Document ID: chunk:federal_register_of_legislation:F2024C00321:reg:95:p1
Version: federal_register_of_legislation:F2024C00321
Segment Type: reg
Provision Reference: reg 95 (pt 1/4)
Character Range: 634942–637872

95   2.6490              2.6978              2.6490                     2.8245                         2.8408         2.7719   2.6793   2.9892      2.4715   2.7655   2.4715   2.7125

Division 8

Member
16.8.1 The value of an interest that a person has as a member is to be worked out using the following formula:

where:

ABM is:

         (a) for a maximum benefits member — the lump sum benefit the person would receive if the person ceased to be a member of the PSS scheme at the operative time, divided by the person's average salary at the operative time; and
         (b) for any other member — the benefit accrual multiple, within the meaning of Rule 5.2.1 or 5.3.1 of these Rules, as applicable, at the operative time, but excluding any excess contribution multiple that would apply if the person ceased membership of the PSS scheme at the operative time.

AS is the person's average salary at the operative time.

ABFy+m,s is the factor calculated in accordance with the following formula:

    where:

    ABFy,s is the accrued benefit multiple valuation factor mentioned in whichever of Tables 1A to 1D is applicable, given the following:

         (a) the person's first day of membership of the PSS scheme;
         (b) the person's gender;
         (c) the person's age in completed years at the operative time;
         (d) the number of complete years between the person's first day of membership and the operative time.

    m is the number of complete months of the person's age, at the operative time, that are not included in the person's completed years of age.

    ABFy+1,s  is the accrued benefit multiple valuation factor mentioned in Table 1A to 1D that would apply if the person's age in completed years at the operative time were 1 year more than it is.

AMC is the person's accumulated member contributions at the operative time.

MCFy+m,s is the factor calculated in accordance with the following formula:

    where:

    MCFy,s is the member contribution valuation factor mentioned in whichever of Tables 2A to 2D is applicable, given the following:

         (a) the person's first day of membership of the PSS scheme;
         (b) the person's gender;
         (c) the person's age in completed years at the operative time;
         (d) the number of complete years between the person's first day of membership and the operative time.

    m has the meaning given above.

    MCFy+1,s is the member contribution valuation factor mentioned in Table 2A to 2D that would apply if the person's age in completed years at the operative time were 1 year more than it is.

APC is the person's accumulated productivity contributions at the operative time.

PCFy+m,s is the factor calculated in accordance with the following formula:

    where:

    PCFy,s is the productivity contribution valuation factor mentioned in whichever of Tables 3A to 3D is applicable, given the following:

         (a) the