Document ID: chunk:federal_register_of_legislation:F2024C00321:reg:16:p53
Version: federal_register_of_legislation:F2024C00321
Segment Type: reg
Provision Reference: reg 16 (pt 53/106)
Character Range: 255588–258525

AMC is the amount of accumulated member contributions paid to member at the time he/she last became an invalidity pensioner; and

                  IBA is the lump sum value of the invalidity benefit accrual of the member at the time he/she last became an invalidity pensioner.

Excess Contribution Multiple
5.2.16 An Excess Contribution Multiple applies to a regular member if:
    (a) he/she ceases membership; and
         (b) the sum of his/her Fortnightly Contribution Accruals is greater than his/her Average Accrual.
5.2.17 An Excess Contribution Multiple is calculated by:
         (a) subtracting the member's Average Accrual from the sum of his/her Fortnightly Contribution Accruals (see Rule 5.2.3); and
         (b) dividing the result by 2.

Unfunded Transfer Multiple
5.2.18 An Unfunded Transfer Multiple applies to a regular member if, immediately before his/her first day of membership, he/she is a remainder employee under the Superannuation (Productivity Benefit) Act 1988 but is not a fund employee under that Act.
5.2.19 An Unfunded Transfer Multiple is calculated by dividing the amount that would have been payable under the Superannuation (Productivity Benefit) Act 1988 on behalf of the member on the day before his/her first day of membership if he/she had become entitled to a benefit under that Act by his/her average salary. CSC may use a later date, and if so must:
    (a) use the member's average salary at that later date; and
         (b) adjust the amount of the payment that would have been made to take account of any interest that would have been accrued to that later date.

Membership Transfer Multiple
5.2.20 A Membership Transfer Multiple applies to a regular member if:
         (a) CSC accepts a request from the member to combine a previously concurrent membership with a current membership; or
         (b) CSC is aware a member has a previously concurrent membership of less than three months.
5.2.21 A Membership Transfer Multiple is calculated by dividing the member's final benefit accrual from his/her previous membership by his/her average salary from his/her current membership at the date his/her earlier membership ceased.

Non‑Cash Transfer Multiple
5.2.23 A Non‑Cash Transfer Multiple applies to a regular member:
         (a) who transferred to the PSS Scheme from an approved superannuation scheme; and
         (b) who was a person who had previously transferred to that approved superannuation scheme from the PSS Scheme or the CSS Scheme; and
         (c) in respect of whom assets were transferred to the approved superannuation scheme under a determination by the Minister under section 33D of the Superannuation Act 1990 or section 240 of the Superannuation Act 1976; and
         (d) in respect of whom an amount was included in a schedule of payments from the Consolidated Revenue Fund to the approved superannuation scheme determined by the Minister under section 33E of