Document ID: chunk:federal_register_of_legislation:F2024C00260:clause:1_69:p10
Version: federal_register_of_legislation:F2024C00260
Segment Type: clause
Provision Reference: sch 1 cl 69 (pt 10/17)
Character Range: 1822020–1824521

being made, were 1 year more than it is.
 (4) For paragraph 2 (c), the value of the benefit is to be calculated in accordance with the formula:

where:
DP is the nominal annual rate of pension that would have been payable to the person if he or she had, at the date of ceasing to be a member, turned 55.
DPF is:
 (a) if the person is male — 16.620; or
 (b) if the person is female — 18.285.
DFy+t+m is the factor calculated in accordance with the formula:

  where:
            DFy+t is the deferred pension valuation factor mentioned in Table 6 of Division 10.4 that applies given the person's gender and the person's age in completed years (y+t) on 31 December in the year for which the calculation is being made.
            m is the number of complete months of the person's age that are not included in the person's age in completed years on 31 December in the year for which the calculation is being made.
            DFy+t+1 is the deferred pension valuation factor mentioned in Table 6 of Division 10.4 that would apply to the person if the person's age in completed years on 31 December in the year for which the calculation is being made were 1 year more than it is.
RPP has the meaning given by subclause (3).
RPFy+t+m has the meaning given by subclause (3).
 (5) For the definition of RPP in subclause (3):
accrued pension multiple, of a person, means the lesser of:
 (a) 0.8; and
 (b) the sum of 0.488 and 0.002 for each complete month exceeding 84 complete months for which the person would have been entitled, if he or she were to continue as a member, to receive salary.
BSR is the quotient of:
 (a) the total amount of basic salary to which the person was entitled under paragraph 6 (1) (a) of the Parliamentary Remuneration Act 1989 (NSW) (together with the total of any amounts in the nature of salary to which he or she was entitled as a member before the commencement of that Act) up to and including the 30 June immediately before the relevant date; and
 (b) the total amount of basic salary and additional salary to which the person was entitled under paragraphs 6 (1) (a) and (b) of the Parliamentary Remuneration Act 1989 (NSW) (together with the total of any amounts in the nature of salary to which the person was entitled as a member, a Minister or the holder of an office mentioned in Schedule 1 to the Parliamentary Remuneration Tribunal Act 1975 (NSW) as the Act existed before 1 July 1990, before the commencement of the Parliamentary Remuneration Act 1989 (NSW)) up to