Document ID: chunk:federal_register_of_legislation:F2024C00260:clause:1_69:p9
Version: federal_register_of_legislation:F2024C00260
Segment Type: clause
Provision Reference: sch 1 cl 69 (pt 9/17)
Character Range: 1819693–1822228

months of the person's age that are not included in the person's age in completed years on 31 December in the calculation year.
            PFy+t+1 is the immediate valuation factor mentioned in Table 4 or 5 of Division 10.4 that would apply to the person if the person's age in completed years on 31 December in the calculation year were 1 year more than it is.
RPP is:
 (a) for a pension payable to, or in relation to, a person under section 19 or 22 of the PCS Act — 0.75 if:
 (i) the person would have been entitled, on the assumption that he or she were to continue as a member, to receive salary; and
 (ii) on 31 December in the year for which the calculation is being made, 75% of the person's accrued pension multiple divided by BSR would be greater than 0.45; or
 (b) for a pension payable under section 19 or 22 of the PCS Act to, or in relation to, a person to whom paragraph (a) does not apply — the factor calculated using the formula:

  where:
            BSR has the meaning given by subclause (5).
            M is the number of complete months in the period commencing on the day when the person was first entitled to receive salary as a member and ending at the end of 31 December in the year for which the calculation is being made; or
 (c) for a pension payable under section 23 of the PCS Act — 0.
RPFy+t+m is the factor calculated in accordance with the formula:

  where:
            RPFy+t is the immediate reversion valuation factor mentioned in Table 4 or 5 of Division 10.4 that applies, given:
                 (a) the person's age in completed years (y+t) on 31 December in the year for which the calculation is being made; and
                 (b) the person's gender; and
                 (c) the type of pension that is payable; and
                 (d) for a pension payable under section 19 of the PCS Act — whether the person was a member immediately before 1 February 1990.
            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.
            RPFy+t+1 is the immediate reversion valuation factor mentioned in Table 4 or 5 of Division 10.4 that would apply 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.
 (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