Document ID: chunk:federal_register_of_legislation:F2024C00260:clause:1_98:p2
Version: federal_register_of_legislation:F2024C00260
Segment Type: clause
Provision Reference: sch 1 cl 98 (pt 2/9)
Character Range: 1550493–1552899

contributor to the Benefits Fund; or
 (d) an employee who is an executive officer who elected to make provision for a benefit in accordance with paragraph 30A (1) (b) of the SAS Act; or
 (e) an employee to whom Part 1 of Schedule 5 to the SAS Act applies; or
 (f) an employee who, at 55 years or over, has elected to make provision for a benefit in accordance with Part 2 of Schedule 5 to the SAS Act;
the method set out in the following table is approved for section 4 of this instrument.

Method
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.
ABP is a person's accrued benefit points at the relevant date.
PAF has the meaning given by subclause 3 (1).
B is the number of days in the period:
 (a) commencing on the later of a person's entry date and 1 July 1988; and
 (b) ending at the end of the relevant 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.
C is the number of the days in the period:
 (a) commencing on the person's entry date; and
 (b) ending at the end of the relevant 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.
AR is a person's rate of accrual, being whichever of the following is applicable:
 (a) if the person is a transferred contributor — 0.03;
 (b) in any other case — 0.025.
FAS is the person's final average salary at the relevant date.
Fy+m has the meaning given by subclause 3 (2).
R is the reduction factor under clause 4.

3 Definitions of PAF and Fy+m
 (1) In clause 2:
PAF is the person's accrued benefit points adjustment factor, being the lesser of:
 (a) 1; and
 (b) the factor calculated in accordance with the formula:
;
where:
age at entry is the person's age in years, including any fraction of a year, at that person's entry date.
fraction of a year means the quotient of the number of days in the period commencing on the person's last birthday and ending at the person's entry date, and:
 (a) if the date '29 February' has occurred in that period or will occur before the person's next birthday — 366; or
 (b) in any other case — 365.
 (2) In clause 2:
Fy+m is the factor calculated in accordance with the