Document ID: chunk:federal_register_of_legislation:F2023C01022:clause:2_31
Version: federal_register_of_legislation:F2023C01022
Segment Type: clause
Provision Reference: sch 2 cl 31
Character Range: 368017–370005

31  Method—lump sum comprising different components
 (1) This clause applies if the lump sum payable in respect of the interest comprises a number of components, the value of which will increase by different rates over the minimum deferral period.
 (2) The gross value of the interest is the sum of the gross value of each component comprising the lump sum, calculated as follows:

where:
DB is the nominal value of the component of the lump sum at the relevant date.
Dy+m is the discount valuation factor calculated in accordance with subclause (3).
 (3) For subclause (2), Dy+m at the relevant date is:

where:
Dy is the discount valuation factor specified in clause 32 in respect of the lump sum at the relevant date on the basis of the minimum deferral period (in complete years) applying to the lump sum at that date.
m is the number of complete months of the minimum deferral period applicable to the lump sum at the relevant date that are not included in the remaining complete years of that period at that date.
Dy+1 is the discount valuation factor specified in clause 32 that would apply in respect of the lump sum at the relevant date if the minimum deferral period (in complete years) applying to the lump sum at that date were one year more than the minimum deferral period applying to the lump sum at that date.
 (4) For the purpose of calculating the discount valuation factor under subclause (3):
minimum deferral period, in relation to the benefit payable to the member spouse in respect of the interest, means the period until the earliest date at which the benefit may be paid (other than for death or disability).
nominal value, of a component of a lump sum payable in respect of a superannuation interest at a particular date, means the amount of the component payable (excluding any superannuation contributions surcharge payable in respect of the interest) if the member spouse were able to take, and did take, the benefit in respect of the interest at that date.