Document ID: chunk:federal_register_of_legislation:F2024C00260:clause:1_98:p4
Version: federal_register_of_legislation:F2024C00260
Segment Type: clause
Provision Reference: sch 1 cl 98 (pt 4/9)
Character Range: 1555068–1557613

out in the table following clause 2.
ABPs is a person's accrued benefit points at the date when the requirements of Division 2.2 of the Regulations were satisfied in respect of the entitlement of the spouse of the person under the superannuation agreement, flag lifting agreement or splitting order.
Bs is the number of days in the period:
 (a) commencing on the later of the person's entry date and 1 July 1988; and
 (b) ending on the date when the requirements of Division 2.2 of the Regulations were satisfied in respect of the entitlement of the spouse of the person under the superannuation agreement, flag lifting agreement or splitting order (including, if applicable, that date);
other than any day when the person was not required to make contributions to the SAS Scheme because the person was on leave without pay.
Cs is the number of the days in the period:
 (a) commencing on the person's entry date; and
 (b) ending on the date when the requirements of Division 2.2 of the Regulations were satisfied in respect of the entitlement of the spouse of the person under the superannuation agreement, flag lifting agreement or splitting order (including, if applicable, that date);
other than any day when the person was not required to make contributions to the SAS Scheme because the person was on leave without pay.
ABP, B and C have the meanings given by clause 2.

Subdivision 7.2.2 Employees (Closed Local Government Schemes)

5 Method for interests in SAS Scheme

 (1) For an interest that is in the growth phase in the SAS Scheme and that is held by an employee:
 (a) who has not elected to make provision for a benefit in accordance with Part 2 of Schedule 5 to the SAS Act; and
 (b) who is not an employee to whom Part 1 of Schedule 5 to the SAS Act applies; and
 (c) who is:
 (i) a former holder of a current insurance policy; or
 (ii) a former contributor to the Provident Fund; or
 (iii) a former contributor to the Benefits Fund;
the method set out in the following table is approved for section 4 of this instrument.

Method
Step 1
Calculate the gross value of the interest in accordance with the method set out in clause 2.
Step 2
Calculate the gross value of the interest in accordance with the following formula:
CFB + NA – NMSA
where:
CFB is the person's contributor‑financed benefit that would be payable from the contributor's account of the person if the person were to receive a benefit under Part 5 of the SAS Act at the relevant date.
NA is the person's notional accumulation at the relevant date, being:
 (a) for