Document ID: chunk:federal_register_of_legislation:F2025L00281:clause:1_4
Version: federal_register_of_legislation:F2025L00281
Segment Type: clause
Provision Reference: sch 1 cl 4
Character Range: 2070313–2079942

4                                                                                                                                 The component of an interest that a person who has resigned and elected under section 38 of the SERB Act to be entitled to deferred retirement benefits in accordance with the provisions of the Portability Act, has as a member of the superannuation scheme established by the SERB Act, being the component consisting of a deferred lump sum benefit and the deferred pension under the Portability Act.                                                                                                                                                                                                                                                                                                                                  The formula:
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 DLS + [DP × F × (PVF + RVF × .6667)]
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 where:
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 DLS is the amount of the lump sum to which the person is entitled if he or she converted his or her entitlement to a deferred lump sum under section 6 of the Portability Act to a present lump sum under subsection 38 (2A) of the SERB Act, adjusted as required by the SERB Act or the Portability Act.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 DP is the annual amount of the pension,
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 being the part of the deferred retirement benefit to which the person is entitled that is a pension, calculated under section 6 of the Portability Act for a member electing to receive the deferred pension at the later of the age of 55 years and the relevant date and, adjusted as required by the SERB Act or Portability Act.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 F is the applicable discount valuation factor calculated in accordance with the formula in subclause 3 (3) of Schedule 6 to the 2001 Regulations and using the factors in column 3 of the table in clause 4 of Schedule 6 to those 2001 Regulations as if the references to 'minimal deferral period for lump sum' in subclause 3 (3) and the table in clause 4 are references to 'period until the person attains age 55'. If the person has already reached age 55 or is within 1 month of that age, F is taken to be 1.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 PVF is the applicable pension valuation factor calculated in accordance with the formula in subclause 2 (2) of Schedule 4 to the 2001 Regulations and using the factors set out in clause 4 of Schedule 4 to those 2001 Regulations at the later of the age at the relevant date and age 55 as if the references in subclause 2 (2) to 'member spouse's age' are references to 'greater of member spouse's age at relevant date (in completed years) and age 55' and the reference in column 1 of the table in clause 4 to 'Age at relevant date (in completed years)' is a reference to 'Greater of member spouse's age at relevant date (in completed years) and age 55'.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 RVF is the applicable reversion valuation factor set out in clause 7 of Schedule 2 to the 2001 Regulations.