Document ID: chunk:federal_register_of_legislation:F2023C01077:front:0:p6
Version: federal_register_of_legislation:F2023C01077
Segment Type: other
Provision Reference: 
Character Range: 12681–15530

(b) the period between the operative time and the time at which the associate deferred annuity first becomes payable.

         This is the first period.

         Multiply the number of days in the first period by the Treasury bond rate for bonds with a 10 year term that is applicable to the financial year in which the first period occurs, and divide the result by 365.

         Round the result to 3 decimal places.

         The result is the applicable Treasury bond rate for the first period.
Step 2C  Full financial years (if any)

         Use this step if a full financial year occurs immediately after the end of the first period and before the associate deferred annuity first becomes payable. This is the second period.

         Identify the Treasury bond rate for bonds with a 10 year term that is applicable to the financial year.

         Round the result to 3 decimal places.

         The result is the applicable Treasury bond rate for the second period.

         Repeat this arrangement for each full financial year after the second period.
Step 2D  Final period (if any)

         Use this step if:
            (a) there is any period between the end of a financial year and the time at which the associate deferred annuity first becomes payable; and
            (b) neither step 2B nor step 2C covers that period.

         This is the final period.

         Multiply the number of days in the final period by the Treasury bond rate for bonds with a 10 year term that is applicable to the financial year in which the final period occurs, and divide the result by 365.

         Round the result to 3 decimal places.

         The result is the applicable Treasury bond rate for the final period.
Step 3   Work out an annuity factor (F y+m) based on the non-member spouse's gender and age, using the formula:

         where:

         Fy is:
            (a) if the associate deferred annuity is not payable on permanent incapacity — the valuation factor mentioned in Table 2A in Schedule 2, applicable, when the associate deferred annuity first becomes payable, to the non-member spouse's gender and age in completed years (represented by y); and
            (b) if the associate deferred annuity is payable on permanent incapacity — the valuation factor mentioned in Table 2B in Schedule 2, applicable, when the associate deferred annuity first becomes payable, to the non‑member spouse's gender and age in completed years (represented by y).

         m is the number of completed months of the non‑member spouse's age, when the associate deferred annuity first becomes payable, that are not included in the non-member spouse's age in completed years.
         Fy+1 is:

            (a) if the associate deferred annuity is not payable on permanent incapacity — the valuation factor mentioned in Table 2A in Schedule 2,