Document ID: chunk:federal_register_of_legislation:F2024C00321:reg:16:p58
Version: federal_register_of_legislation:F2024C00321
Segment Type: reg
Provision Reference: reg 16 (pt 58/106)
Character Range: 270964–273922

Cover Multiple is calculated by dividing the amount payable on behalf of a member by his/her final average salary.

Preserved Multiple
5.3.12 A Preserved Multiple applies to a casual member if CSC is aware a preserved benefit applied to him/her immediately before last becoming a casual member.
5.3.13 A Preserved Multiple is calculated by dividing the amount of a member's preserved benefit by his/her average salary on the date he/she last became a casual member.  CSC may:
    (a) use a later date, and if so must:
         (i) use the member's average salary at that later date; and
             (ii) adjust the amount of the preserved benefit to take account of any increases that would have accrued to that later date; or
         (b) increase the amount of the preserved benefit to take account of any phasing in of the employer benefit if the preserved benefit became applicable before 1 July 1992.

Restoration Multiple
5.3.14 A Restoration Multiple applies to a casual member if he/she:
         (a) was an invalidity pensioner immediately before last becoming a casual member; but
         (b) was not a maximum benefits member before last becoming an invalidity pensioner.
5.3.15 A Restoration Multiple is the sum of:
         (a) the member's Benefit Accrual Multiple at the time he/she last became an invalidity pensioner; plus
         (b) the Invalidity Multiple that would have accrued under Rule 5.5.2 between the date the member last became an invalidity pensioner and the date he/she last became a casual member.
CSC will reduce the Restoration Multiple if the member was paid a lump sum of his/her accumulated member contributions at the time he/she last became an invalidity pensioner by the proportion calculated using the formula:

where:

                  PBAM is the previous Benefit Accrual Multiple of the member at the time he/she last became an invalidity pensioner; and

                  AMC is the amount of accumulated member contributions paid to member at the time he/she last became an invalidity pensioner; and

                  IBA is the lump sum value of the invalidity benefit accrual of the member at the time he/she last became an invalidity pensioner.

Excess Contribution Multiple
5.3.16 An Excess Contribution Multiple applies to a casual member if:
    (a) he/she ceases membership; and
         (b) the sum of his/her Fortnightly Contribution Accruals is greater than his/her Average Accrual.
5.3.17 An Excess Contribution Multiple is calculated by:
         (a) subtracting the member's Average Accrual from the sum of his/her Fortnightly Contribution Accruals (see Rule 5.3.3); and
         (b) dividing the result by 2.

Unfunded Transfer Multiple
5.3.18 An Unfunded Transfer Multiple applies to a casual member if, immediately before becoming a casual member, he/she was a remainder employee under the Superannuation (Productivity Benefit) Act 1988 but was not a fund employee under that Act.
5.3.19 An