Document ID: chunk:federal_register_of_legislation:F2011C00487:reg:2
Version: federal_register_of_legislation:F2011C00487
Segment Type: reg
Provision Reference: reg 2
Character Range: 55527–61904

2                                                                                                                                               An interest that a person has in the CSS if the person is:                                                                                                                              ABC + ASC + PCI + (P × Fy+m) − ERDA
                                                                                                                                                 (a) an eligible employee; and
                                                                                                                                                 (b) aged more than 65 years at the operative time.
                                                                                                                                                                                                                                                                                                                                        where:

                                                                                                                                                                                                                                                                                                                                        ABC has the meaning given in item 1.

                                                                                                                                                                                                                                                                                                                                        ASC has the meaning given in item 1.

                                                                                                                                                                                                                                                                                                                                        PCI has the meaning given in item 1.

                                                                                                                                                                                                                                                                                                                                        P is the annual pension (taking into account any reduction that may have applied under subsection 146ME (3) of the Act) to which the person would be entitled under section

                                                                                                                                                                                                                                                                                                                                        56 of the Act if he or she:
                                                                                                                                                                                                                                                                                                                                         (a) had ceased to be an eligible employee at the operative time; and
                                                                                                                                                                                                                                                                                                                                         (b) had not made an election under section 57AA of the Act.
                                                                                                                                                                                                                                                                                                                                        Fy+m is the factor calculated by:

                                                                                                                                                                                                                                                                                                                                        where:

                                                                                                                                                                                                                                                                                                                                        Fy is the age pensioner — 67% reversion — valuation factor for the person's gender mentioned in column 2 or 3 of Table 4 in this Schedule that applies at the person's age in completed years at the operative time.

                                                                                                                                                                                                                                                                                                                                        m has the meaning given in item 1.

                                                                                                                                                                                                                                                                                                                                        Fy+1 is the age pensioner — 67% reversion — valuation factor for the person's gender mentioned in column 2 or 3 of Table 4 in this Schedule that would apply to the person if the person's age in completed years were one year more than it is at the operative time.

                                                                                                                                                                                                                                                                                                                                        ERDA has the meaning given in item 1.