Document ID: chunk:federal_register_of_legislation:F2024C00260:clause:1_1
Version: federal_register_of_legislation:F2024C00260
Segment Type: clause
Provision Reference: sch 1 cl 1
Character Range: 2636277–2639320

1     An interest that a person has as a member of the Woolworths Group Superannuation Scheme  V + (A – V) × Fy,s
                                                                                               where:
                                                                                               V is the value of the benefit, including any additional benefit payable under paragraph 8.1 (b) of the Rules, that would have been payable in respect of the person if the person had ceased to be in service for the purposes of rules 8.1 to 8.4 of the Rules on the relevant date.
                                                                                               A is the value of the benefit, including any additional benefit payable under paragraph 8.1 (b) of the Rules, that would have been payable in respect of the person if, on the relevant date:
                                                                                                (a) the person had ceased to be in service for the purposes of rules 8.1 to 8.4 of the Rules; and
                                                                                                (b) the person was aged 65 years; and
                                                                                                (c) the person's Scheme membership was equal to the difference between:
                                                                                                (i) 65 years; and
                                                                                                (ii) the person's age on the person's first birthday after he or she commenced service.
                                                                                               Fy,s is the vesting factor mentioned in Table 1 of this Part that applies to the person, having regard to:
                                                                                                (a) the person's age in completed years at his or her birthday closest to the relevant date; and
                                                                                                (b) the person's Scheme membership at:
                                                                                                (i) for a person who commenced service less than 6 months before the relevant date — the day the person commenced service; and
                                                                                                (ii) for any other person — the date of the anniversary of his or her commencement of service closest to the relevant date.
                                                                                                    Note   See subclause 1 (2) of this Part in relation to the effect of a leap year.

Table 1 Vesting factors

Scheme Membership in Completed Years
Age                                   0     1     2     3     4     5     6     7     8     9     10    11    12    13    14    15    16    17    18    19+