be paid a lump sum to the value approved by the Australian Prudential Regulation Authority and have the balance of the associate preserved benefit (if any) remain in the scheme.

16.3.12  An associate who has been paid a lump sum under Rules 16.3.10 or 16.3.11 can be paid further amounts under those Rules provided that any further payments have been approved by the Australian Prudential Regulation Authority, or the Board, as the case may be.

Payment of amounts by the Board to the Commonwealth

16.3.13 When the funded component, or part of that component, becomes payable, an equal amount must be paid by the Board out of the PSS Fund to the Commonwealth.

 

Division 4

Reduction of benefits for member spouse – operative time during growth phase

Operative time during growth phase – reduction of benefits

16.4.1 This Division applies if:

 (a) at the operative time, standard pension is not payable in respect of the original interest; and

 (b) the original interest is not an entitlement to associate preserved benefit.

Reduction of accumulated contributions etc.

16.4.2 At the operative time the following amounts are reduced in respect of the original interest:

 (a) the accumulated member contributions are reduced by the member contributions component; and

 (b) the accumulated productivity contributions are reduced by the productivity contributions component; and

 (c) the accumulated transfer amount and the Transfer Multiple Amount are reduced by the additional accumulation component.

Reduction of benefit multiple where member spouse not a preserved benefit member

16.4.3 Where the member spouse is not a preserved benefit member the Benefit Accrual Multiple (see Divisions 2 and 3 of Part 5) is reduced in respect of the original interest by the Reduction Multiple, which is calculated by multiplying the Benefit Accrual Multiple immediately before the operative time by the separation factor.

Note:

The reduction multiple is not to be taken into account when determining if the maximum benefit limit applies to the member spouse.  (See Divisions 6 and 7 of Part 5.)

 

Reduction of maximum benefits on cessation of membership

16.4.4 Where a reduction is made under Rule 16.4.3 in relation to a member spouse, when he/she ceases membership his/her maximum benefit at that time will be calculated in accordance with the following steps:

Step 1

Identify the original reduction multiple that applied to the person at the operative time.

Step 2

Calculate the maximum benefit lump sum that would be payable apart from this rule not taking the reduction multiple into account.

Step 3

Divide the amount calculated at step 2 by the person’s average salary to produce a multiple.

Step 4

Calculate a revised reduction multiple by applying the separation factor to the multiple calculated at step 3.

Step 5

Compare the two reduction multiples.

Step 6

Recalculate the maximum benefit by using the lesser of the reduction multiples.

Reduction of unfunded preserved benefit where member spouse is a preserved benefit member

16.4.5 At the operative time the unfunded preserved benefit is reduced in respect of the original interest by the unfunded component.

Reduction not to affect later non-standard pension

16.4.6 A reduction under this Part is to be disregarded in calculating the amount of any non-standard pension that later becomes payable.

 

Note:

For example, the reduction will be disregarded in calculating the amount of pension payable in respect of a child of the member spouse after the member spouse’s death where there is no pension payable to an eligible spouse (see Rules 7.1.4, 7.3.2 and 7.3.7).

 

Division 5

Reduction of benefits for member spouse – operative time during growth phase -
reduction where original interest is entitlement to associate preserved benefit

Operative time during growth phase – reduction where original interest is entitlement to associate preserved benefit

16.5.1 This Division applies if:

 (a) at the operative time, standard pension is not payable in respect of the original interest; and

 (b) the original interest is an entitlement to associate preserved benefit.

16.5.2 The following amounts are reduced in respect of the original interest from the operative time:

 (a) the funded component is reduced by the funded component of the later separation amount; and

 (b) the unfunded component is reduced by the unfunded component of the later separation amount.

 

Division 6

Reduction of benefits for member spouse – operative time during payment phase -
reduction of pension

Operative time during payment phase – reduction of pension

16.6.1 If, at the operative time, standard pension is payable in respect of the original interest, the annual rate of that pension is reduced as follows:

 (a) work through each step in the order set out below:

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 those 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 4 of Division 7 applicable, at the operative time, to the member spouse’s gender and age in completed years;

m is the number of completed months of the member spouses age, at the operative time, that are not included in the member spouses age in completed years; and

FY + 1 is the valuation factor mentioned in Table 4 of Division 7 that would apply if the person's age in completed years at the operative time were 1 year more than it is.

Step 4

Multiply the annual rate of standard pension by the pension factor worked out in step 3.

Step 5

Subtract the separation amount from the amount worked out in step 4.

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.

 (b) however, if it is not possible to calculate the annual rate of standard pension using paragraph (a), the annual rate of standard pension payable to a member spouse is to be calculated by an actuary appointed by the Board for this rule.

16.6.2 A reduction under this Division is to be disregarded in calculating the amount of any non-standard pension that later becomes payable.

Note:

For example, the reduction will be disregarded in calculating the amount of pension payable in respect of a child of the member spouse after the member spouse’s death where there is no pension payable to an eligible spouse (See Part 9).

 

Division 7

Pension factor tables

 

Table 1 Factors for Rule 16.2.4 (associate standard pension)

 

Age

Male

Female

18

26.3640

26.7782

19

26.2482

26.6732

20

26.1296

26.5646

21

26.0078

26.4520

22

25.8820

26.3353

23

25.7520

26.2139

24

25.6173

26.0881

25

25.4777

25.9580

26

25.3329

25.8230

27

25.1831

25.6831

28

25.0278

25.5380

29

24.8673

25.3882

30

24.7010

25.2331

31

24.5288

25.0729

32

24.3507

24.9075

33

24.1663

24.7366

34

23.9752

24.5601

35

23.7776

24.3776

36

23.5729

24.1891

37

23.3611

23.9945

38

23.1420

23.7935

39

22.9154

23.5858

40

22.6810

23.3714

41

22.4386

23.1501

42

22.1883

22.9218

43

21.9297

22.6859

44

21.6628

22.4428

45

21.3871

22.1923

46

21.1027

21.9342

47

20.8092

21.6685

48

20.5067

21.3952

49

20.1950

21.1142

50

19.8739

20.8255

51

19.5432

20.5288

52

19.2031

20.2243

53

18.8532

19.9120

54

18.4930

19.5917

55

18.1225

19.2634

56

17.7415

18.9269

57

17.3499

18.5823

58

16.9480

18.2295

59

16.5367

17.8676

60

16.1165

17.4964

61

15.6878

17.1160

62

15.2511

16.7265

63

14.8066

16.3282

64

14.3560

15.9216

65

13.8997

15.5068

66

13.4381

15.0840

67

12.9714

14.6534

68

12.4999

14.2153

69

12.0258

13.7694

70

11.5498

13.3165

71

11.0725

12.8570

72

10.5947

12.3914

73

10.1167

11.9209

74

9.6391

11.4444

75

9.1628

10.9622

76

8.6904

10.4746

77

8.2246

9.9819

78

7.7680

9.4839

79

7.3227

8.9898

80

6.8904

8.5015

81

6.4723

8.0212

82

6.0694

7.5488

83

5.6819

7.0864

84

5.3152

6.6364

85

4.9690

6.2002

86

4.6429

5.7793

87

4.3357

5.3695

88

4.0458

4.9690

89

3.7729

4.5892

90

3.5166

4.2309

91

3.2763

3.8948

92

3.0522

3.5816

93

2.8443

3.2928

94

2.6509

3.0212

95

2.4715

2.7655


Table 2 Factors for Rule 16.3.5 (associate preserved pension)

 

Age

Male

Female

18

26.3640

26.7782

19

26.2482

26.6732

20

26.1296

26.5646

21

26.0078

26.4520

22

25.8820

26.3353

23

25.7520

26.2139

24

25.6173

26.0881

25

25.4777

25.9580

26

25.3329

25.8230

27

25.1831

25.6831

28

25.0278

25.5380

29

24.8673

25.3882

30

24.7010

25.2331

31

24.5288

25.0729

32

24.3507

24.9075

33

24.1663

24.7366

34

23.9752

24.5601

35

23.7776

24.3776

36

23.5729

24.1891

37

23.3611

23.9945

38

23.1420

23.7935

39

22.9154

23.5858

40

22.6810

23.3714

41

22.4386

23.1501

42

22.1883

22.9218

43

21.9297

22.6859

44

21.6628

22.4428

45

21.3871

22.1923

46

21.1027

21.9342

47

20.8092

21.6685

48

20.5067

21.3952

49

20.1950

21.1142

50

19.8739

20.8255

51

19.5432

20.5288

52

19.2031

20.2243

53

18.8532

19.9120

54

18.4930

19.5917

55

18.1225

19.2634

56

17.7415

18.9269

57

17.3499

18.5823

58

16.9480

18.2295

59

16.5367

17.8676

60

16.1165

17.4964

61

15.6878

17.1160

62

15.2511

16.7265

63

14.8066

16.3282

64

14.3560

15.9216

65

13.8997

15.5068

66

13.4381

15.0840

67

12.9714

14.6534

68

12.4999

14.2153

69

12.0258

13.7694

70

11.5498

13.3165

71

11.0725

12.8570

72

10.5947

12.3914

73

10.1167

11.9209

74

9.6391

11.4444

75

9.1628

10.9622

76

8.6904

10.4746

77

8.2246

9.9819

78

7.7680

9.4839

79

7.3227

8.9898

80

6.8904

8.5015

81

6.4723

8.0212

82

6.0694

7.5488

83

5.6819

7.0864

84

5.3152

6.6364

85

4.9690

6.2002

86

4.6429

5.7793

87

4.3357

5.3695

88

4.0458

4.9690

89

3.7729

4.5892

90

3.5166

4.2309

91

3.2763

3.8948

92

3.0522

3.5816

93

2.8443

3.2928

94

2.6509

3.0212

95

2.4715

2.7655


Table 3 Factors for Rule 16.3.7 (associate standard pension — invalidity)

 

Age

Male

Female

18

25.5786

26.0484

19

25.4549

25.9315

20

25.3269

25.8098

21

25.1943

25.6834

22

25.0571

25.5522

23

24.9153

25.4164

24

24.7685

25.2757

25

24.6166

25.1302

26

24.4591

24.9800

27

24.2957

24.8249

28

24.1261

24.6647

29

23.9501

24.4995

30

23.7678

24.3290

31

23.5791

24.1529

32

23.3840

23.9709

33

23.1821

23.7830

34

22.9735

23.5890

35

22.7580

23.3887

36

22.5354

23.1821

37

22.3057

22.9692

38

22.0688

22.7499

39

21.8246

22.5242

40

21.5728

22.2921

41

21.3131

22.0529

42

21.0455

21.8063

43

20.7702

21.5523

44

20.4870

21.2909

45

20.1961

21.0219

46

19.8970

20.7458

47

19.5896

20.4628

48

19.2742

20.1727

49

18.9508

19.8756

50

18.6194

19.5713

51

18.2804

19.2605

52

17.9342

18.9430

53

17.5806

18.6191

54

17.2199

18.2887

55

16.8291

17.9811

56

16.4303

17.6169

57

16.0240

17.2453

58

15.6106

16.8663

59

15.1921

16.4796

60

14.7694

16.0848

61

14.3433

15.6822

62

13.9146

15.2721

63

13.4843

14.8546

64

13.0529

14.4307

65

12.6211

14.0005

66

12.1897

13.5646

67

11.7594

13.1232

68

11.3306

12.6769

69

10.9023

12.2244

70

10.4750

11.7665

71

10.0487

11.3037

72

9.6234

10.8367

73

9.1990

10.3663

74

8.7758

9.8962

75

8.3548

9.4283

76

7.9375

8.9644

77

7.5263

8.5071

78

7.1230

8.0588

79

6.7315

7.6202

80

6.3532

7.1927

81

5.9897

6.7767

82

5.6421

6.3715

83

5.3114

5.9775

84

4.9999

5.5987

85

4.7077

5.2366

86

4.4346

4.8936

87

4.1802

4.5724

88

3.9444

4.2766

89

3.7170

4.0027

90

3.4956

3.7506

91

3.2763

3.5190

92

3.0522

3.3048

93

2.8443

3.1024

94

2.6509

2.9070

95

2.4715

2.7125

 

Table 4 Factors for Rule 16.6.1

 

Male Member

Pension in payment

Female Member

Pension in payment

Spouse Pension in payment

Associate Standard Pension or
Associate Preserved Pension

 

Age

Invalidity

Age

Invalidity

 

 

Age

Invalidity

Age

67% reversion

85% reversion

 

67% reversion

85% reversion

 

Male

Female

Male

Female

Male

Female

18

26.8575

26.9932

26.5236

26.9984

27.0590

26.6625

25.7376

26.5636

26.3640

26.7782

25.5786

26.0484

19

26.7566

26.8964

26.4137

26.9004

26.9629

26.5530

25.6046

26.4521

26.2482

26.6732

25.4549

25.9315

20

26.6529

26.7968

26.3014

26.7990

26.8635

26.4400

25.4700

26.3367

26.1296

26.5646

25.3269

25.8098

21

26.5461

26.6942

26.1854

26.6939

26.7604

26.3230

25.3324

26.2170

26.0078

26.4520

25.1943

25.6834

22

26.4358

26.5881

26.0654

26.5848

26.6535

26.2014

25.1908

26.0926

25.8820

26.3353

25.0571

25.5522

23

26.3217

26.4783

25.9412

26.4717

26.5425

26.0748

25.0443

25.9633

25.7520

26.2139

24.9153

25.4164

24

26.2034

26.3646

25.8127

26.3543

26.4275

25.9435

24.8923

25.8294

25.6173

26.0881

24.7685

25.2757

25

26.0809

26.2468

25.6796

26.2329

26.3085

25.8072

24.7347

25.6905

25.4777

25.9580

24.6166

25.1302

26

25.9539

26.1246

25.5418

26.1070

26.1851

25.6661

24.5711

25.5464

25.3329

25.8230

24.4591

24.9800

27

25.8223

25.9981

25.3991

25.9765

26.0572

25.5199

24.4017

25.3973

25.1831

25.6831

24.2957

24.8249

28

25.6860

25.8671

25.2513

25.8412

25.9246

25.3688

24.2264

25.2427

25.0278

25.5380

24.1261

24.6647

29

25.5451

25.7314

25.0979

25.7014

25.7875

25.2126

24.0449

25.0828

24.8673

25.3882

23.9501

24.4995

30

25.3990

25.5910

24.9388

25.5567

25.6456

25.0512

23.8571

24.9178

24.7010

25.2331

23.7678

24.3290

31

25.2477

25.4454

24.7738

25.4070

25.4989

24.8844

23.6628

24.7474

24.5288

25.0729

23.5791

24.1529

32

25.0912

25.2949

24.6027

25.2524

25.3472

24.7122

23.4618

24.5715

24.3507

24.9075

23.3840

23.9709

33

24.9291

25.1389

24.4256

25.0925

25.1904

24.5344

23.2536

24.3898

24.1663

24.7366

23.1821

23.7830

34

24.7612

24.9773

24.2420

24.9272

25.0282

24.3506

23.0380

24.2023

23.9752

24.5601

22.9735

23.5890

35

24.5874

24.8101

24.0523

24.7563

24.8605

24.1605

22.8149

24.0088

23.7776

24.3776

22.7580

23.3887

36

24.4074

24.6369

23.8558

24.5797

24.6871

23.9642

22.5838

23.8091

23.5729

24.1891

22.5354

23.1821

37

24.2211

24.4576

23.6528

24.3972

24.5079

23.7615

22.3448

23.6030

23.3611

23.9945

22.3057

22.9692

38

24.0282

24.2719

23.4429

24.2085

24.3226

23.5520

22.0975

23.3902

23.1420

23.7935

22.0688

22.7499

39

23.8287

24.0798

23.2259

24.0134

24.1310

23.3358

21.8418

23.1707

22.9154

23.5858

21.8246

22.5242

40

23.6222

23.8810

23.0019

23.8119

23.9331

23.1127

21.5777

22.9444

22.6810

23.3714

21.5728

22.2921

41

23.3762

23.6341

22.7280

23.5766

23.6939

22.8458

21.3049

22.7111

22.4386

23.1501

21.3131

22.0529

42

23.1211

23.3776

22.4442

23.3328

23.4458

22.5696

21.0233

22.4705

22.1883

22.9218

21.0455

21.8063

43

22.8565

23.1113

22.1502

23.0801

23.1885

22.2841

20.7332

22.2224

21.9297

22.6859

20.7702

21.5523

44

22.5821

22.8349

21.8455

22.8187

22.9221

21.9887

20.4344

21.9670

21.6628

22.4428

20.4870

21.2909

45

22.2976

22.5480

21.5301

22.5483

22.6463

21.6831

20.1269

21.7043

21.3871

22.1923

20.1961

21.0219

46

22.0028

22.2504

21.2038

22.2688

22.3608

21.3671

19.8110

21.4341

21.1027

21.9342

19.8970

20.7458

47

21.6974

21.9417

20.8664

21.9800

22.0656

21.0409

19.4864

21.1567

20.8092

21.6685

19.5896

20.4628

48

21.3812

21.6217

20.5177

21.6819

21.7608

20.7042

19.1532

20.8720

20.5067

21.3952

19.2742

20.1727

49

21.0540

21.2902

20.1575

21.3744

21.4460

20.3574

18.8116

20.5801

20.1950

21.1142

18.9508

19.8756

50

20.7154

20.9469

19.7855

21.0575

21.1213

20.0005

18.4621

20.2809

19.8739

20.8255

18.6194

19.5713

51

20.2789

20.4812

19.2903

20.7309

20.7864

19.6336

18.1044

19.9745

19.5432

20.5288

18.2804

19.2605

52

19.8259

19.9971

18.7777

20.3946

20.4415

19.2566

17.7390

19.6612

19.2031

20.2243

17.9342

18.9430

53

19.3560

19.4942

18.2476

20.0489

20.0865

18.8696

17.3661

19.3408

18.8532

19.9120

17.5806

18.6191

54

18.8686

18.9719

17.7004

19.6935

19.7214

18.4731

16.9860

19.0130

18.4930

19.5917

17.2199

18.2887

55

18.3635

18.4298

17.1365

19.3283

19.3462

18.0671

16.5994

18.6777

18.1225

19.2634

16.8291

17.9811

56

17.9889

18.0569

16.7447

18.9932

19.0114

17.7044

16.2071

18.3346

17.7415

18.9269

16.4303

17.6169

57

17.6037

17.6735

16.3453

18.6499

18.6685

17.3344

15.8102

17.9837

17.3499

18.5823

16.0240

17.2453

58

17.2083

17.2798

15.9385

18.2983

18.3173

16.9568

15.4097

17.6248

16.9480

18.2295

15.6106

16.8663

59

16.8034

16.8767

15.5264

17.9377

17.9570

16.5714

15.0038

17.2578

16.5367

17.8676

15.1921

16.4796

60

16.3895

16.4646

15.1097

17.5677

17.5873

16.1780

14.5929

16.8824

16.1165

17.4964

14.7694

16.0848

61

15.9670

16.0438

14.6892

17.1885

17.2084

15.7767

14.1772

16.4988

15.6878

17.1160

14.3433

15.6822

62

15.5363

15.6148

14.2657

16.8001

16.8204

15.3677

13.7567

16.1071

15.2511

16.7265

13.9146

15.2721

63

15.0977

15.1778

13.8400

16.4031

16.4236

14.9514

13.3312

15.7074

14.8066

16.3282

13.4843

14.8546

64

14.6527

14.7342

13.4127

15.9975

16.0184

14.5284

12.9046

15.2999

14.3560

15.9216

13.0529

14.4307

65

14.2016

14.2846

12.9843

15.5837

15.6049

14.0992

12.4775

14.8847

13.8997

15.5068

12.6211

14.0005

66

13.7448

13.8292

12.5558

15.1619

15.1833

13.6640

12.0503

14.4617

13.4381

15.0840

12.1897

13.5646

67

13.2826

13.3682

12.1275

14.7322

14.7539

13.2234

11.6231

14.0309

12.9714

14.6534

11.7594

13.1232

68

12.8152

12.9019

11.7002

14.2948

14.3167

12.7776

11.1959

13.5917

12.4999

14.2153

11.3306

12.6769

69

12.3446

12.4323

11.2727

13.8498

13.8719

12.3255

10.7720

13.1468

12.0258

13.7694

10.9023

12.2244

70

11.8716

11.9601

10.8454

13.3975

13.4198

11.8680

10.3522

12.6966

11.5498

13.3165

10.4750

11.7665

71

11.3968

11.4860

10.4185

12.9385

12.9610

11.4054

9.9375

12.2418

11.0725

12.8570

10.0487

11.3037

72

10.9208

11.0105

9.9920

12.4735

12.4961

10.9385

9.5290

11.7832

10.5947

12.3914

9.6234

10.8367

73

10.4440

10.5340

9.5657

12.0033

12.0260

10.4681

9.1276

11.3218

10.1167

11.9209

9.1990

10.3663

74

9.9668

10.0570

9.1401

11.5271

11.5498

9.9978

8.7262

10.8571

9.6391

11.4444

8.7758

9.8962

75

9.4905

9.5806

8.7160

11.0451

11.0679

9.5295

8.3253

10.3897

9.1628

10.9622

8.3548

9.4283

76

9.0172

9.1070

8.2949

10.5577

10.5805

9.0650

7.9263

9.9207

8.6904

10.4746

7.9375

8.9644

77

8.5496

8.6390

7.8791

10.0650

10.0879

8.6069

7.5308

9.4512

8.2246

9.9819

7.5263

8.5071

78

8.0904

8.1791

7.4705

9.5670

9.5899

8.1576

7.1401

8.9822

7.7680

9.4839

7.1230

8.0588

79

7.6415

7.7292

7.0727

9.0727

9.0956

7.7178

6.7597

8.5181

7.3227

8.9898

6.7315

7.6202

80

7.2047

7.2912

6.6874

8.5842

8.6069

7.2888

6.3909

8.0610

6.8904

8.5015

6.3532

7.1927

81

6.7813

6.8662

6.3159

8.1033

8.1259

6.8712

6.0345

7.6132

6.4723

8.0212

5.9897

6.7767

82

6.3721

6.4553

5.9596

7.6303

7.6527

6.4643

5.6907

7.1767

6.0694

7.5488

5.6421

6.3715

83

5.9776

6.0589

5.6195

7.1672

7.1894

6.0686

5.3595

6.7536

5.6819

7.0864

5.3114

5.9775

84

5.6030

5.6821

5.2980

6.7162

6.7381

5.6878

5.0467

6.3464

5.3152

6.6364

4.9999

5.5987

85

5.2483

5.3251

4.9952

6.2788

6.3004

5.3237

4.7520

5.9563

4.9690

6.2002

4.7077

5.2366

86

4.9131

4.9874

4.7111

5.8567

5.8780

4.9785

4.4748

5.5843

4.6429

5.7793

4.4346

4.8936

87

4.5964

4.6680

4.4454

5.4455

5.4664

4.6550

4.2142

5.2313

4.3357

5.3695

4.1802

4.5724

88

4.2966

4.3655

4.1980

5.0436

5.0641

4.3567

3.9684

4.8983

4.0458

4.9690

3.9444

4.2766

89

4.0135

4.0797

3.9591

4.6622

4.6822

4.0802

3.7377

4.5806

3.7729

4.5892

3.7170

4.0027

90

3.7469

3.8102

3.7265

4.3021

4.3217

3.8255

3.5224

4.2785

3.5166

4.2309

3.4956

3.7506

91

3.4962

3.5566

3.4962

3.9641

3.9831

3.5911

3.3227

3.9918

3.2763

3.8948

3.2763

3.5190

92

3.2615

3.3191

3.2615

3.6487

3.6671

3.3740

3.1398

3.7202

3.0522

3.5816

3.0522

3.3048

93

3.0429

3.0976

3.0429

3.3575

3.3753

3.1685

2.9762

3.4635

2.8443

3.2928

2.8443

3.1024

94

2.8389

2.8906

2.8389

3.0832

3.1003

2.9700

2.8229

3.2203

2.6509

3.0212

2.6509

2.9070

95

2.6490

2.6978

2.6490

2.8245

2.8408

2.7719

2.6793

2.9892

2.4715

2.7655

2.4715

2.7125

Division 8

Methods and Factors used to determine scheme value in relation to member spouse

Member

16.8.1 The value of an interest that a person has as a member is to be worked out using the following formula:

ABM × AS × ABFy+m,s + AMC × (1  MCFy+m,s ) + APC × ( 1 - PCFy+m,s ) + ATA

where:

ABM is:

 (a) for a maximum benefits member — the lump sum benefit the person would receive if the person ceased to be a member of the PSS scheme at the operative time, divided by the person’s average salary at the operative time; and

 (b) for any other member — the benefit accrual multiple, within the meaning of Rule 5.2.1 or 5.3.1 of these Rules, as applicable, at the operative time, but excluding any excess contribution multiple that would apply if the person ceased membership of the PSS scheme at the operative time.

AS is the person’s average salary at the operative time.

ABFy+m,s is the factor calculated in accordance with the following formula:

where:

ABFy,s is the accrued benefit multiple valuation factor mentioned in whichever of Tables 1A to 1D is applicable, given the following:

 (a) the person's first day of membership of the PSS scheme;

 (b) the person’s gender;

 (c) the person’s age in completed years at the operative time;

 (d) the number of complete years between the person's first day of membership and the operative time.

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

ABFy+1,s  is the accrued benefit multiple valuation factor mentioned in Table 1A to 1D that would apply if the person’s age in completed years at the operative time were 1 year more than it is.

AMC is the person’s accumulated member contributions at the operative time.

MCFy+m,s is the factor calculated in accordance with the following formula:

where:

MCFy,s is the member contribution valuation factor mentioned in whichever of Tables 2A to 2D is applicable, given the following:

 (a) the person's first day of membership of the PSS scheme;

 (b) the person’s gender;

 (c) the person’s age in completed years at the operative time;

 (d) the number of complete years between the person’s first day of membership and the operative time.

m has the meaning given above.

MCFy+1,s is the member contribution valuation factor mentioned in Table 2A to 2D that would apply if the person’s age in completed years at the operative time were 1 year more than it is.

APC is the person’s accumulated productivity contributions at the operative time.

PCFy+m,s is the factor calculated in accordance with the following formula:

where:

PCFy,s is the productivity contribution valuation factor mentioned in whichever of Tables 3A to 3D is applicable, given the following:

 (a) the person's first day of membership of the PSS scheme;

 (b) the person’s gender;

 (c) the person’s age in completed years at the operative time;

 (d) the number of complete years between the person's first day of membership and the operative time.

m has the meaning given above.

PCFy+1,s is the productivity contribution valuation factor mentioned in Table 3A to 3D that would apply if the person’s age in completed years at the operative time were 1 year more than it is.

ATA is the accumulated transfer amount, or if there are 2 or more such amounts, the sum of those amounts, in respect of the person at the operative time.

Preserved benefit member eligible for benefit under paragraph 8.2.1(A)

16.8.2 This rule applies to the interest of a preserved benefit member who is eligible to receive a benefit under paragraph 8.2.1(A).  The value of the interest is to be worked out using the following formula:

UDB × UDBFy+m + FDB × FDBFy+m + ATA

where:

UDB is the unfunded preserved benefit included in the preserved benefit which, under Rule 8.6.2 of these Rules, increases in line with movements in the consumer price index, as at the operative time.

UDBFy+m is the factor calculated in accordance with the following formula:

where:

UDBFy is the unfunded valuation factor, mentioned in Table 4 that applies at the person’s age in completed years, at the operative time, for the person’s gender.

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

UDBFy+1 is the unfunded valuation factor mentioned in Table 4 that would apply if the person’s age in completed years at the operative time were 1 year more than it is.

FDB is the sum of the accumulated member contributions and the accumulated productivity contributions included in the preserved benefit which, under Rule 8.6.1 of these Rules, increases in line with the fund crediting rate, as at the operative time.

FDBFy+m is the factor calculated in accordance with the following formula:

where:

FDBFy is the funded valuation factor mentioned in Table 4 that applies at the person’s age in completed years, at the operative time, for the person’s gender.

m has the meaning given above.

FDBFy+1 is the funded valuation factor mentioned in Table 4 that would apply if the person’s age in completed years at the operative time were 1 year more than it is.

ATA is the accumulated transfer amount, or if there are 2 or more such amounts, the sum of those amounts, in respect of the person at the operative time.

Preserved benefit member not eligible for benefit under paragraph 8.2.1(A)

16.8.3 This rule applies to the interest of a preserved benefit member who is not eligible to receive a benefit under paragraph 8.2.1(A).  The value of the interest is to be worked out using the following formula:

UDB × UDBFy+m + FDB + ATA

where:

UDB is the unfunded preserved benefit included in the preserved benefit which, under Rule 8.6.2 of these Rules, increases in line with movements in the consumer price index, as at the operative time.

UDBFy+m is the factor calculated in accordance with the following formula:

where:

UDBFy is the valuation factor mentioned in Table 5 that applies at the person’s age in completed years, at the operative time, for the person's gender.

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

UDBFy+1 is the valuation factor mentioned in Table 5 that would apply if the person’s age in completed years at the operative time were 1 year more than it is.

FDB is the sum of any accumulated member contributions and any accumulated productivity contributions included in the preserved benefit which, under Rule 8.6.1 of these Rules, increases in line with the fund crediting rate, as at the operative time.

ATA is the accumulated transfer amount, or if there are 2 or more such amounts, the sum of those amounts, in respect of the person at the operative time.

Associate

16.8.4 The value of an interest that a person has as an associate is to be worked out using the following formula:

where:

FLS is the amount calculated under paragraph 16.3.1 (a) of these Rules that would be payable as a lump sum at the operative time.

UFLS is the amount calculated under paragraph 16.3.1 (b) of these Rules that would be payable as a lump sum at the operative time.

Pensioner

16.8.5 The value of an interest that a person has as a pensioner is to be worked out using the following formula:

P × Fy+m

where:

P is:

 (a) for an invalidity pensioner — the annual pension amount payable to the person disregarding any reduction or suspension under Division 11 of Part 10 of these Rules; and

 (b) in any other case — the annual pension amount payable to the person, other than any part of that pension that is additional pension paid in respect of 1 or more eligible children or partially dependent children.

Fy+m is the factor calculated in accordance with the following formula:

where:

Fy is the valuation factor mentioned in Table 6 that applies given the following:

 (a) the person’s age in completed years at the operative time;

 (b) the member’s gender;

 (c) the type of pension.

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

Fy+1 is the valuation factor mentioned in Table 6 that would apply if the person’s age in completed years at the operative time were 1 year more than it is.

Tables of valuation factors

16.8.6 For the purposes of this Division, the tables of valuation factors are as follows:

 

Table 1A Accrued benefit multiple valuation factors (ABF)  (Rule 16.2.2) — males with first day of membership of the PSS on or before 30 June 1999

 

Complete years between first day of membership and operative time

Age

0

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

18

0.758423

0.779167

0.787277

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19

0.713903

0.734013

0.747928

0.750011

 

 

 

 

 

 

 

 

 

 

 

 

 

20

0.683594

0.703964

0.717963

0.726249

0.723372

 

 

 

 

 

 

 

 

 

 

 

 

21

0.666238

0.686883

0.701781

0.710568

0.714104

0.734316

 

 

 

 

 

 

 

 

 

 

 

22

0.656943

0.675566

0.691198

0.701220

0.705449

0.726599

0.743949

 

 

 

 

 

 

 

 

 

 

23

0.653042

0.668917

0.682493

0.693355

0.698860

0.720069

0.738458

0.753111

 

 

 

 

 

 

 

 

 

24

0.653326

0.666710

0.677671

0.686683

0.693352

0.713896

0.732563

0.748475

0.760743

 

 

 

 

 

 

 

 

25

0.656591

0.668489

0.677048

0.683563

0.688564

0.708560

0.726758

0.743164

0.756906

0.760405

 

 

 

 

 

 

 

26

0.662863

0.673184

0.680384

0.684569

0.687168

0.703817

0.721678

0.737806

0.752245

0.756060

0.757600

 

 

 

 

 

 

27

0.671384

0.680715

0.686440

0.689395

0.689733

0.702440

0.716987

0.732988

0.747338

0.750719

0.752707

0.765302

 

 

 

 

 

28

0.681809

0.690121

0.695038

0.696650

0.695906

0.704998

0.715584

0.728329

0.742765

0.745658

0.747356

0.759033

0.769786

 

 

 

 

29

0.693062

0.701837

0.705842

0.706769

0.704758

0.711574

0.718487

0.727242

0.738464

0.741037

0.742375

0.753212

0.763182

0.772321

 

 

 

30

0.704197

0.713595

0.718327

0.718444

0.715857

0.720931

0.725571

0.730603

0.737808

0.740226

0.741379

0.751494

0.760790

0.769304

0.777077

 

 

31

0.716467

0.725393

0.730998

0.732048

0.728705

0.732817

0.735707

0.738445

0.741859

0.743962

0.745066

0.754573

0.763302

0.771288

0.778572

0.785199

 

32

0.729628

0.738519

0.743769

0.745906

0.743660

0.746665

0.748611

0.749576

0.750660

0.752687

0.753548

0.762549

0.770805

0.778350

0.785227

0.791477

0.797145

33

0.743869

0.752779

0.758117

0.759972

0.758976

0.762311

0.763125

0.763139

0.762408

0.764266

0.765100

0.773634

0.781451

0.788588

0.795086

0.800987

0.806334

34

0.758697

0.767615

0.773146

0.775246

0.774070

0.777967

0.779215

0.778099

0.776430

0.777972

0.778688

0.786800

0.794220

0.800988

0.807145

0.812731

0.817789

35

0.772428

0.781302

0.786993

0.789437

0.788639

0.793457

0.795383

0.794787

0.791978

0.793385

0.793816

0.801525

0.808570

0.814988

0.820820

0.826108

0.830893

36

0.785832

0.793571

0.799405

0.802191

0.801909

0.808291

0.811292

0.811490

0.809287

0.810385

0.810720

0.818030

0.824701

0.830772

0.836285

0.841278

0.845792

37

0.800315

0.805600

0.810372

0.813484

0.813715

0.821824

0.826591

0.828001

0.826688

0.827679

0.827724

0.834633

0.840931

0.846657

0.851851

0.856552

0.860799

38

0.815027

0.818819

0.821074

0.823210

0.823947

0.833807

0.840525

0.843888

0.843910

0.844620

0.844588

0.851073

0.856978

0.862341

0.867200

0.871595

0.875562

39

0.830456

0.832361

0.833147

0.832722

0.832573

0.844178

0.852881

0.858402

0.860549

0.860969

0.860679

0.866733

0.872239

0.877234

0.881757

0.885844

0.889531

40

0.847314

0.846705

0.845582

0.843723

0.840982

0.852851

0.863543

0.871268

0.875766

0.875782

0.875226

0.880821

0.885904

0.890510

0.894678

0.898440

0.901832

41

0.861453

0.861246

0.857530

0.853765

0.849638

0.859833

0.870916

0.880846

0.887746

0.887516

0.886587

0.891683

0.896308

0.900496

0.904281

0.907696

0.910772

42

0.876469

0.876664

0.873540

0.867112

0.861080

0.868506

0.877930

0.888393

0.897722

0.897703

0.896579

0.901154

0.905302

0.909053

0.912441

0.915494

0.918243

43

0.892102

0.893026

0.890497

0.884826

0.876045

0.880136

0.886714

0.895528

0.905528

0.905725

0.904888

0.908944

0.912615

0.915933

0.918925

0.921621

0.924046

44

0.907775

0.910076

0.908501

0.903591

0.895706

0.895512

0.898619

0.904512

0.912872

0.913242

0.912703

0.916302

0.919557

0.922494

0.925142

0.927525

0.929667

45

0.919732

0.927294

0.927370

0.923596

0.916598

0.915962

0.914549

0.916827

0.922177

0.922579

0.922288

0.925502

0.928405

0.931023

0.933381

0.935501

0.937406

46

0.935910

0.940485

0.946478

0.944598

0.938886

0.937723

0.935885

0.933399

0.934982

0.935392

0.935192

0.938087

0.940698

0.943051

0.945168

0.947070

0.948778

47

0.954413

0.958397

0.961291

0.965949

0.962340

0.960639

0.958278

0.955376

0.951942

0.951977

0.951832

0.954449

0.956807

0.958929

0.960836

0.962549

0.964084

48

0.975500

0.978964

0.981330

0.982747

0.986271

0.984068

0.981170

0.977745

0.973900

0.973577

0.973069

0.975437

0.977568

0.979484

0.981203

0.982746

0.984128

49

0.999817

1.002755

1.004647

1.005575

1.005693

1.008257

1.004856

1.000890

0.996517

0.995876

0.995013

0.997102

0.998979

1.000664

1.002175

1.003528

1.004740

50

1.024830

1.027152

1.028534

1.029008

1.028652

1.027615

1.029356

1.024880

1.019954

1.018869

1.017690

1.019466

1.021058

1.022485

1.023763

1.024907

1.025929

51

1.046897

1.048458

1.049205

1.049166

1.048359

1.046853

1.044788

1.045785

1.040366

1.038828

1.037213

1.038625

1.039889

1.041019

1.042029

1.042932

1.043738

52

1.069576

1.070277

1.070277

1.069627

1.068338

1.066411

1.063899

1.060936

1.061303

1.059358

1.057292

1.058293

1.059187

1.059984

1.060696

1.061330

1.061896

53

1.093165

1.092857

1.091983

1.090586

1.088697

1.086303

1.083386

1.079985

1.076227

1.080463

1.077991

1.078523

1.078996

1.079417

1.079792

1.080126

1.080422

54

1.118180

1.116588

1.114665

1.112371

1.109724

1.106730

1.103355

1.099556

1.095360

1.095360

1.099417

1.099417

1.099417

1.099417

1.099417

1.099417

1.099417

55

1.143206

1.141736

1.139966

1.137827

1.135275

1.132330

1.128998

1.125241

1.121013

1.121013

1.121013

1.121013

1.121013

1.121013

1.121013

1.121013

1.121013

56

1.147231

1.145848

1.144190

1.142191

1.139777

1.136896

1.133571

1.129810

1.125569

1.125569

1.125569

1.125569

1.125569

1.125569

1.125569

1.125569

1.125569

57

1.151939

1.150612

1.149047

1.147170

1.144908

1.142174

1.138913

1.135150

1.130893

1.130893

1.130893

1.130893

1.130893

1.130893

1.130893

1.130893

1.130893

58

1.156256

1.156256

1.154750

1.152973

1.150843

1.148275

1.145173

1.141471

1.137200

1.137200

1.137200

1.137200

1.137200

1.137200

1.137200

1.137200

1.137200

59

1.161239

1.161239

1.161239

1.159520

1.157491

1.155059

1.152128

1.148586

1.144360

1.144360

1.144360

1.144360

1.144360

1.144360

1.144360

1.144360

1.144360

60

1.165278

1.165278

1.165278

1.165278

1.163244

1.160844

1.157967

1.154500

1.150310

1.150310

1.150310

1.150310

1.150310

1.150310

1.150310

1.150310

1.150310

61

1.168636

1.168636

1.168636

1.168636

1.168636

1.166158

1.163234

1.159728

1.155503

1.155503

1.155503

1.155503

1.155503

1.155503

1.155503

1.155503

1.155503

62

1.174442

1.174442

1.174442

1.174442

1.174442

1.174442

1.171440

1.167898

1.163652

1.163652

1.163652

1.163652

1.163652

1.163652

1.163652

1.163652

1.163652

63

1.182511

1.182511

1.182511

1.182511

1.182511

1.182511

1.182511

1.178852

1.174535

1.174535

1.174535

1.174535

1.174535

1.174535

1.174535

1.174535

1.174535

64

1.194281

1.194281

1.194281

1.194281

1.194281

1.194281

1.194281

1.194281

1.189875

1.189875

1.189875

1.189875

1.189875

1.189875

1.189875

1.189875

1.189875

65

1.210078

1.210078

1.210078

1.210078

1.210078

1.210078

1.210078

1.210078

1.210078

1.210078

1.210078

1.210078

1.210078

1.210078

1.210078

1.210078

1.210078

66

1.201267

1.201267

1.201267

1.201267

1.201267

1.201267

1.201267

1.201267

1.201267

1.201267

1.201267

1.201267

1.201267

1.201267

1.201267

1.201267

1.201267

67

1.191802

1.191802

1.191802

1.191802

1.191802

1.191802

1.191802

1.191802

1.191802

1.191802

1.191802

1.191802

1.191802

1.191802

1.191802

1.191802

1.191802

68

1.181657

1.181657

1.181657

1.181657

1.181657

1.181657

1.181657

1.181657

1.181657

1.181657

1.181657

1.181657

1.181657

1.181657

1.181657

1.181657

1.181657

69

1.170903

1.170903

1.170903

1.170903

1.170903

1.170903

1.170903

1.170903

1.170903

1.170903

1.170903

1.170903

1.170903

1.170903

1.170903

1.170903

1.170903

70

1.159535

1.159535

1.159535

1.159535

1.159535

1.159535

1.159535

1.159535

1.159535

1.159535

1.159535

1.159535

1.159535

1.159535

1.159535

1.159535

1.159535

71

1.147545

1.147545

1.147545

1.147545

1.147545

1.147545

1.147545

1.147545

1.147545

1.147545

1.147545

1.147545

1.147545

1.147545

1.147545

1.147545

1.147545

72

1.134929

1.134929

1.134929

1.134929

1.134929

1.134929

1.134929

1.134929

1.134929

1.134929

1.134929

1.134929

1.134929

1.134929

1.134929

1.134929

1.134929

73

1.121665

1.121665

1.121665

1.121665

1.121665

1.121665

1.121665

1.121665

1.121665

1.121665

1.121665

1.121665

1.121665

1.121665

1.121665

1.121665

1.121665

74

1.107734

1.107734

1.107734

1.107734

1.107734

1.107734

1.107734

1.107734

1.107734

1.107734

1.107734

1.107734

1.107734

1.107734

1.107734

1.107734

1.107734

75 and over

1.093156

1.093156

1.093156

1.093156

1.093156

1.093156

1.093156

1.093156

1.093156

1.093156

1.093156

1.093156

1.093156

1.093156

1.093156

1.093156

1.093156


Table 1A Accrued benefit multiple valuation factors (ABF) (Rule 16.2.2) — males with first day of membership of the PSS on or before 30 June 1999 (continued)

 

Complete years between first day of membership and operative time

Age

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

32

33

33

0.811170

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

34

0.822361

0.826485

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

35

0.835214

0.839110

0.842618

 

 

 

 

 

 

 

 

 

 

 

 

 

 

36

0.849867

0.853538

0.856842

0.859812

 

 

 

 

 

 

 

 

 

 

 

 

 

37

0.864629

0.868079

0.871182

0.873969

0.876471

 

 

 

 

 

 

 

 

 

 

 

 

38

0.879139

0.882357

0.885251

0.887849

0.890181

0.892270

 

 

 

 

 

 

 

 

 

 

 

39

0.892852

0.895840

0.898525

0.900934

0.903095

0.905031

0.906765

 

 

 

 

 

 

 

 

 

 

40

0.904886

0.907631

0.910097

0.912309

0.914292

0.916068

0.917658

0.919080

 

 

 

 

 

 

 

 

 

41

0.913539

0.916026

0.918258

0.920260

0.922054

0.923660

0.925097

0.926382

0.927531

 

 

 

 

 

 

 

 

42

0.920714

0.922934

0.924925

0.926710

0.928309

0.929740

0.931020

0.932164

0.933186

0.934100

 

 

 

 

 

 

 

43

0.926224

0.928180

0.929933

0.931504

0.932911

0.934169

0.935295

0.936300

0.937199

0.938001

0.938717

 

 

 

 

 

 

44

0.931591

0.933316

0.934863

0.936248

0.937487

0.938596

0.939587

0.940473

0.941263

0.941969

0.942599

0.943162

 

 

 

 

 

45

0.939115

0.940647

0.942020

0.943248

0.944347

0.945330

0.946209

0.946993

0.947694

0.948319

0.948877

0.949374

0.949818

 

 

 

 

46

0.950309

0.951681

0.952910

0.954009

0.954992

0.955870

0.956655

0.957356

0.957981

0.958540

0.959038

0.959482

0.959878

0.960231

 

 

 

47

0.965461

0.966693

0.967796

0.968782

0.969664

0.970451

0.971155

0.971783

0.972343

0.972843

0.973289

0.973686

0.974041

0.974357

0.974638

 

 

48

0.985366

0.986474

0.987464

0.988350

0.989141

0.989847

0.990478

0.991041

0.991543

0.991991

0.992390

0.992746

0.993063

0.993346

0.993598

0.993823

 

49

1.005824

1.006793

1.007660

1.008434

1.009125

1.009741

1.010292

1.010783

1.011221

1.011611

1.011959

1.012269

1.012546

1.012792

1.013011

1.013207

1.013381

50

1.026843

1.027659

1.028388

1.029039

1.029619

1.030137

1.030599

1.031011

1.031378

1.031705

1.031997

1.032257

1.032489

1.032695

1.032878

1.033042

1.033188

51

1.044457

1.045099

1.045672

1.046183

1.046638

1.047045

1.047407

1.047729

1.048017

1.048273

1.048501

1.048704

1.048885

1.049046

1.049190

1.049318

1.049431

52

1.062400

1.062849

1.063250

1.063607

1.063925

1.064208

1.064460

1.064685

1.064885

1.065063

1.065222

1.065363

1.065489

1.065601

1.065700

1.065789

1.065868

53

1.080687

1.080922

1.081131

1.081318

1.081483

1.081631

1.081762

1.081879

1.081983

1.082076

1.082158

1.082232

1.082297

1.082355

1.082407

1.082453

1.082494

54

1.099417

1.099417

1.099417

1.099417

1.099417

1.099417

1.099417

1.099417

1.099417

1.099417

1.099417

1.099417

1.099417

1.099417

1.099417

1.099417

1.099417

55

1.121013

1.121013

1.121013

1.121013

1.121013

1.121013

1.121013

1.121013

1.121013

1.121013

1.121013

1.121013

1.121013

1.121013

1.121013

1.121013

1.121013

56

1.125569

1.125569

1.125569

1.125569

1.125569

1.125569

1.125569

1.125569

1.125569

1.125569

1.125569

1.125569

1.125569

1.125569

1.125569

1.125569

1.125569

57

1.130893

1.130893

1.130893

1.130893

1.130893

1.130893

1.130893

1.130893

1.130893

1.130893

1.130893

1.130893

1.130893

1.130893

1.130893

1.130893

1.130893

58

1.137200

1.137200

1.137200

1.137200

1.137200

1.137200

1.137200

1.137200

1.137200

1.137200

1.137200

1.137200

1.137200

1.137200

1.137200

1.137200

1.137200

59

1.144360

1.144360

1.144360

1.144360

1.144360

1.144360

1.144360

1.144360

1.144360

1.144360

1.144360

1.144360

1.144360

1.144360

1.144360

1.144360

1.144360

60

1.150310

1.150310

1.150310

1.150310

1.150310

1.150310

1.150310

1.150310

1.150310

1.150310

1.150310

1.150310

1.150310

1.150310

1.150310

1.150310

1.150310

61

1.155503

1.155503

1.155503

1.155503

1.155503

1.155503

1.155503

1.155503

1.155503

1.155503

1.155503

1.155503

1.155503

1.155503

1.155503

1.155503

1.155503

62

1.163652

1.163652

1.163652

1.163652

1.163652

1.163652

1.163652

1.163652

1.163652

1.163652

1.163652

1.163652

1.163652

1.163652

1.163652

1.163652

1.163652

63

1.174535

1.174535

1.174535

1.174535

1.174535

1.174535

1.174535

1.174535

1.174535

1.174535

1.174535

1.174535

1.174535

1.174535

1.174535

1.174535

1.174535

64

1.189875

1.189875

1.189875

1.189875

1.189875

1.189875

1.189875

1.189875

1.189875

1.189875

1.189875

1.189875

1.189875

1.189875

1.189875

1.189875

1.189875

65

1.210078

1.210078

1.210078

1.210078

1.210078

1.210078

1.210078

1.210078

1.210078

1.210078

1.210078

1.210078

1.210078

1.210078

1.210078

1.210078

1.210078

66

1.201267

1.201267

1.201267

1.201267

1.201267

1.201267

1.201267

1.201267

1.201267

1.201267

1.201267

1.201267

1.201267

1.201267

1.201267

1.201267

1.201267

67

1.191802

1.191802

1.191802

1.191802

1.191802

1.191802

1.191802

1.191802

1.191802

1.191802

1.191802

1.191802

1.191802

1.191802

1.191802

1.191802

1.191802

68

1.181657

1.181657

1.181657

1.181657

1.181657

1.181657

1.181657

1.181657

1.181657

1.181657

1.181657

1.181657

1.181657

1.181657

1.181657

1.181657

1.181657

69

1.170903

1.170903

1.170903

1.170903

1.170903

1.170903

1.170903

1.170903

1.170903

1.170903

1.170903

1.170903

1.170903

1.170903

1.170903

1.170903

1.170903

70

1.159535

1.159535

1.159535

1.159535

1.159535

1.159535

1.159535

1.159535

1.159535

1.159535

1.159535

1.159535

1.159535

1.159535

1.159535

1.159535

1.159535

71

1.147545

1.147545

1.147545

1.147545

1.147545

1.147545

1.147545

1.147545

1.147545

1.147545

1.147545

1.147545

1.147545

1.147545

1.147545

1.147545

1.147545

72

1.134929

1.134929

1.134929

1.134929

1.134929

1.134929

1.134929

1.134929

1.134929

1.134929

1.134929

1.134929

1.134929

1.134929

1.134929

1.134929

1.134929

73

1.121665

1.121665

1.121665

1.121665

1.121665

1.121665

1.121665

1.121665

1.121665

1.121665

1.121665

1.121665

1.121665

1.121665

1.121665

1.121665

1.121665

74

1.107734

1.107734

1.107734

1.107734

1.107734

1.107734

1.107734

1.107734

1.107734

1.107734

1.107734

1.107734

1.107734

1.107734

1.107734

1.107734

1.107734

75 and over

1.093156

1.093156

1.093156

1.093156

1.093156

1.093156

1.093156

1.093156

1.093156

1.093156

1.093156

1.093156

1.093156

1.093156

1.093156

1.093156

1.093156


Table 1A Accrued benefit multiple valuation factors (ABF) (Rule 16.2.2) — males with first day of membership of the PSS on or before 30 June 1999 (continued)

 

Complete years between first day of membership and operative time

Age

34

35

36

37

38

39

40

41

42

43

44

45

46

47

48

49

50 or more

50

1.033318

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

51

1.049533

1.049623

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

52

1.065939

1.066001

1.066057

 

 

 

 

 

 

 

 

 

 

 

 

 

 

53

1.082530

1.082563

1.082591

1.082617

 

 

 

 

 

 

 

 

 

 

 

 

 

54

1.099417

1.099417

1.099417

1.099417

1.099417

 

 

 

 

 

 

 

 

 

 

 

 

55

1.121013

1.121013

1.121013

1.121013

1.121013

1.121013

 

 

 

 

 

 

 

 

 

 

 

56

1.125569

1.125569

1.125569

1.125569

1.125569

1.125569

1.125569

 

 

 

 

 

 

 

 

 

 

57

1.130893

1.130893

1.130893

1.130893

1.130893

1.130893

1.130893

1.130893

 

 

 

 

 

 

 

 

 

58

1.137200

1.137200

1.137200

1.137200

1.137200

1.137200

1.137200

1.137200

1.137200

 

 

 

 

 

 

 

 

59

1.144360

1.144360

1.144360

1.144360

1.144360

1.144360

1.144360

1.144360

1.144360

1.144360

 

 

 

 

 

 

 

60

1.150310

1.150310

1.150310

1.150310

1.150310

1.150310

1.150310

1.150310

1.150310

1.150310

1.150310

 

 

 

 

 

 

61

1.155503

1.155503

1.155503

1.155503

1.155503

1.155503

1.155503

1.155503

1.155503

1.155503

1.155503

1.155503

 

 

 

 

 

62

1.163652

1.163652

1.163652

1.163652

1.163652

1.163652

1.163652

1.163652

1.163652

1.163652

1.163652

1.163652

1.163652

 

 

 

 

63

1.174535

1.174535

1.174535

1.174535

1.174535

1.174535

1.174535

1.174535

1.174535

1.174535

1.174535

1.174535

1.174535

1.174535

 

 

 

64

1.189875

1.189875

1.189875

1.189875

1.189875

1.189875

1.189875

1.189875

1.189875

1.189875

1.189875

1.189875

1.189875

1.189875

1.189875

 

 

65

1.210078

1.210078

1.210078

1.210078

1.210078

1.210078

1.210078

1.210078

1.210078

1.210078

1.210078

1.210078

1.210078

1.210078

1.210078

1.210078

 

66

1.201267

1.201267

1.201267

1.201267

1.201267

1.201267

1.201267

1.201267

1.201267

1.201267

1.201267

1.201267

1.201267

1.201267

1.201267

1.201267

1.201267

67

1.191802

1.191802

1.191802

1.191802

1.191802

1.191802

1.191802

1.191802

1.191802

1.191802

1.191802

1.191802

1.191802

1.191802

1.191802

1.191802

1.191802

68

1.181657

1.181657

1.181657

1.181657

1.181657

1.181657

1.181657

1.181657

1.181657

1.181657

1.181657

1.181657

1.181657

1.181657

1.181657

1.181657

1.181657

69

1.170903

1.170903

1.170903

1.170903

1.170903

1.170903

1.170903

1.170903

1.170903

1.170903

1.170903

1.170903

1.170903

1.170903

1.170903

1.170903

1.170903

70

1.159535

1.159535

1.159535

1.159535

1.159535

1.159535

1.159535

1.159535

1.159535

1.159535

1.159535

1.159535

1.159535

1.159535

1.159535

1.159535

1.159535

71

1.147545

1.147545

1.147545

1.147545

1.147545

1.147545

1.147545

1.147545

1.147545

1.147545

1.147545

1.147545

1.147545

1.147545

1.147545

1.147545

1.147545

72

1.134929

1.134929

1.134929

1.134929

1.134929

1.134929

1.134929

1.134929

1.134929

1.134929

1.134929

1.134929

1.134929

1.134929

1.134929

1.134929

1.134929

73

1.121665

1.121665

1.121665

1.121665

1.121665

1.121665

1.121665

1.121665

1.121665

1.121665

1.121665

1.121665

1.121665

1.121665

1.121665

1.121665

1.121665

74

1.107734

1.107734

1.107734

1.107734

1.107734

1.107734

1.107734

1.107734

1.107734

1.107734

1.107734

1.107734

1.107734

1.107734

1.107734

1.107734

1.107734

75 and over

1.093156

1.093156

1.093156

1.093156

1.093156

1.093156

1.093156

1.093156

1.093156

1.093156

1.093156

1.093156

1.093156

1.093156

1.093156

1.093156

1.093156


Table 1B Accrued benefit multiple valuation factors (ABF) (Rule 16.2.2) — males with first day of membership of the PSS after 30 June 1999

 

Complete years between first day of membership and operative time

Age

0

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

18

0.811334

0.831342

0.838095

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19

0.764326

0.783740

0.796669

0.797218