Document ID: chunk:federal_register_of_legislation:C2022C00261:schedule:3
Version: federal_register_of_legislation:C2022C00261
Segment Type: schedule
Provision Reference: sch 3
Character Range: 167116–168554

Schedule 3—Calculation of maximum benefit limits

Rule 5
1. The lump sum maximum benefit limit, in relation to a person, is the product of the person's final average salary and the person's lump sum maximum benefit multiple.
2. In paragraph 1:
"lump sum maximum benefit multiple", in relation to a person, means the number obtained by dividing the sum of:
     (a) 8 times $39,970 or, if the person's final average salary is less than $39,970, 8 times the person's final average salary; and
     (b) 6 times the part (if any) of the person's final average salary that exceeds $39,970 but does not exceed $74,220; and
     (c) 3 times the part (if any) of the person's final average salary that exceeds $74,220;
by the person's final average salary.
3. The pension maximum benefit limit, in relation to a person, is the product of the person's final average salary and the person's pension maximum benefit multiple.
4. In paragraph 3:
"pension maximum benefit multiple", in relation to a person, is the number obtained by dividing the sum of:
     (a) 10 times $39,970 or, if the person's final average salary is less than $39,970, 10 times the person's final average salary; and
     (b) 7 times the part (if any) of the person's final average salary that exceeds $39,970 but does not exceed $74,220; and
     (c) 4 times the part (if any) of the person's final average salary that exceeds $74,220;
by the person's final average salary.