Document ID: chunk:federal_register_of_legislation:F2022C00514:schedule:3
Version: federal_register_of_legislation:F2022C00514
Segment Type: schedule
Provision Reference: sch 3
Character Range: 237541–239451

Schedule 3—Calculation of maximum benefit limits
(rule 5)

 1. The lump sum maximum benefit limit, in relation to a member, is the product of the member's final average salary and the member's lump sum maximum benefit multiple.
 2. In item 1:
lump sum maximum benefit multiple means the number obtained by dividing, by the member's final average salary:
 (a) in relation to a member whose salary is less than $25 000—$200 000; or
 (b) in any other case—the sum of:
 (i) 8 times $39 970 or, if the member's final average salary is less than $39 970, 8 times the member's final average salary; and
 (ii) 6 times the part (if any) of the member's final average salary that exceeds $39 970 but does not exceed $74 220; and
 (iii) 3 times the part (if any) of the member's final average salary that exceeds $74 220.
 3. The pension maximum benefit limit, in relation to a member, is the product of the member's final average salary and the member's pension maximum benefit multiple.
 4. In item 3:
pension maximum benefit multiple means the number obtained by dividing, by the member's final average salary:
 (a) in relation to a member whose salary is less than $25 000—$250 000; or
 (b) in any other case—the sum of:
 (i) 10 times $39 970 or, if the member's final average salary is less than $39 970, 10 times the member's final average salary; and
 (ii) 7 times the part (if any) of the member's final average salary that exceeds $39 970 but does not exceed $74 220; and
 (iii) 4 times the part (if any) of the member's final average salary that exceeds $74 220.
 5. If a member's benefits have been subject to a family law superannuation payment split under Part 13, the maximum benefit limit in relation to the member is calculated as if there were no benefit reduction under that Part.
 6. This Schedule does not apply to ancillary benefit, associate A benefit or associate B benefit held for the member.