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: 2423011–2425795

1     An interest that a person has as a Gold State Super Member if the person is entitled to a preserved benefit under regulation 44 of the State Superannuation Regulations.  DLS × DFy+m
                                                                                                                                                                                where:
                                                                                                                                                                                DLS is the nominal value of the deferred lump sum to which the person is entitled at the relevant date, being the sum of:
                                                                                                                                                                                 (a) the amount to which the person is entitled under regulation 44 of the State Superannuation Regulations; and
                                                                                                                                                                                 (b) the interest that has or had accrued on that amount under regulation 46 of the State Superannuation Regulations as at that date.
                                                                                                                                                                                DFy+m is the factor calculated in accordance with the following formula:
                                                                                                                                                                                where:
                                                                                                                                                                                DFy is the discount factor mentioned in Table 1 of this Part that applies at the relevant date given the number of complete years until the person reaches age 55.
                                                                                                                                                                                m is the number of complete months between the relevant date and the person's next birthday.
                                                                                                                                                                                DFy +1 is the discount factor mentioned in Table 1 of this Schedule that would apply at the relevant date if the number of complete years until the person reaches age 55 were one more year than it is.

Table 1 Discount factors

Years to age 55  Discount factor     Years to age 55  Discount factor