Document ID: chunk:federal_register_of_legislation:F2025L00281:reg:1:p1
Version: federal_register_of_legislation:F2025L00281
Segment Type: reg
Provision Reference: reg 1 (pt 1/2)
Character Range: 210523–217937

1     An interest that a person has as a member of the PSS Scheme.                                                                                           ABM × AS × ABFy+m,s + AMC × (1 ‑ MCFy+m,s)
                                                                                                                                                              + APC × (1 ‑ PCFy+m,s) + ATA – ERDA
                                                                                                                                                             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 on the relevant date, divided by the person's average salary on the relevant date; and
                                                                                                                                                              (b) for any other member — the benefit accrual multiple, within the meaning of rule 5.2.1 or 5.3.1 of the Rules, as applicable, at the relevant date, but excluding any excess contribution multiple that would apply if the person ceased membership of the PSS Scheme on the relevant date.
                                                                                                                                                             AS is the person's average salary at the relevant date.
                                                                                                                                                             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 relevant date;
                                                                                                                                                              (d) the number of complete years between the person's first day of membership and the relevant date.
                                                                                                                                                             m is the number of complete months of the person's age, at the relevant date, 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 relevant date were 1 year more than it is.
                                                                                                                                                             AMC is the person's accumulated member contributions at the relevant date.
                                                                                                                                                             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 relevant date;
                                                                                                                                                              (d) the number of complete years between the person's first day of membership and the relevant date.
                                                                                                                                                             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 relevant date were 1 year more than it is.
                                                                                                                                                             APC is the person's accumulated productivity contributions at the relevant date.
                                                                                                                                                             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