Document ID: chunk:federal_register_of_legislation:F2025L00178:clause:5_19
Version: federal_register_of_legislation:F2025L00178
Segment Type: clause
Provision Reference: sch 5 cl 19
Character Range: 608012–609593

19  Meaning of pension valuation factor
  For the purposes of clause 16, P2z+v is:
where:
P2z means the pension valuation factor that would apply if:
 (a) it were assumed that Part 2 applies to the pension; and
 (b) for the purposes of whichever of clauses 4 to 12 that would then so apply to the pension, it were assumed that the member spouse's age at the relevant date (in completed years) were z.
P2z+1 means the pension valuation factor that would apply if:
 (a) it were assumed that Part 2 applies to the pension; and
 (b) for the purposes of whichever of clauses 4 to 12 that would then so apply to the pension, it were assumed that the member spouse's age at the relevant date (in completed years) were the sum of z and 1.
 is equal to one of the following:
 (a) if the sum of t and m is greater than or equal to 12—the sum of x, y and 1;
 (b) if the sum of t and m is less than 12—the sum of x and y.
t means the number of completed months of the member spouse's age that are not included in the completed years at the relevant date.
m means the number of complete months of the remaining guarantee period of the pension that are not included in the remaining complete years at the relevant date.
x means the member spouse's age in completed years at the relevant date.
y means the remaining guarantee period of the pension in complete years at the relevant date.
v is equal to one of the following:
 (a) if the sum of t and m is greater than or equal to 12—the result of adding t and m, and subtracting 12;
 (b) if the sum of t and m is less than 12—the sum of t and m.