Document ID: chunk:federal_register_of_legislation:F2024C00260:reg:4
Version: federal_register_of_legislation:F2024C00260
Segment Type: reg
Provision Reference: reg 4
Character Range: 25667–31616

4     An interest that a person has in the CSS if:                                                                                                                                         ABC + ASC + PCI + (2.5 × (ABC – MTV) +
       (a) the person has, on ceasing to be an eligible employee, made an election under section 137 of the 1976 Act to have Division 3 of Part IX of that Act apply to him or her; and     TTV – MTV) × DFy+m – ERDA
       (b) deferred benefits have yet to become payable to the person under subsection 138 (2) of the 1976 Act; and
       (c) a transfer value has been paid by or in respect of the person under section 128 of the 1976 Act.                                                                                where:
                                                                                                                                                                                           ABC has the meaning given in item 3.
                                                                                                                                                                                           ASC has the meaning given in item 3.
                                                                                                                                                                                           PCI has the meaning given in item 3.
                                                                                                                                                                                           MTV is:
                                                                                                                                                                                            (a) that part, if any, of the person's transfer value or values that was deemed to be a basic contribution under paragraph 128 (2) (a) of the 1976 Act, plus the accumulated interest that would be calculated on that amount if the deferred benefits had become payable at the relevant date; or
                                                                                                                                                                                            (b) if section 146MB of the 1976 Act applies to the interest — the amount calculated under paragraph (a), reduced by any amount by which each transfer value would be reduced if those benefits had become payable at the relevant date.
                                                                                                                                                                                           TTV is:
                                                                                                                                                                                            (a) the total amount of the person's transfer value or values, including the interest that would have accumulated on the transfer value or values over the period:
                                                                                                                                                                                            (i) commencing on the date when the employer component of each transfer value was paid into the Consolidated Revenue Fund under paragraph 128 (2) (b) of the 1976 Act; and
                                                                                                                                                                                            (ii) ending on the relevant date;
                                                                                                                                                                                             as if the entire transfer value or values had been paid into the CSS Fund; or
                                                                                                                                                                                            (b) if section 146MB of the 1976 Act applies to the interest — the amount calculated under paragraph (a), reduced by any amount by which each transfer value would be reduced if the deferred benefits had become payable at the relevant date.
                                                                                                                                                                                           DFy+m is the factor calculated by:
                                                                                                                                                                                           where:
                                                                                                                                                                                           DFy is the valuation factor for the person's gender mentioned in Table 5 in this Part that applies at the person's age in completed years at the relevant date.
                                                                                                                                                                                           m has the meaning given in item 1.
                                                                                                                                                                                           DFy+1  is the valuation factor for the person's gender mentioned in Table 5 in this Part that would apply to the person if the person's age in completed years were one year more than it is at the relevant date.
                                                                                                                                                                                           ERDA has the same meaning as in item 1.