Document ID: chunk:federal_register_of_legislation:F2025L00281:clause:1_69:p2
Version: federal_register_of_legislation:F2025L00281
Segment Type: clause
Provision Reference: sch 1 cl 69 (pt 2/17)
Character Range: 1795865–1798370

Note 1   The following expressions are defined in subsection 3 (1) of the PCS Act:
 member
 salary
 spouse
 trustees.
Note 2   Supplementary benefit is defined in subsection 22A (1) of the PCS Act.
Division 10.2 Interest held by member

               Subdivision 10.2.1 Interest held by member — general

2 Method for interests held by member in the PCS Scheme
  For section 5 of this instrument, the method mentioned in the following table is approved for an interest that is held by a member.

Method
Step 1
Calculate the probability weighted employer funded accrued benefit (if any) that would be payable to, or in relation to, the person for each benefit that would be payable to the person for each of the reasons (r) mentioned in clause 8 in accordance with whichever of the following applies:
(a) if the person is less than 70 years at the end of the financial year in which the relevant date occurs, calculate the benefit for each financial year (t) in the period commencing on 1 July in the financial year in which the relevant date occurs and ending at the end of the financial year when the person would turn 70;
(b)  if the person is 70 years or more at the end of the financial year in which the relevant date occurs, calculate the benefit for that financial year;
in accordance with the formula:

 where:
 Bt,r has the meaning given by clause 6.
st has the meaning given by clause 3.
pt,r is the probability, worked out in accordance with clause 4, that the benefit would be payable to the person in the calculation year.
aft,r has the meaning given by clause 5.
 dt is:
 (a) for the financial year in which the relevant date occurs — 1.032; and
 (b) in any other case — the discount factor mentioned in Table 1 of Division 10.4 that applies to the calculation year.
Step 2
Calculate the sum (V0) of all of the probability weighted employer funded accrued benefits calculated in step 1.
Step 3
Applying the assumptions mentioned in clause 9, repeat step 1 for each calculation year commencing on 1 July after the relevant date, modified so that:
 (a) the relevant date mentioned in paragraph (b) of the definition of st is:
 (i) the date corresponding to the relevant date in the financial year following the financial year in which the relevant date occurs; or
 (ii) if there is no such corresponding date because the relevant date is 29 February — 1 March; and
 (b) aft,r is:
 (i) if the benefit is payable under section 22 or subsection 23 (3) of the PCS Act to, or in relation to, a